Economic development; creating the Creating Oklahoma's Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act; creating the Division on Economic Development, Growth, and Expansion. Emergency.

This bill establishes the Creating Oklahoma's Modern Plan for Economic Transformation and Effectiveness (COMPETE) Act to modernize the state's economic development strategy. It creates a new Division on Economic Development, Growth, and Expansion within the Oklahoma Department of Commerce to serve as the primary agency for driving economic growth and coordinating investment activities. The legislation also forms a nine-member advisory board appointed by the Senate, House, and Governor, requiring members to have significant private sector experience and expertise in areas like finance, marketing, and international commerce. These new entities will work together to manage public funds and incentives aimed at attracting and retaining businesses across the state.