Democratic state lawmakers want to see the end of the Wisconsin Economic Development Corp., amid months of negative reports on failed loans and questionable business decisions.
Democrats in the Assembly and Senate are proposing a new hybrid model, including a new cabinet-level state agency — the Wisconsin Department of Economic Opportunity — that would handle all state economic development programs, along with a public-private board, the Badger Innovation Corp., that would lead trade missions, recruit businesses, market the state, and help develop industry clusters, reports the Wisconsin State Journal.
Among the highlights of the proposal:
- Oversight of the state’s Community Development Block Grant program would be returned to the agency.
- Unlike the old state Dept. of Commerce, the new agency wouldn’t assume regulatory responsibilities, such as inspecting carnival rides.
- There would be a longer transition period and more input from local and regional economic development officials on best practices.
