An Act to promote public procurement and inclusive entrepreneurship
By Mr. Cronin, a petition (accompanied by bill, Senate, No. 2123) of John J. Cronin for legislation to promote public procurement and inclusive entrepreneurship. State Administration and Regulatory Oversight.
Bill Information
Bill Information
- Presenter:
- John J. Cronin
- Status:
- Referred to Senate Committee on Ways and Means
This bill is designed to boost economic opportunities and foster greater diversity in public sector contracts and board compositions. Key elements include amendments for the analysis and comprehensive reporting of economic development funds allocated to minority-owned businesses by state agencies. The Secretary of Housing and Economic Development is tasked with crafting a strategic plan that evaluates racial disparities and conducts public hearings on these issues. Additionally, major institutions must submit annual reports to the Office of Supplier Diversity, detailing their diversity-promoting procurement efforts, with these reports made publicly available online.
Further provisions mandate the collection and examination of small business lending data, concentrating on lending practices' impact on minority borrowers. State boards and commissions are required to implement policies to enhance the racial and ethnic diversity of their members, reporting demographic data annually. To aid in procurement, the bill authorizes sheltered market programs to bolster the participation of underutilized businesses, including those owned by minorities and women. It also introduces subcontracting programs with explicit participation goals and ensures prompt payments to subcontractors. The legislation promotes the accessibility of public construction contracts to micro-businesses by allowing potential contract splitting to encourage their involvement.
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