RANCHO CORDOVA, CA (MPG) - Assemblyman Ken Cooley (D-Rancho Cordova) announced that his AB 2596 successfully passed the Assembly Jobs, Economic Development, and the Economy Committee.
AB 2596 requires the Governor’s Office of Business and Economic Development to lead the preparation of the California Economic Strategic Plan, outlining economic goals for the state, identifying impediments to those goals, and evaluating the effectiveness of the state’s current economic development programs.
Although California is the sixth largest economy in the world and home to several billion-dollar industries, the state also faces critical economic development challenges. The state’s economic prosperity is concentrated in a few key metropolitan areas, creating inequities in the state’s growth. California has consistently been identified as a challenging place to do business due to regulation, cost, complexity, and high barriers to entry, and the state’s lack of statewide economic development strategy has continually impeded its ability to set and work towards clear priorities.