Partnership for Innovation and Entrepreneurship Authority; increases membership, etc.
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SB 1651 — Partnership for Innovation and Entrepreneurship Authority; increases membership, etc.
Last action — Read second time
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Senate
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4Passed House of Delegates
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5To Executive
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6Enacted
This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Bill Text
What changed in the latest version
7 added · 274 removedPlain-language change summary
The latest version of Bill SB 1651 includes an addition that outlines instructions for users seeking assistance with technical issues on the legislative website, including contact information for immediate support. However, a significant portion of the previous content, totaling 274 lines, has been removed, which might have included outdated or redundant information. This change is important because it streamlines access to help for users while ensuring that the information presented is more relevant and manageable.
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SESSION history | hilite | pdf | print version 19106168D SENATE BILL NO.
1651 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the Senate Committee on Finance on January 31, 2019) (Patrons Prior to Substitute--Senators Howell and Saslaw [SB 1597]) A BILL to amend and reenact §§ 2.2-204, 2.2-2220, and 23.1-3132 of the Code of Virginia and to amend the Code of Virginia by adding a section numbered 2.2-2220.2, relating to research and development in the Commonwealth.
Be it enacted by the General Assembly of Virginia:
1.
That §§ 2.2-204, 2.2-2220, and 23.1-3132 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 2.2-2220.2 as follows:
§ 2.2-204.
Position established;
agencies for which responsible;
additional duties.
The position of Secretary of Commerce and Trade (the Secretary) is created.
The Secretary shall be responsible to the Governor for the following agencies:
Virginia Economic Development Partnership Authority, Innovation and Entrepreneurship Investment Authority, Virginia International Trade Corporation, Virginia Tourism Authority, Department of Labor and Industry, Department of Mines, Minerals and Energy, Virginia Employment Commission, Department of Professional and Occupational Regulation, Department of Housing and Community Development, Department of Small Business and Supplier Diversity, Virginia Housing Development Authority, Tobacco Region Revitalization Commission, and Board of Accountancy.
The Governor, by executive order, may assign any state executive agency to the Secretary, or reassign any agency listed in this section to another Secretary.
The Secretary shall implement the provisions of the Virginia Biotechnology Research Act (§ 2.2-5500 et seq.).
§ 2.2-2220.
Board of directors;
members;
President.
The Authority shall be governed by a board of directors consisting of 17 19 members appointed as follows:
(i) two presidents of the major research public institutions of higher education, and one president representing the other public institutions of higher education, appointed by the Governor;
(ii) three nonlegislative citizen members appointed by the Governor;
(iii) eight nonlegislative citizen members appointed by the General Assembly as follows:
four nonlegislative citizen members appointed by the Speaker of the House from a list recommended by the House Committee on Science and Technology and the Joint Commission on Technology and Science and four nonlegislative citizen members appointed by the Senate Committee on Rules from a list recommended by the Senate Committee on General Laws and Technology and the Joint Commission on Technology and Science;
(iv) the chairmen of the Virginia Research Investment Committee and the Virginia Biosciences Health Research Corporation, or their designees;
and (iv) the Secretary of Technology, (v) the Secretary of Commerce and Trade, and the Secretary of Education, and the Secretary of Finance, who shall serve ex officio with full voting privileges.
One nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House, and one nonlegislative citizen member appointed by the Senate Committee on Rules shall each have experience as a founding member of a technology company based upon intellectual property that has secured private investment capital.
One nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House, and one nonlegislative citizen member appointed by the Senate Committee on Rules shall each have experience as an institutional venture capital investment partner.
One nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House, and one nonlegislative citizen member appointed by the Senate Committee on Rules shall each have experience as a senior executive in a technology or scientific research and development company with annual revenues in excess of $5 million.
One nonlegislative citizen member appointed by the Governor, one nonlegislative citizen member appointed by the Speaker of the House and one nonlegislative citizen member appointed by the Senate Committee on Rules shall be from rural areas of the Commonwealth.
The Secretary of Technology, Secretary of Commerce and Trade, and the Secretary of Education, and the Secretary of Finance shall serve terms coincident with their terms of office.
After the initial staggering of terms, nonlegislative citizen members and presidents shall be appointed for terms of two years.
Vacancies in the membership of the Board shall be filled in the same manner as the original appointments for the unexpired portion of the term.
No nonlegislative citizen member or president shall be eligible to serve for more than three successive two-year terms;
however, after the expiration of a term of one year, or after the expiration of the remainder of a term to which appointed to fill a vacancy, three additional terms may be served by such member if appointed thereto.
Show all 97 changed lines (57 more)
Members of the Board shall be subject to removal from office in like manner as are state, county, town, and district officers under the provisions of §§ 24.2-230 through 24.2-238.
Immediately after appointment, the members of the Board shall enter upon the performance of their duties.
The Board shall annually elect from among its members a chairman and a vice-chairman.
The Board shall also elect annually a secretary, who need not be a member of the Board, and may also elect such other subordinate officers who need not be members of the Board, as it deems proper.
The chairman, or in his absence, the vice-chairman, shall preside at all meetings of the Board.
In the absence of both the chairman and vice-chairman, the Board shall appoint a chairman pro tempore, who shall preside at such meetings.
Nine members shall constitute a quorum of the Board.
The Board shall employ a President of the Authority, who shall serve at the pleasure of the Board, to direct the day-to-day operations and activities of the Authority and carry out such of the powers and duties conferred upon him by the Board.
The President and employees of the Authority shall be compensated in the manner provided by the Board and shall not be subject to the provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.).
§ 2.2-2220.2.
Capital Research Investment Advisory Committee.
A.
To assist the Board, Authority, and any nonstock entity established by the Board in fulfilling its fiduciary duty as trustee of venture capital funds established under the purview of this article, the Board shall appoint a Capital Research Investment Advisory Committee (the Investment Committee) to provide sophisticated, objective, and prudent investment advice.
The Investment Committee shall consist of nine members with significant experience in commercialization of venture capital financing, to be appointed by the Board.
Each member appointed shall require a two-thirds vote of the Board.
B.
No elected or appointed person shall serve on the Investment Committee.
C.
The disclosure requirements of subsection B of § 2.2-3114 of the State and Local Government Conflict of Interests Act shall apply to members of the Investment Committee.
D.
The Investment Committee shall (i) review, evaluate, and monitor investments and investment opportunities;
(ii) make appropriate recommendations to the Board about investments and investment opportunities;
and (iii) make recommendations to the Board about asset allocation.
E.
The Investment Committee shall provide oversight for the Commonwealth Growth Accelerator Program Fund.
F.
The Virginia Biosciences Health Research Corporation and the Commonwealth Center for Advanced Manufacturing shall continue to operate in the manner set forth in their bylaws, subject to oversight by the Board.
§ 23.1-3132.
Virginia Research Investment Committee;
report.
A.
There is hereby established the Virginia Research Investment Committee to (i) promote research and development excellence in the Commonwealth;
(ii) provide guidance, and coordination as deemed necessary, to existent efforts to support research in the Commonwealth with commercial potential;
(iii) approve the Roadmap;
and (iv) provide guidance and assistance to the Innovation and Entrepreneurship Investment Authority and the Capital Research Advisory Committee created pursuant to Article 3 (§ 2.2-2218 et seq.) of Chapter 22 of Title 2.2;
and (v) evaluate and award grants and loans from the Fund pursuant to the provisions of this article.
B.
The Committee shall consist of the Director of the Council, the Secretary of Commerce and Trade, the Secretary of Finance, and the staff directors of the House Committee on Appropriations and the Senate Committee on Finance, all of whom shall serve ex officio with voting privileges, and four nonlegislative citizen members of the Board to be appointed as follows:
one appointed by the Speaker of the House of Delegates, one appointed by the Senate Committee on Rules, and two appointed by the Governor.
C.
Ex officio members shall serve terms coincident with their terms of office.
Board members shall serve terms coincident with their terms on the Board.
Vacancies shall be filled in the same manner as the original appointments.
D.
The Director of the Council shall serve as the chairman of the Committee.
E.
The Committee shall report to the Governor and the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance no later than November 1 of each year.
The report shall include details about awards made from the Fund in the immediately preceding fiscal year and updates on the research, development, and commercialization efforts resulting from such awards.
2.
That pursuant to the authority granted to the Innovation and Entrepreneurship Investment Authority (IEIA) under Article 3 (§ 2.2-2218 et seq.) of Chapter 22 of Title 2.2 of the Code of Virginia, the Center for Innovative Technology (CIT) shall continue to fulfill its operating functions of the IEIA until such time as the Governor and General Assembly act on any recommendations submitted pursuant to the third enactment of this act.
The Board of the IEIA shall serve as the Board of CIT, and investments by CIT shall be performed under the guidance of the Capital Research Investment Advisory Committee established pursuant to § 2.2-2220.2 of the Code of Virginia, as created by this act.
3.
That the Secretary of Commerce and Trade shall oversee a stakeholder group to assess and recommend to the Governor and the General Assembly by December 1, 2019, a plan to consolidate, restructure, or transition programs from the Innovation and Entrepreneurship Authority (IEIA), the Virginia Research Investment Committee, and other appropriate agencies or entities to a structure that includes either both existing entities or a new entity or structure to ensure more collaboration and coordination in the Commonwealth's innovation sector.
The stakeholder group shall assess whether one or multiple entities should be involved in the oversight of programs related to research, commercialization, technology, and entrepreneurship.
In addition, the plan shall address how the Virginia Biosciences Health Research Corporation and the Commonwealth Center for Advanced Manufacturing relate to the consolidation and any future structure or structures.
The stakeholder group, to be chaired by the Secretary of Commerce and Trade, shall include the Secretary of Finance, the chairman of the IEIA, the chairman of the Virginia Research Investment Committee, the chairman of the Virginia Biosciences Health Research Corporation, and the staff directors of the House Committee on Appropriations and Senate Committee on Finance.
Additionally, in an advisory capacity, the Secretary of Commerce and Trade shall consult with industry organizations, technology councils, entrepreneurial ecosystem organizers, and representatives of public institutions of higher education.
Show all 97 changed rows (57 more)
View plain text versions (3)
- Committee Substitute House: Committee substitute printed 19106706D-H1 Current html February 11, 2019
- Committee Substitute Senate: Committee substitute printed 19106168D-S1 html January 31, 2019
- Senate: Presented and ordered printed 19100870D View text html January 09, 2019
Action History
-
Read second time
-
Referred to Committee on Appropriations
-
Read first time
-
Placed on Calendar
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Engrossed by Senate - committee substitute SB1651S1
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Committee substitute agreed to 19106168D-S1
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Reading of substitute waived
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Read second time
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Incorporates SB1597 (Saslaw)
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Rereferred to Finance
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Referred to Committee on General Laws and Technology
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Presented and ordered printed 19100870D
Sponsors
- Kenneth R. Plum · Cosponsor
- Richard L. Saslaw · Cosponsor
- Janet D. Howell · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 2 co-sponsors · 145 not signed on
Sponsors (1)
Co-sponsors (2)
Not signed on (145)
145 members have not signed on to this bill.
Show all 145 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Votes
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 22 | 0 | 0 | 0 |
| Total | 22 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (22)
| Member | Party | Vote |
|---|---|---|
| Landes | — | Yea |
| Stolle | — | Yea |
| Jones, S.C. | — | Yea |
| Ingram | — | Yea |
| Peace | — | Yea |
| Poindexter | — | Yea |
| Robinson | — | Yea |
| Rush | — | Yea |
| Bell, John J. | — | Yea |
| James | — | Yea |
| Tyler | — | Yea |
| Barry D. Knight | — | Yea |
| Betsy B. Carr | — | Yea |
| C.E. Cliff Hayes, Jr. | — | Yea |
| Delores L. McQuinn | — | Yea |
| Lashrecse D. Aird | — | Yea |
| Luke E. Torian | — | Yea |
| Mark D. Sickles | — | Yea |
| Paul E. Krizek | — | Yea |
| Terry L. Austin | — | Yea |
| Thomas A. Garrett, Jr. | — | Yea |
| Todd E. Pillion | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Member | Party | Vote |
|---|---|---|
| Black | — | Yea |
| Carrico | — | Yea |
| Chase | — | Yea |
| Cosgrove | — | Yea |
| Dance | — | Yea |
| Lewis | — | Yea |
| Norment | — | Yea |
| Petersen | — | Yea |
| Ruff | — | Yea |
| Howell | — | Yea |
| Mason | — | Yea |
| McClellan | — | Yea |
| Spruill | — | Yea |
| Barker | — | Yea |
| Chafin | — | Yea |
| Dunnavant | — | Yea |
| Edwards | — | Yea |
| Hanger | — | Yea |
| Newman | — | Yea |
| Saslaw | — | Yea |
| Vogel | — | Yea |
| Wagner | — | Yea |
| Adam P. Ebbin | — | Yea |
| Barbara A. Favola | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Ryan T. McDougle | — | Yea |
| Scott A. Surovell | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Member | Party | Vote |
|---|---|---|
| Barker | — | Yea |
| Black | — | Yea |
| Dance | — | Yea |
| Hanger | — | Yea |
| Norment | — | Yea |
| Petersen | — | Yea |
| Howell | — | Yea |
| Mason | — | Yea |
| McClellan | — | Yea |
| Carrico | — | Yea |
| Chafin | — | Yea |
| Chase | — | Yea |
| Cosgrove | — | Yea |
| Dunnavant | — | Yea |
| Edwards | — | Yea |
| Lewis | — | Yea |
| Newman | — | Yea |
| Spruill | — | Yea |
| Ruff | — | Yea |
| Saslaw | — | Yea |
| Vogel | — | Yea |
| Wagner | — | Yea |
| Adam P. Ebbin | — | Yea |
| Barbara A. Favola | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Ryan T. McDougle | — | Yea |
| Scott A. Surovell | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 40 | 0 | 0 | 0 |
| Total | 40 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (40)
| Member | Party | Vote |
|---|---|---|
| Barker | — | Yea |
| Dance | — | Yea |
| Hanger | — | Yea |
| Lewis | — | Yea |
| Norment | — | Yea |
| Petersen | — | Yea |
| Ruff | — | Yea |
| Howell | — | Yea |
| Mason | — | Yea |
| McClellan | — | Yea |
| Spruill | — | Yea |
| Black | — | Yea |
| Carrico | — | Yea |
| Chafin | — | Yea |
| Chase | — | Yea |
| Cosgrove | — | Yea |
| Dunnavant | — | Yea |
| Edwards | — | Yea |
| Newman | — | Yea |
| Saslaw | — | Yea |
| Vogel | — | Yea |
| Wagner | — | Yea |
| Adam P. Ebbin | — | Yea |
| Barbara A. Favola | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| David R. Suetterlein | — | Yea |
| David W. Marsden | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Jennifer B. Boysko | — | Yea |
| Jeremy S. McPike | — | Yea |
| L. Louise Lucas | — | Yea |
| Mamie E. Locke | — | Yea |
| Mark D. Obenshain | — | Yea |
| Mark J. Peake | — | Yea |
| R. Creigh Deeds | — | Yea |
| Richard H. Stuart | — | Yea |
| Ryan T. McDougle | — | Yea |
| Scott A. Surovell | — | Yea |
| William M. Stanley, Jr. | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 16 | 0 | 0 | 0 |
| Total | 16 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (16)
| Member | Party | Vote |
|---|---|---|
| Barker | — | Yea |
| Carrico | — | Yea |
| Dance | — | Yea |
| Hanger | — | Yea |
| Norment | — | Yea |
| Howell | — | Yea |
| Dunnavant | — | Yea |
| Newman | — | Yea |
| Ruff | — | Yea |
| Saslaw | — | Yea |
| Vogel | — | Yea |
| Wagner | — | Yea |
| L. Louise Lucas | — | Yea |
| Mark D. Obenshain | — | Yea |
| Richard H. Stuart | — | Yea |
| Ryan T. McDougle | — | Yea |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| Unaffiliated | 14 | 0 | 0 | 0 |
| Total | 14 | 0 | 0 | 0 |
| % of votes cast | 100% | 0% | 0% | 0% |
How each member voted (14)
| Member | Party | Vote |
|---|---|---|
| Barker | — | Yea |
| Ruff | — | Yea |
| Vogel | — | Yea |
| Mason | — | Yea |
| Black | — | Yea |
| Dunnavant | — | Yea |
| Adam P. Ebbin | — | Yea |
| Bill DeSteph | — | Yea |
| Bryce E. Reeves | — | Yea |
| David R. Suetterlein | — | Yea |
| Glen H. Sturtevant, Jr. | — | Yea |
| Jeremy S. McPike | — | Yea |
| Mamie E. Locke | — | Yea |
| Scott A. Surovell | — | Yea |
Subjects
Frequently asked questions
- Who sponsors SB 1651?
- SB 1651 is sponsored by Plum, Kenneth R., Saslaw, Richard L., and Howell, Janet D..
- What is the current status of SB 1651?
- This bill died with 2019 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 1651?
- Track SB 1651 free on One Click Politics — get push/email alerts when it moves.
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