CHARLESTON, WV – Gov. Jim Justice hosted a ceremonial event today inside the Governor’s Reception Room in Charleston, signing into law a bill designed to attract major economic development projects and bring countless jobs into the state.
“At the end of the day, this bill is going to change the landscape of this state,” Gov. Justice said. “It’s going to encourage business across all aspects of our state and create thousands of thousands of jobs for decades to come. The possibilities are endless.”
HB 4001 creates the West Virginia Impact Fund. This sovereign fund will allow the State to serve as an official partner in investment deals. The funds would not come from taxpayer dollars. Finances would come from corporations, private investors, or other sovereign investment funds.
The bill will also create the Mountaineer Impact Office and an Investment Committee to find potential business ventures that would be interested in using the Impact Fund. The Investment Committee will consist of the Governor or their representative, the Secretary of Commerce or their representative, and five members appointed by the Governor.
HB 4001 was sponsored by West Virginia House Speaker Roger Hanshaw, among several other members of the House of Delegates, representing both sides of the aisle. The bill passed with overwhelming majorities in both the House and the West Virginia Senate.
“This bill was an absolute no-brainer,” Gov. Justice said. “With the leadership with Speaker Hanshaw and many others, we’ve created something here that’s going to bring monies in from all aspects of the globe into West Virginia to encourage all kinds of investment in our state.
“Between our Speaker, all of our legislators, our Commerce people, myself, and others, I commend all of you for all the work you’ve done and I can’t thank you enough,” Gov. Justice continued. “This is a real, real big accomplishment.”