The South Dakota House rejected a bill today that would have phased out the state’s Future Fund, a controversial economic development initiative that has been criticized for lack of legislative oversight. Sponsored by Rep. Liz May, the bill failed to pass with a vote of 32-38. May argued that the fund, which collects fees from employers for economic development projects, needed more transparency and oversight from lawmakers. However, business interests strongly opposed the bill, with eleven organizations testifying against it, including the Governor’s Office of Economic Development and the South Dakota Chamber of Commerce.
During the debate, Rep. Marty Overweg highlighted the significant amount of money in the Future Fund that remains outside lawmakers’ control, while Rep. Josephine Garcia questioned where the money was going. Despite efforts to amend the bill to require Board of Economic Development approval for all spending, the amendment failed and the bill was ultimately rejected by the House. Rep. Erik Muckey suggested using the fund for its intended purpose rather than completely eliminating it.
The bill’s failure to pass marks a setback for those seeking more oversight and transparency in the Future Fund’s spending. The debate surrounding the bill highlights the ongoing tensions between legislators and business interests over control of economic development funds in South Dakota. The vote in the House came after the bill had previously passed the House State Affairs Committee 9-2.
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