Changes the composition and duties of the state economic development commission.

Creates the Washington state economic development commission account to be used by the commission only for purposes related to carrying out the mission, roles, and responsibilities of the commission.

Requires the executive director of the commission, when any money, from the federal government or from other sources, that was not anticipated in the budget approved by the legislature, has actually been received and is designated to be spent for a specific purpose, to use the unanticipated receipts process to request authority to spend the money.