(a) The Office of Workforce Strategy, established pursuant to section 4-124w, shall, in consultation with the Chief Data Officer, the Board of Trustees of The University of Connecticut, the Board of Regents for Higher Education, the Labor Commissioner, the Commissioner of Education, the executive director of the Office of Higher Education or any other stakeholder as identified by the Chief Workforce Officer, establish standards for designating certain credentials, as defined in section 10a-34h, as credentials of value. Such standards may include, but need not be limited to, meeting the workforce needs of employers in the state, completion rates, net cost, whether the credential transfers to or stacks onto another credential of value, average time to completion, types of employment opportunities available upon completion and earnings upon completion. The Office of Workforce Strategy shall not require the submission of an application or any other information from a provider of a credential for such credential to be designated a credential of value.

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(b) Not later than September 1, 2022, and every two years thereafter until September 1, 2028, the Chief Workforce Officer shall submit to the Board of Regents for Higher Education, the Governor and, in accordance with the provisions of section 11-4a, to the joint standing committee of the General Assembly having cognizance of matters relating to commerce and higher education and employment advancement a report on (1) credentials, as defined in section 10a-34h, and skills that are in demand in the labor market and that lead to quality jobs, and (2) models and examples of associate degree programs that result in students earning an industry-recognized credential within twelve months from enrollment and is a pathway to one or more bachelor’s degree programs.