§ 240. Powers and duties of the commissioner. The commissioner acting by and through the department shall have the power and it shall be his duty:

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1. To assure that comprehensive, reliable and timely information and research is available for effective economic development efforts at the local and state levels; such information and research on the economic conditions and trends of the state, its regions and localities should be adequate to meet the needs of sound policy development, economic research, economic development and private investment.

2. To investigate issues concerning state economic information and research including the quality, timeliness and detail of certain information; the unavailability of information on certain important topics; the need to update information collection and indices to reflect structural changes in the state's economy; the need to adapt information collection and dissemination to meet new and emerging needs of users; cutbacks in federal economic information systems and in federal support for state information gathering and dissemination; uncertainty about the most economic and effective way of supporting the collection and dissemination of information; the need for standard formats and computer compatibility among information systems maintained by different levels of government, and by different state agencies; and the need for a comprehensive policy or strategy to guide the state's economic information system and its development.

3. The commissioner shall establish and maintain, within available appropriations, a statewide economic information system accessible to state, regional and local government and academic information users and producers. Such information system shall be maintained by the department. The commissioner may subcontract for related services to a college, university or other non-profit institution. After the economic information system is established, the commissioner shall submit a report to the director of the budget and the chairmen of the senate finance and assembly ways and means committees, evaluating the adequacy of such economic information system and setting forth the reasons for selecting such system.