(October 31, 2008) Yesterday, Governor Arnold Schwarzenegger signed an Executive Order to create the bipartisan Commission on the 21st Century Economy to re-examine and modernize California’s revenue laws.

The Commission will be made up of 12 members: six appointed by the Governor, three appointed by the Senate President pro Tempore and three appointed by the Speaker of the Assembly. The Governor will designate the chair.

“Unlike our diverse economy, our state’s revenue system is the epitome of boom or bust and right now we are paying the price,” Governor Schwarzenegger said. “That is why I have worked with the legislative leaders to find a long-term solution to our revenue problem. And today, I am signing an executive order creating a bipartisan Commission on the 21st Century Economy to study our revenue system and help California achieve the long-term fiscal stability our state needs and our people deserve.”

The Commission will suggest changes that will result in a revenue stream that is more stable and reflective of California’s economy. According to the Governor’s office, this long-term action will help avoid the extreme revenue swings that have caused crippling deficits while maintaining a fair and equitable revenue structure that will ensure the state's continued competitiveness and attraction to employers and workers.

The members of the Commission will be named before their first meeting in November. They will report their findings to the Governor and the Legislature by April 15, 2009.