(a) There is hereby created a joint commission of the Legislature known as the Legislative Oversight commission on workforce investment for economic development.
(b) The commission is to be composed of four members of the Senate appointed by the President of the Senate from the members of the joint commission on economic development and four members of the House of Delegates appointed by the Speaker of the House of Delegates from the members of the joint commission on economic development. No more than three of the four members appointed by the President of the Senate and the Speaker of the House of Delegates, respectively, may be members of the same political party. The President of the Senate and the Speaker of the House of Delegates shall each appoint a chairperson from their respective houses. The members shall serve until their successors have been appointed.
(c) Members of the commission may receive compensation and expenses as provided in article two-a, chapter four of this code. Expenses, including those incurred in the employment of legal, technical, investigative, clerical, stenographic, advisory and other personnel, are to be approved by the Joint Committee on Government and Finance and paid from legislative appropriations.
(d) The commission may meet at any time both during sessions of the Legislature and in the interim or as often as may be necessary.