The California Commission for Economic Development (CED) was established by statute in 1971 to serve as a bipartisan advisory board on economic development issues to the executive and legislative leadership of the State of California. Pursuant to California Code §14999-14999.10, the Commission has the following powers and authority to carry out its statutory duties: (a) To adopt such rules and regulations as it deems advisable with respect to the conduct of its own affairs. (d) To accept any federal funds granted, by act of Congress or by executive order, for all or any of its purposes.