The Economic Committee shall implement local efforts and support programs to preserve and expand economic empowerment among Black people and other communities of color by (1) researching and establishing relationships with private and public entities that support the work of the Alaska Black Caucus and monitor the progress and activity of private and public entities designated by private and governmental programs and (3) implement local efforts to promote the growth of business ownership for increasing employment and job creation and (5) encourage business development and home ownership.