The commission shall:
A. develop and recommend policies and provide policy and program guidance for the department;
B. review, modify and approve annual updates to the state's five-year economic development plan generated by the department;
C. advise, assist and promote the department on matters relating to technology, technology-based new business development and technology commercialization projects;
D. review federal technology-based programs requiring state matching funds and authorize any expenditure or pledge of the state match fund for such programs; and
E. establish such rules and regulations for its own operations as are necessary to achieve the purposes of the Economic Development Department Act. Rules and regulations of the commission shall be adopted in the same procedural manner as rules and regulations of the department are adopted and shall be filed in accordance with the State Rules Act [Chapter 14, Article 4 NMSA 1978].