The business finance authority shall undertake to design the terms, conditions, and provisions of the regenerative manufacturing workforce development program authorized by this chapter. The authority shall deliver to the fiscal committee of the general court, the house ways and means committee, and the senate ways and means committee, a report on the progress of its efforts to develop such terms, conditions, and provisions every 6-month period, on September 1 and March 1, following the effective date of this chapter. Prior to taking any action to implement a final workforce program pursuant to this chapter, the authority shall first present the program to the fiscal committee of the general court and receive the approval of such committee.