In the 2022 Legislative Session, the Maryland General Assembly passed Senate Bill 474, sponsored by Senators George Edwards, Paul Corderman and Katie Hester to catalyze economic development in Western MD. The legislation called for the creation of the Senator George C. Edwards Fund and established the Western Maryland Economic Future Investment Board to review, evaluate and rate applications for funding from the program.

It also made this program a part of the Tri-County Council of Western Maryland, which staffs the board and administers the fund.

In the 2023 Legislative Session, Senate Bill 865 and House Bill 768 called for a larger board with fewer voting members and allowed for the hiring of an Executive Director. The present board makeup is described in The Board section below.