COLUMBIA, S.C. (AP) - The state Commerce Department will be required to disclose details of agreements once deals are completed under a bill signed into law Monday by Gov. Mark Sanford.

The bill was created in the wake of scandals at the department, which came under fire after questions arose on compensation deals, spending on trips and entertainment and the use of privately funded accounts.

The investigation led to the ouster of the economic development agency's chief of staff, Wayne Sterling.

"A basic rule ought to be if it involves public money, the public ought to be able to see where that money is spent," Sanford said.

Under the bill, the agency must disclose the financial effects of an offer after the project has been publicly announced or an agreement has been finalized. The fiscal impact disclosure must include an analysis that compares the estimated public cost of the commitments with the anticipated public benefits.

The bill also states funds from foundation grants and private funds are public moneys that must be disclosed.

In addition, the bill says cash in any fund used by the department is public money. An investigation in 2001 found that a special events fund was used to pay for personal travel, golf outings, gifts and a maid service.

The agency's director also must submit an annual detailed report of all expenditures to the governor, the Senate president pro tempore, the speaker of the House, the Senate Finance Committee and the House Ways and Means Committee.

Also in the annual report, Commerce officials would reveal proposed incentives even if a deal falls through.

New Commerce Secretary Bob Faith said he's already implemented some of the reforms in the bill. "Opening that process up to the taxpayers and making sure this administration's openness is more than just an option moving forward is only going to enhance accountability," he said.

House Speaker David Wilkins said strict guidelines for fund management are a step in the right direction. "It restores public confidence at a time in our state's economic history when South Carolinians are dependent on the Commerce Department more than ever," he said.

Although the bill mostly is in favor of disclosure, there are some exemptions, including trade secrets.

The bill says the State Ports Authority need not divulge rates it negotiates with its customers. Agency officials have said they have the authority to negotiate rates under the Federal Maritime Commission regulations.

The bill also gives the governor the option to close his Cabinet meetings to the public.

After taking office in January, Sanford barred reporters from all but the last few minutes of his first Cabinet meeting, saying the presence of the media stifled honest conversations. However, after protests from news organizations, he has kept every Cabinet meeting open.

Sanford said he came from a business background where meetings are private, but he said Monday his open Cabinet meetings have been successful.

"The taxpayers of South Carolina have my commitment that every one of my Cabinet meetings are going to be open forums," he said.

Media attorney Jay Bender said he is optimistic about the new law. The public and the media will be responsible for holding future administrations accountable, he said.