MADISON, Wis. (AP) -

Gov. Scott Walker has signed into law a bill that bans Wisconsin Economic Development Corp. employees and board members from negotiating contracts that might benefit them.

Walker signed the bill Tuesday during a WEDC board meeting in Green Bay.

The new law prohibits WEDC board members and employees with a monetary interest in a contract from participating in the deals or exercising any discretion on it.

Walker says the law provides clear direction and adds increased transparency and accountability.

The governor and the Republican-controlled Legislature created WEDC in 2011 to help the governor meet his campaign promise to create 250,000 private-sector jobs. But the agency is reeling after an audit revealed it hasn't followed state law, adequately tracked loans and sometimes gave money to companies that didn't qualify.