AB 495, as introduced, Campos. The California Fund.
Existing law authorizes the Governor’s Office of Business and Economic Development to, among other things, advance statewide economic goals.
This bill would state the intent of the Legislature to establish the California Fund, a socially responsible investment fund sponsored by the state, to encourage investment in historically underserved communities and, via these investments, to further encourage additional development activities of scale within these communities.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
(a) It is the intent of the Legislature to establish
2the California Fund, a socially responsible investment fund
3sponsored by the state to encourage investment in historically
4underserved communities and, via these investments, to further
5encourage additional development activities of scale within these
6communities. The goal of the California Fund will be the
7improvement of the economic conditions and the quality of life
8for residents of historically underserved communities by providing
P2 1opportunities for professional success that may otherwise be out
2of their reach due to their current socioeconomic conditions.
3(b) It is the intent of the Legislature that the California Fund be
4modeled after successful regional
funds throughout the state.
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