California Assembly Bill AB2374

California 2019-2020 Regular Session

• Introduced: 2/18/20

Caption

California Bioscience Economic Opportunity Authority.

Impact

The bill proposes the formation of the Bioscience Grant Program, which will award competitive grants to applicants who can convincingly demonstrate that their proposals will further innovation, research, or education in the bioscience sector. This initiative not only emphasizes the importance of bioscience in the state economy but also aims to spur collaboration between educational institutions and the industry. It suggests a forward-looking approach to nurturing a field that has significant potential for advancement in health and technology.

Summary

Assembly Bill 2374, introduced by Assembly Member Arambula, seeks to establish the California Bioscience Economic Opportunity Authority. This new authority will be situated within the Office of the Treasurer and is aimed at administering grants from the state to promote growth in the bioscience industry. The legislation outlines a framework in which this authority will consist of key financial officials including the Director of Finance, the Controller, and the Treasurer, who will serve as its chairperson.

Contention

While the bill has the potential to facilitate increased funding and support for bioscience efforts, there may be concerns about how grants are awarded and the criteria for selecting recipients. The competitive nature of the grant program may lead to discussions regarding equity and access among different applicants, particularly smaller startups versus established entities. Overall, the bill reflects a legislative recognition of the bioscience industry as an essential component of California's economic landscape.