Bill Text: CA AB495 | 2013-2014 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Community investment.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Engrossed - Dead) 2014-08-14 - In committee: Held under submission. [AB495 Detail]

Download: California-2013-AB495-Introduced.html
BILL NUMBER: AB 495	INTRODUCED
	BILL TEXT


INTRODUCED BY   Assembly Member Campos

                        FEBRUARY 20, 2013

   An act relating to the California Fund.


	LEGISLATIVE COUNSEL'S DIGEST


   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:

  SECTION 1.  (a) It is 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.
The goal of the California Fund will be the improvement of the
economic conditions and the quality of life for residents of
historically underserved communities by providing opportunities for
professional success that may otherwise be out of their reach due to
their current socioeconomic conditions.
   (b) It is the intent of the Legislature that the California Fund
be modeled after successful regional funds throughout the state.
                         
feedback