
State Loan for Embroyonic Stem Cell Research
Gov. Schwarzenegger authorized a $150 million taxpayer funded loan today to the stem cell institute (formally known as California Institute for Regenerative Medicine). The decision comes on the heels of President Bush’s veto yesterday of federal funding for embryonic stem cell research.
You will recall that in 2004 the voters overwhelmingly approved a $3 billion bond for embryonic stem cell research and biomedical cloning, which has been tied up in the courts.
KQED’s John Myers has a good write up on the governor’s loan and its political significance. Here are a couple of excerpts:
"The Schwarzenegger decision, interestingly enough, is linked to a similar effort to provide a kind of ‘bridge loan’ to the CIRM by state Treasurer and gubernatorial challenger Phil Angelides. Last year, Angelides helped enact a plan to get as much as $200 million to the CIRM through the sale of bond anticipation notes."
"There’s no question that today’s loan decision is interesting as a policy matter. But it also has… Read More