The new law authorizes $5.5 billion in new bond funding to the California Institute for Regenerative Medicine (CIRM) for stem cell research. CIRM was established in 2004 via voter approval of Prop. 71 which, at the time, provided $3 billion in bond proceeds for stem cell research in California. CIRM has allocated over $550 million to fund 56 clinical trials, mostly over the past four years. The passage of Prop. 14 will give CIRM the critical funding to continue its research and clinical trials, while requiring CIRM to prioritize increasing access to and affordability of clinical trials for patients.