Proposition 71, the California Stem Cell Research and Cures Act, was approved by California voters on November 2, 2004, providing $3 billion in general obligation bond funding for stem cell research conducted at California universities, research institutions, and companies, and establishing a new state agency, the California Institute for Regenerative Medicine (CIRM), to make grants and loans for stem cell research, research facilities, and other research opportunities. CIRM's mission is to accelerate the development of stem cell therapies for patients with unmet medical needs. CIRM launched systems and programs in 2015 that place added emphasis on speed, partnerships, and patients.

The Independent Citizen's Oversight Committee (ICOC) is the 29-member governing board for CIRM. The ICOC members are public officials, appointed on the basis of their experience earned in California's leading public universities, non-profit academic and research institutions, patient advocacy groups, and the life sciences biotechnology industry.