It authorizes state bonds to be issued worth $5.5 billion, which will fund the California Institute for Regenerative Medicine (CIRM), which serves as the state's center for stem cell research, and enable it to continue its operations.

[2] Robert N. Klein II, motivated by the suffering of family members from autoimmune diseases, launched a citizen initiative known as Proposition 71 in 2004, which created a state-funded center for stem cell research - the California Institute for Regenerative Medicine (CIRM).

[5] Proposition 71 was approved by 59% of California voters and authorized $3 billion in bonds to fund the CIRM in addition to creating a Governing Board of 29 members as an Independent Citizens' Oversight Committee (ICOC).

[9] Changes to the CIRM program and governance proposed in Proposition 14 include increased focus in improving patient access to stem cell treatments by expanding sites and facilities for human trials, the requirement for income earned from CIRM agreements to reduce the cost of stem cell treatments for patients, increase the ICOC from 29 members to 35 members, and to hire 15 full-time employees whose roles are dedicated to improving patient access to stem cell-derived therapeutics and treatments.

[10] Proposition 14 appropriates money from the general fund in order to fully pay the bond debt service.