Joint Informational Hearing March 29, 2022 — Agenda (Assembly Budget Subcommittee No. 4 on State Administration)

Summary

The agenda for a joint informational hearing on March 29, 2022 of the Assembly Budget Subcommittee No. 4 on State Administration and the Assembly Committee on Jobs, Economic Development, and the Economy, chaired by Assemblymembers Wendy Carrillo and Sabrina Cervantes, at the State Capitol. The hearing concerns the state's deployment of $1.18 billion in federal funding it anticipates receiving under the State Small Business Credit Initiative (SSBCI). The agenda lists opening statements, an overview of California's SSBCI proposal with California State Treasurer Fiona Ma, the Legislative Analyst's Office, the IBank and the CPCFA, a stakeholder panel on inclusive economic growth, a response from the IBank and CPCFA, public comment and adjournment. It also gives instructions for written testimony, the live stream and public comment by telephone.

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JOINT INFORMATIONAL HEARING                                                                 MARCH 29, 2022



                                          AGENDA
   ASSEMBLY BUDGET SUBCOMMITTEE NO. 4 ON STATE ADMINISTRATION
                             AND
   ASSEMBLY COMMITTEE ON JOBS, ECONOMIC DEVELOPMENT, AND THE
                           ECONOMY

  ASSEMBLYMEMBERS WENDY CARRILLO, SABRINA CERVANTES, CHAIRS

                                   TUESDAY, MARCH 29, 2022

                           1:30 PM, STATE CAPITOL - ROOM 437



     We encourage the public to provide written testimony before the hearing. Please send your written
                       testimony to: BudgetSub4@asm.ca.gov and jede@asm.ca.gov.
Please note that any written testimony submitted to the committee is considered public comment and may be
    read into the record or reprinted. All are encouraged to watch the hearing from its live stream on the
                     Assembly’s website at https://www.assembly.ca.gov/todaysevents.

The hearing room will be open for attendance at this hearing. Any member of the public attending a hearing
 is strongly encouraged to wear a mask at all times while in the building. The public may also participate in
                                        this hearing by telephone.

                              To provide public comment, please call toll-free:
                                 877-692-8957 / Access Code: 131 54 37




The Assembly Committee on Jobs, Economic Development, and the Economy and the Assembly
Budget Subcommittee 4 on State Administration are convening an informational hearing on the
state’s deployment of $1.18 billion in federal funding that it anticipates receiving under the State
Small Business Credit Initiative (SSBCI).

Research shows that the COVID-19 pandemic execrated income inequalities and disparities
between certain population groups and areas of the state. These SSBCI funds represent a
potentially transformational new resource which is capable of strengthening neighborhood-level
economies, supporting independent wealth creation, and charting a more inclusive path forward.
Building a more equitable and resilient economy will, however, require a continued commitment
to address systemic barriers to entrepreneurship, as well as remaining open to the updating of
programs and services to address current market needs. Link to related hearing information.
ASSEMBLY BUDGET COMMITTEE
JOINT INFORMATIONAL HEARING                                                        MARCH 29, 2022


                                 Informational Hearing

I. Welcome, Introductions, and Opening Statements

The Chairs and Members of the Assembly Committee on Jobs, Economic Development, and the
Economy and the Assembly Budget Subcommittee 4 on State Administration will give opening
statements and frame the key issues to be examined during the hearing.

II. Overview of California’s SSBCI Proposal
      Fiona Ma, California State Treasurer
      Brian Weatherford, Principal Fiscal & Policy Analyst, Legislative Analyst’s Office
      Scott Wu, Executive Director, California Infrastructure and Economic Development Bank
       (IBank)
      Shela Tobias-Daniel, Executive Director, California Pollution Control Financing Authority
       (CPCFA)

The panel will begin with an overview of the State Small Business Credit Initiative (SSBCI)
program by the LAO, which will be followed by a joint presentation from the IBank and CPCFA
on the state’s current SSBCI application, including key implementation milestones and metrics
for program evaluation.

III. SSBCI’s Potential Role in Creating More Inclusive Economic Growth

      Carolina Martinez, Executive Director, CAMEO
      Eugene Cornelius, Jr., Senior Director for the Center for Regional Economics Division,
       Milken Institute
      Allison Kelly, Chief Executive Officer, ICA

In this panel, Members will hold an open dialogue with stakeholders on how SSBCI funds can
be used to advance a more inclusive economic recovery.

IV. Response from the IBank and CPCFA

      Scott Wu, Executive Director, IBank
      Shela Tobias-Daniel, Executive Director, CPCFA

In this panel, the IBank and CPCFA will have an opportunity to clarify technical points, reflect
upon recommendations made during the hearing, and answer any final questions from the
committee members.

V. Public Comment

VI. Adjournment


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