Savings and Loan Executives Contribute $1 Million to Campaign Supporting Proposition 71

Marion and Herbert Sandler, co-CEOs of the Oakland-based World Savings Bank, on Friday contributed $1 million to the campaign supporting Proposition 71, which would provide funding for stem cell research, the AP/Fresno Bee reports (Elias, AP/Fresno Bee, 8/4).

The initiative will appear on the Nov. 2 statewide ballot and would raise an average of $295 million annually for 10 years to promote stem cell research through the issuance of state bonds. The measure would provide funds for a new stem cell research center at a University of California campus, as well as grants and loans for laboratory projects at other colleges. State analysts say the measure would cost a total of $6 billion, including interest. Initiative supporters hope to raise $20 million for the campaign (California Healthline, 8/4).

Proposition 71 supporters have raised more than $8 million this year -- including $1 million from eBay founder Pierre Omidyar and his wife, nearly $1 million from venture capitalist John Doerr and his wife and nearly $2 million from real estate developer Robert Klein. Opponents of the ballot measure, including the Roman Catholic Church, have not reported any contributions (AP/Fresno Bee, 8/4).