The California State Senate's Business, Professions and Economic Development Committee convened on April 21, 2025, to discuss significant legislative proposals, including the introduction of SB 769, aimed at addressing the state's pressing infrastructure needs.

Senator Caballero presented SB 769, which seeks to establish the Golden State Infrastructure Fund. This new fund is designed to finance critical infrastructure projects across California, responding to the challenges posed by aging roads, bridges, and outdated water systems. The senator emphasized that existing state financing programs are inadequate for the scale of California's infrastructure demands, particularly as federal funding becomes less reliable.

The proposed fund would operate as a revolving fund, allowing for both debt and equity investments in projects that align with California's long-term infrastructure goals. It aims to tackle the backlog of essential repairs and improvements that current financing mechanisms cannot adequately address. Key focus areas for the fund include climate resilience, disaster recovery, transportation efficiency, housing, and clean energy.

Senator Caballero highlighted the potential economic benefits of the fund, stating that it could stimulate job creation and attract both public and private investment. The bill proposes the formation of a governing board to oversee the fund's operations, ensuring that investments are strategically aligned with the state's infrastructure priorities.

Support for SB 769 was voiced by Patrick Henning, Chief Deputy Treasurer for California, who represented State Treasurer Fiona Ma, a sponsor of the bill. Henning expressed confidence in the fund's ability to modernize infrastructure financing in California, making it more efficient and sustainable.

The committee did not hear item number 11, SB 382, at the author's request, allowing for a focused discussion on SB 769. The meeting underscored the urgency of addressing California's infrastructure challenges and the need for innovative financing solutions to support the state's future development.