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Proposition 71 of 2004 (or the California Stem Cell Research and Cures Act) is a law enacted by California voters to support stem cell research in the state. It was proposed by means of the initiative process and approved in the 2004 state elections on November 2. The Act amended both the Constitution of California and the Health and Safety Code. The Act makes conducting stem cell research a state constitutional right. It authorizes the sale of general obligation bonds to allocate three billion dollars over a period of ten years to stem cell research and research facilities. Although the funds could be used to finance all kinds of stem cell research, it gives priority to human embryonic stem cell research. Proposition 71 created the California Institute for Regenerative Medicine (CIRM), which is in charge of making "grants and loans for stem cell research, for research facilities, and for other vital research opportunities to realize therapies" as well as establishing "the appropriate regulatory standards of oversight bodies for research and facilities development". The Act also establishes a governing body called the Independent Citizen’s Oversight Committee (ICOC) to oversee CIRM. Proposition 71 is unique in at least three ways. Firstly, it uses general obligation bonds, which are usually used to finance brick-and-mortar projects such as bridges or hospitals, to fund scientific research. Secondly, by funding scientific research on such a large scale, California is taking on a role that is typically fulfilled by the U.S. federal government. Thirdly, Proposition 71 establishes the state constitutional right to conduct stem cell research. The initiative also represents a unique instance where the public directly decided to fund scientific research.