CA AB2570

Transfer $7,250,000,000 from the General Fund to the Unemployment Fund to pay down outstanding debt in the fund.

Find that the Unemployment Fund became insolvent due to COVID-19 pandemic-related business shutdowns and unemployment benefit payments, with debt exceeding $19,000,000,000.

Determine that paying down the debt will reduce interest costs the state owes on unemployment insurance debt, currently projected at $470,000,000 in the Governor's budget.

Require the Controller to execute the one-time transfer for the specific purpose of reducing Unemployment Fund debt and supporting state fiscal stability.

Require a 2/3 vote for passage due to the appropriation of General Fund money to a continuously appropriated fund.