,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fdba  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #ah1 #bjah,mr4  
,sessions 7= himself1 ,mr4 ,bi%op (     
,georgia1 ,mr4 ,upton1 & ,mr4           
,bilirakis7 introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,en]gy &   
,comm]ce  ,a ,,bill  ,to advance        
treatm5t & cures = bl9dness & o!r ret9al
 conditions & to promote competitiv5ess 
9 ! ,unit$ ,/ates ?r\gh a pilot program 
to increase fund+ = translational       
rese>*1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,fa/]   
,treatm5ts & ,cures = ,eye ,diseases    
,act4  #b4 ,def9itions ,= purposes ( ?is
 ,act3  7#a7 ,applicable congressional  
committees ,! t]m applicable            
congressional committees means !        
,committees on ,en]gy & ,comm]ce &      
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committees on      
,bank+1 ,h\s+1 & ,urban ,affairs &      
,heal?1 ,education1 ,labor1 & ,p5sions (
 ! ,s5ate4  7#b7 ,appropriate ,f$]al    

bank+ ag5cy ,! t]m appropriate ,f$]al   
bank+ ag5cy has ! mean+ giv5 t t]m 9    
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
7#c7 ,co/ ,! t]m co/ has ! mean+ giv5 to
 ! t]m co/ ( a loan gu>antee 9 section  
#ejb7e77;,c7 ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4              
#ffa;a7#e77;,c774  7#d7 ,depository     
in/itution2 depository in/itution hold+ 
company ,! t]m depository in/itution &  
depository in/itution hold+ company h ! 
mean+ giv5 ^? t]ms "u section #c ( !    
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac74  7#e7 ,eye bond ,! t]m
 eye bond means a bond-- 7,a7 issu$ by  
an issu] pursuant to ?is ,act2  7,b7 !  
proce$s ( :i* are us$ to fund projects  
select$ "u section #f7;b77#a71 except z 
o!rwise describ$ 9 ?is ,act2 &  7,c7 t  
complies ) ! regulations issu$ "u       
section #d4  7#f7 ,fund$ project ,! t]m 
fund$ project means a translational     
rese>* project t is select$ to be fund$ 
us+ ! proce$s ( an eye bond4  7#g7      

,gu>antee ,! t]m gu>antee has ! mean+   
giv5 to ! t]m loan gu>antee 9 section   
#ejb ( ! ,f$]al ,cr$it ,re=m ,act (     
#aiij 7#b ,u4,s4,c4 #ffa;a7 & includes a
 loan gu>antee commitm5t 7z def9$ 9 su* 
section #ejb74  7#h7 ,issu] ,! t]m issu]
 means an entity t-- 7,a7 is a          
depository in/itution1 a depository     
in/itution hold+ company1 or a brok] or 
deal] regi/]$ ) ! ,securities & ,ex*ange
 ,commission2  7,b7 complies ) ! s*$ule 
= ! issuance ( eye bonds e/abli%$ "u    
section #c7;c72 &  7,c7 complies ) !    
regulations issu$ "u section #e4  7#i7  
,program ,! t]m ,program means ! ,eye   
,bond ,pilot ,program e/abli%$ "u       
section #c4  7#aj7 ,secret>y ,! t]m     
,secret>y means ! ,secret>y ( ,heal? &  
,human ,s]vices1 except 9 ref]5ces to ! 
,secret>y ( ! ,treasury4  7#aa7 ,/ate ,!
 t]m ,/ate means-- 7,a7 ea* ,/ate ( !   
,unit$ ,/ates2  7,b7 ! ,di/rict (       
,columbia2  7,c7 ! ,commonweal? ( ,pu]to
 ,rico2 &  7,d7 any o!r t]ritory or     
possession ( ! ,unit$ ,/ates4  7#ab7    

,translational rese>* ,! t]m            
translational rese>*--  7,a7 means any  
rese>* project t is design$ to cure     
vision bl9dness & any conditions        
att5dant to vision impairm5t t are1 z   
det]m9$ by ! ,director ( ! ,national    
,eye ,in/itute1 cong5ital to ! vision   
impairm5t & n incid5tal to vision       
impairm5t or caus$ by vision impairm5t2 
7,b7 includes projects design$ to cure--
 7i7 he>+ impairm5t g5etically l9k$ to  
vision impairm5t1 su* z ,u%] ,syndrome2 
7ii7 ret9al deg5]ative diseases su* z   
ret9itis pigm5tosa1 macul> deg5]ation1 &
 ,u%] ,syndrome2  7iii7 vision trauma   
due to injury su* z t exp]i5c$ by w\nd$ 
vet]ans2  7iv7 glaucoma2  7v7 optic n]ve
 disord]s t result 9 vision impairm5t or
 bl9dness1 su* z morn+ glory syndrome2 &
  7vi7 diabetic re9opa?y2 &  7,c7       
subject to subp>agraph 7,b77vi71 does n 
include projects design$ to cure any    
und]ly+ disease or condition ^: symptoms
 may include vision impairm5t1 su* z    
diabetes4  #c4 ,eye ,bond ,pilot        

,program  7a7 ,e/abli%m5t ,n e>li] ?an  
#a ye> aft] ! date ( enactm5t ( ?is     
,act1 ! ,secret>y1 9 consultation ) !   
,secret>y ( ! ,treasury & ! appropriate 
,f$]al bank+ ag5cies1 %all e/abli% a    
pilot program to be kn[n z ! ,eye ,bond 
,pilot ,program "u :i*--  7#a7 !        
,director ( ! ,national ,eye ,in/itute  
%all1 9 accordance ) section #f1 select 
translational rese>* projects to be     
fund$ by eye bonds2 &  7#b7 ! ,secret>y 
%all-- 7,a7 provide a p>tial ,f$]al     
gu>antee ( ! eye bonds2  7,b7 contract )
 an issu] to issue ! eye bonds2 &  7,c7 
use ! proce$s f ! sale ( ! eye bonds to 
fund ! select$ projects & to pay = o!r  
relat$ exp5ses1 z p]mitt$ by ?is ,act4  
7b7 ,f$]al gu>antee  7#a7 ,9 g5]al ,!   
,secret>y %all gu>antee ! paym5t (      
pr9cipal 7b n ! paym5t ( int]e/7 on an  
eye bond1 on a bond-by-bond basis1 9 an 
am\nt to be det]m9$ by ! ,secret>y1 b 9 
no case may ! am\nt ( su* gu>antee be m 
?an #ej p]c5t ( ! pr9cipal ( ! eye bond4
  7#b7 ,prioritization ( taxpay] int]e/s

 ,all eye bonds %all be /ructur$ to give
 fir/ priority to protect+ ! int]e/s ( !
 ,unit$ ,/ates by ensur+ t--  7,a7 all  
ca% proce$s receiv$ f ! repaym5t ( an   
eye bond are fir/ us$ to r$uce ! am\nt (
 pr9cipal gu>ante$ by ! ,secret>y "u !  
t]ms ( ! eye bond2 &  7,b7 ! ,secret>y  
has a s5ior claim on all assets &       
collat]al "u ! eye bond to ! ext5t !    
gu>antee provid$ by ! ,secret>y is n    
ext+ui%$4  7#c7 ,limitation ,! ,secret>y
 may n gu>antee-- 7,a7 m ?an            
#a1jjj1jjj1jjj = all eye bonds issu$    
pursuant to ?is ,act2 &  7,b7 m ?an     
#bej1jjj1jjj = all eye bonds issu$      
pursuant to ?is ,act 9 any s+le fiscal  
ye>4  7c7 ,issuance s*$ule ,! ,secret>y 
%all1 9 consultation ) ! ,secret>y ( !  
,treasury & issu]s1 e/abli% a s*$ule = !
 issuance ( eye bonds t ensures t fund$ 
projects repres5t a reasonable sample ( 
div]se causes ( vision loss4  7d7       
,risk-,%>e pool  7#a7 ,9 g5]al ,)       
respect to an eye bond gu>ante$ "u ?is  
section1 ! ,secret>y may all[ a risk-%>e

 pool capitaliz$ by issu]s to provide a 
fir/-loss gu>antee ( ! pr9cipal & int]e/
 ( su* bond1 if ! ,secret>y det]m9es t  
su* fir/-loss gu>antee w\ld--  7,a7 be a
 robu/ s\rce ( protection = ! ,unit$    
,/ates1 z gu>antor ( ! eye bond1 t      
r$uces ! co/ ( ! ,f$]al gu>antee to !   
,unit$ ,/ates2  7,b7 enc\rage ! fl[ (   
private sector capital into biom$ical   
translational rese>*2  7,c7 create a    
prud5t inc5tive = issu]s to contribute  
additional private capital = biom$ical  
translational rese>*2 or  7,d7 meet o!r 
public int]e/1 safety1 & s\ndness goals4
  7#b7 ,consultation ,9 mak+ a          
det]m9ation "u p>agraph 7#a71 !         
,secret>y %all consult ) ! ,secret>y ( !
 ,treasury & ! appropriate ,f$]al bank+ 
ag5cies4  7#c7 ,fund+ ,! co/ ( contract+
 ) a risk-%>e pool "u ?is subsection    
%all be paid f ! proce$s f ! sale ( eye 
bonds pursuant to ! ,program4  7e7      
,equity position option = ! ,secret>y   
7#a7 ,9 g5]al ,) respect to an eye bond 
issu$ pursuant to ?is ,act1 ! ,secret>y1

 9 consultation ) ! ,secret>y ( !       
,treasury & o!r appropriate p>ties1     
includ+ eye bond issu]s & inve/ors1 may 
negotiate an equity position = ! ,unit$ 
,/ates ,gov]nm5t 9 ! projects to be     
fund$ by su* eye bond if ! ,secret>y    
det]m9es t su* an equity position w     
fur!r ! int]e/s ( ! ,program & ! ,unit$ 
,/ates4  7#b7 ,limitations  7,a7        
,supplem5tal ,any equity position tak5 9
 a project pursuant to p>agraph 7#a7    
%all be supplem5tal to1 n 9 lieu (1 a   
gu>antee provid$ by ! ,secret>y )       
respect to ! eye bond fund+ su* project4
  7,b7 ,total am\nt ,! total ( am\nt (  
an eye bond gu>antee "u ?is section &   
any equity position tak5 by ! ,secret>y 
9 a project fund$ by su* bond t is      
supplem5tal to su* gu>antee %all n exce$
 #ej p]c5t ( ! pr9cipal am\nt ( ! eye   
bond4  7#c7 ,notification & consultation
 ,prior to f9alization ( any equity     
position "u p>agraph 7#a71 ! ,secret>y  
%all notify ! applicable congressional  
committees & consult ) su* committees on

 ! propos$ t]ms ( su* equity position & 
:e!r tak+ su* equity position w fur!r ! 
int]e/s ( ! ,program & ! ,unit$ ,/ates4 
7f7 ,t]m9ation ( ! program  7#a7 ,9     
g5]al ,except z provid$ 9 p>agraph 7#b71
 ! ,program %all t]m9ate on ! date t is 
#f ye>s aft] ! date ( enactm5t ( ?is    
,act4  7#b7 ,e>ly t]m9ation  7,a7 ,9    
g5]al ,! ,secret>y may t]m9ate !        
,program be=e ! date describ$ 9 p>agraph
 7#a74  7,b7 ,congressional notification
 ,if ! ,secret>y det]m9es t ! ,program  
%all be t]m9at$ "u subp>agraph 7,a71 n  
lat] ?an #fj days be=e ! date on :i* !  
t]m9ation is effective1 ! ,secret>y     
%all--  7i7 submit to ! applicable      
congressional committees a report t     
includes-- 7,i7 a description ( !       
reasons = ! t]m9ation2  7,,ii7 any      
corrective actions t may be tak52 &     
7,,iii7 any o!r actions t may be tak5 to
 promote ! use ( private capital & to   
increase ! am\nt ( ,f$]al funds made    
available to c>ry out basic &           
translational biom$ical rese>*2 &  7ii7 

make publicly available ! report        
describ$ 9 clause 7i74  7#c7 ,effect on 
eye bonds issu$ & ,f$]al gu>antees ,!   
t]m9ation ( ! ,program %all n affect !  
validity (--  7,a7 any eye bond issu$   
be=e ! date on :i* ! ,program is        
t]m9at$2 or  7,b7 any ,f$]al gu>antee "u
 ?is ,act = an eye bond describ$ 9      
subp>agraph 7,a74  7g7 ,program fund+   
7#a7 ,adm9i/rative exp5ses paid f bond  
sales ,except z provid$ "u p>agraph     
7#b71 ! co/ ( c>ry+ out ?is ,act1       
includ+ ! co/ to ! ,secret>y 9 adm9i/]+ 
! ,program1 %all be recov]$ f ! proce$s 
f ! sale ( eye bonds pursuant to !      
,program or f fees z set =? 9 p>agraph  
7#c74  7#b7 ,specific appropriation or  
contribution ,no gu>antee %all be made  
"u ?is section unless-- 7,a7 an         
appropriation = ! full co/ ( ! gu>antee 
has be5 made2  7,b7 ! ,secret>y has     
receiv$ f ! eye bond issu] a paym5t 9   
full = ! co/ ( ! gu>antee2 or  7,c7 a   
comb9ation ( an appropriation & !       
deposit ( a paym5t f ! bond issu] into !

 ,treasury has be5 made 9 a suffici5t   
am\nt to cov] ! full co/ ( ! gu>antee4  
7#c7 ,co/ ( ,gu>antees  7,a7 ,9 g5]al ,!
 ,secret>y %all *>ge & collect fees =   
gu>antees "u ?is section 9 am\nts !     
,secret>y det]m9es are suffici5t to     
recov] applicable adm9i/rative exp5ses4 
7,b7 ,availability ,fees collect$ "u ?is
 subsection-- 7i7 %all be deposit$ by ! 
,secret>y into ! ,treasury2 &  7ii7 are 
au?oriz$ to rema9 available until       
exp5d$4  #d4 ,eye bond t]ms1 conditions1
 & /ructure  7a7 ,9 g5]al ,n lat] ?an   
#ahj days aft] ! date ( enactm5t ( ?is  
,act1 ! ,secret>y1 9 consultation ) !   
,secret>y ( ! ,treasury1 ! ,*airman ( ! 
,securities & ,ex*ange ,commission1 !   
heads ( ! appropriate ,f$]al bank+      
ag5cies1 ! ,director ( ! ,national      
,in/itutes ( ,heal?1 & ! heads ( o!r    
,f$]al dep>tm5ts & ag5cies & o!r int]e/$
 p>ties z ! ,secret>y det]m9es          
appropriate1 %all issue regulations to  
specify ! t]ms1 conditions1 & /ructure =
 an eye bond4  7b7 ,auctions ,9 issu+ ! 

regulations "u subsection 7a7-- 7#a7 !  
,secret>y may provide = an auction to   
select ! pur*as]s ( eye bonds2 &  7#b7  
any su* auction may include a process t 
m9imizes ! risk to ! ,gov]nm5t ( !      
,f$]al gu>antee involv$ by all[+ bidd]s 
= an eye bond to compete aga9/ ea* o!r  
by bidd+ on ! p]c5tage ( ! ,f$]al       
gu>antee "u section #d7;b7 ) respect to 
! eye bond1 ) ! bid = ! l[e/ p]c5tage   
w9n+ ! auction1 tak+ into acc\nt o!r    
t]ms & conditions set by ! issu] to     
ensure ! l[e/ total co/ to ! ,gov]nm5t4 
#e4 ,eye bond issu]s  7a7 ,issu] crit]ia
 ,n lat] ?an #ahj days aft] ! date (    
enactm5t ( ?is ,act1 ! ,secret>y1 9     
consultation ) ! ,secret>y ( !          
,treasury1 %all issue regulations--     
7#a7 to e/abli% ! crit]ia = select+     
issu]s2  7#b7 to ensure t issu]s p]=m 9 
a mann] t ensures ! successful issuance 
( eye bonds t promote biom$ical         
translational rese>* 9 ! ,unit$ ,/ates2 
&  7#c7 to ensure t issu]s use s\nd     
und]writ+ practices t protect ! int]e/s 

(-- 7,a7 ! ,unit$ ,/ates2  7,b7 eye bond
 inve/ors2 &  7,c7 ! long-t]m promotion 
( translational rese>* = vision         
impairm5t & o!r diseases1 disabilities1 
& syndromes cong5ital to vision         
impairm5t or caus$ by vision impairm5t1 
tak+ into acc\nt features t are valuable
 aft] any au?orization = exp&$ use ( a  
limit$ ,f$]al gu>antee = biom$ical      
translational rese>* = o!r diseases &   
disabilities4  7b7 ,comp5sation = issu]s
 ,! issu] ( an eye bond %all be         
comp5sat$ f ! proce$s f ! sale ( su* eye
 bond at su* rate & on su* t]ms z !     
,secret>y may provide4  7c7 ,public     
disclosures ) respect to eye bonds  7#a7
 ,9 g5]al ,n less ?an #b bus9ess days   
be=e ! date on :i* an issu] issues an   
eye bond1 ! issu] %all file ) !         
,securities & ,ex*ange ,commission1 &   
make available to ! public1 ! foll[+    
in=mation3  7,a7 ,! nature ( all        
projects fund$ by ! eye bond4  7,b7 ,!  
"n ( any pr9cipal individual or         
in/itution t w be conduct+ ea* project4 

7,c7 ,! mile/ones e/abli%$ = ea*        
project4  7,d7 ,a det]m9ation by ! issu]
 z to :e!r ea* project fund$ by ! eye   
bond has appropriately protect$         
intellectual prop]ty4  7,e7 ,! /ructure 
( ! eye bond4  7,f7 ,! int]e/ paym5t    
s*$ule = ! eye bond4  7,g7 ,! anticipat$
 returns & risks ( ! eye bond4  7,h7    
,su* o!r in=mation z ! ,commission      
det]m9es necess>y or appropriate 9 !    
public int]e/ or = ! protection (       
inve/ors4  7#b7 ,rulemak+  7,a7 ,9 g5]al
 ,n lat] ?an #ahj days aft] ! date (    
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all issue         
regulations to c>ry out ?is subsection4 
7,b7 ,au?ority ( ! ,secret>y ,if !      
,securities & ,ex*ange ,commission does 
n issue ! regulations requir$ "u        
subp>agraph 7,a7 be=e ! end ( !         
#ahj-;day p]iod describ$ "u subp>agraph 
7,a71 ! ,secret>y %all issue regulations
 to c>ry out ?is subsection be=e ! end (
 ! #fj-;day p]iod beg9n+ on ! end ( !   
#ahj-;day p]iod describ$ "u subp>agraph 

7,a74  #f4 ,translational rese>*        
projects  7a7 ,eligibility requirem5ts  
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,secret>y1 9     
consultation ) ! ,secret>y ( !          
,treasury1 ! ,director ( ! ,national    
,eye ,in/itute1 & o!r int]e/$ p>ties1   
%all issue f9al regulations = !         
eligibility crit]ia = select+           
translational rese>* projects t w be    
fund$ ?r\gh eye bonds4 ,su* regulations 
%all address--  7#a7 ! /age ( cl9ical   
trial = projects to provide ! greate/   
likelihood ( comm]cial application2     
7#b7 ! v>iations among disease &        
conditions ne$$ to ensure suffici5t     
div]sification 9 ea* eye bond2 &  7#c7 !
 numb] ( possible cures & treatm5ts t   
are ne$$ z det]m9$ by ! ,secret>y1 9    
consultation ) issu]s & ! ,director ( ! 
,national ,eye ,in/itute1 to ensure !   
successful issuance ( eye bonds s z to  
protect ! ,unit$ ,/ates z gu>antor ( !  
eye bonds1 includ+--  7,a7 drug !rapies2
  7,b7 g5e !rapies2 &  7,c7 artificial  

re/oration ( sight & simil> me*anisms4  
7b7 ,selection ( projects  7#a7 ,9 g5]al
 ,! ,director ( ! ,national ,eye        
,in/itute1 9 consultation ) ! ,director 
( ! ,national ,in/itutes ( ,heal? & !   
,secret>y ( ! ,treasury1 %all select    
translational rese>* projects to be     
fund$ ) ! proce$s ( an eye bond4  7#b7  
,factors = selection ,n lat] ?an #cj    
days aft] ! date on :i* ! f9al          
regulations are issu$ "u subsection 7a71
 ! ,secret>y %all submit to ! ,director 
( ! ,national ,eye ,in/itute factors t !
 ,director ( ! ,national ,eye ,in/itute 
%all consid] 9 mak+ ! selection "u      
p>agraph 7#a71 includ+--  7,a7 ! am\nt (
 equity any intellectual prop]ty hold] w
 hold 9 ! project2  7,b7 ! res\rces any 
individual or in/itution w be requir$ to
 demon/rate to ensure ! ability ( !     
individual or in/itution to repay !     
obligation "u ! eye bond1 reg>dless ( ! 
success or failure ( ! project fund$ ) !
 proce$s ( ! eye bond2  7,c7 ! numb] (  
projects ne$$ to ensure div]sification (

 risk2  7,d7 ! mann] 9 :i* fund$        
projects w be defund$ if ! int]im goals 
( ! project are n satisfi$2 &  7,e7 su* 
o!r factors relat$ to biom$ical         
translational rese>* project selection z
 ! ,secret>y det]m9es appropriate4  7#c7
 ,additional consultations  7,a7 ,9     
g5]al ,9 c>ry+ out p>agraph 7#a71 !     
,director ( ! ,national ,eye ,in/itute  
may e/abli% any consultative body t !   
,director det]m9es is necess>y to       
provide = a complete1 transp>5t1 &      
=w>d-look+ selection ( projects4  7,b7  
,sci5tific advis]s ,9 c>ry+ out p>agraph
 7#a71 ! ,director ( ! ,national ,eye   
,in/itute may consult ) any gr\p (      
sci5tific advis]s t ! ,director det]m9es
 is necess>y4  7c7 ,e/abli%m5t (        
mile/ones  7#a7 ,9 g5]al ,! ,director ( 
! ,national ,eye ,in/itute %all1 = ea*  
project fund$ by an eye bond1 e/abli%   
mile/ones to det]m9e ! probability (    
success or failure = su* project4  7#b7 
,inclusion 9 fil+s ,! ,director ( !     
,national ,eye ,in/itute %all submit to 

! issu] ( an eye bond ! mile/ones = ea* 
project fund$ f su* eye bond1 s su*     
mile/ones may be includ$ 9 ! fil+s made 
available by ! issu] to ! public "u     
section #e7;c74  7d7 ,rese>* requirem5t 
,translational rese>* c>ri$ out "u a    
project fund$ by an eye bond %all be    
conduct$-- 7#a7 9 a ,/ate2 &  7#b7 by an
 individual or in/itution t is-- 7,a7   
*>t]$ 9 accordance ) ! laws ( t ,/ate2 &
  7,b7 cle>ly subject to v]ification (  
b5eficial own]%ip by ! issu] &1 ^u      
reque/1 by ! ,secret>y4  #g4            
,inapplicability ( c]ta9 laws ,eye bonds
 %all n be subject to-- 7#a7 section    
#ae;,g ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gho-#aa72  7#b7   
except z provid$ "u section #e7;c71 any 
regi/ration or disclosure requirem5t    
promulgat$ by ! ,securities & ,ex*ange  
,commission2 &  7#c7 section #ac ( !    
,bank ,hold+ ,company ,act ( #aief 7#ab 
,u4,s4,c4 #ahea74  #h4 ,reports  7a7    
,,gao /udy & reports on o!r rese>*      
projects  7#a7 ,ongo+ /udy ,!           

,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all c>ry out an ongo+ /udy to consid]  
:e!r a program simil> to ! ,eye ,bond   
,pilot ,program "u ?is ,act %\ld be     
e/abli%$ = o!r biom$ical rese>*         
projects4  7#b7 ,report ,! ,comptroll]  
,g5]al %all1 dur+ ! p]iod beg9n+ on !   
date ( ! e/abli%m5t ( ! ,program & end+ 
on ! t]m9ation date ( ! ,program1 issue 
a report to ! applicable congressional  
committees1 n less frequ5tly ?an        
annually1 on all f9d+s & det]m9ations   
made 9 c>ry+ out ! /udy requir$ "u      
p>agraph 7#a74  7b7 ,reports on !       
,program ,n lat] ?an #b ye>s aft] ! date
 on :i* eye bonds are fir/ issu$ "u ?is 
,act1 & annually !reaft] dur+ ! p]iod   
end+ on ! date t is #d ye>s aft] ! date 
on :i* eye bonds are fir/ issu$ "u ?is  
,act1 ! ,comptroll] ,g5]al & ! ,director
 ( ! ,national ,in/itutes ( ,heal? 79   
consultation ) ! ,director ( ! ,national
 ,c5t] = ,advanc+ ,translational        
,sci5ces7 %all ea* issue a sep>ate      
report to ! applicable congressional    

committees on--  7#a7 ! progress ( !    
issuance ( eye bonds2  7#b7 ! reasons = 
any problems a*iev+ desir$ volumes ( eye
 bonds or ! ability ( ! ,program to     
proce$ at a fa/] pace2  7#c7 an analysis
 ( ! risk to ! ,gov]nm5t 9 provid+ !    
,f$]al gu>antee describ$ "u section     
#d7;b72  7#d7 any improvem5ts to eye    
bonds t ! ,secret>y %\ld consid]2  7#e7 
! applicability ( f9ancial in/rum5ts    
simil> to eye bonds to o!r biom$ical    
rese>* areas su* z canc]1 ,alzheim]'s   
disease1 r>e diseases or conditions 7z  
def9$ 9 section #ebf ( ! ,f$]al ,food1  
,drug1 & ,cosmetic ,act 7#ba ,u4,s4,c4  
#cfj;bb77 & syndromes ( p>ticul> conc]n 
to *ildr52 &  7#f7 any o!r matt] t !    
,comptroll] ,g5]al or ! ,director1      
respectively1 det]m9es is appropriate4