,i  #aag? ,,congress  #a/ ,session  ,h4 
,r4 #cdcg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bj1 #bjba,mr4   
,ru% 7= himself1 ,mr4 ,fitzpatrick1 ,mr4
 ,bi%op ( ,georgia1 ,mr4 ,c>son1 ,mr4   
,coh51 ,mr4 ,coop]1 ,mr4 ,danny ,k4     
,davis ( ,ill9ois1 ,mr4 ,grijalva1 ,mr4 
,lev9 ( ,cali=nia1 ,mr4 ,s*neid]1 ,ms4  
,sewell1 & ,mr4 ,?ompson ( ,mississippi7
 introduc$ ! foll[+ bill2 :i* 0 ref]r$  
to ! ,committee on ,en]gy & ,comm]ce  ,a
 ,,bill  ,to require ! ,secret>y (      
,heal? & ,human ,s]vices to gu>antee    
,bio,bonds 9 ord] to provide fund+ =    
loans to eligible biom$ical companies & 
univ]sities to c>ry out cl9ical trials  
approv$ by ! ,food & ,drug              
,adm9i/ration1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,long-t]m ,opportunities = ,advanc+ ,new
 ,/udies = ,biom$ical ,rese>* ,act or ! 
,,loans = ,biom$ical ,rese>* ,act4  #b4 
,biobonds ,program  7a7 ,9 g5]al ,n lat]
 ?an #ahj days aft] ! date ( enactm5t ( 
?is ,act1 ! ,secret>y ( ,heal? & ,human 

,s]vices1 9 consultation ) ! ,secret>y (
 ! ,treasury1 %all e/abli% a program1 to
 be kn[n z ! ,biobonds ,program1 to     
increase innovative biom$ical rese>*    
into !rapies to address unmet m$ical    
ne$s1 "u :i* biom$ical rese>*]s seek+ to
 conduct cl9ical trials ) respect to a  
drug or device1 b :o _c secure          
appropriate fund+ to conduct su* trials 
7z det]m9$ by ! ,secret>y ( !           
,treasury71 receive f9ancial assi/ance  
?r\gh-- 7#a7 ! pur*as+ ( loans by fiscal
 ag5ts "u section #c2 &  7#b7 ! sale &  
gu>antee ( ,biobonds compris$ ( ^! loans
 "u section #d4  7b7 ,biom$ical rese>*]s
 eligible = f9ancial assi/ance  7#a7 ,9 
g5]al ,a p]son %all be eligible to      
receive a loan "u ! ,biobonds ,program  
if su* p]son is conduct+ or seek+ to    
conduct rese>* ) respect to a drug or   
device t is-- 7,a7 int5d$ = use to meet 
an unmet m$ical ne$ 7z det]m9$ by !     
,secret>y ( ,heal? & ,human ,s]vices72 &
  7,b7 "u inve/igation 9 a controll$    
cl9ical trial "u-- 7i7 an inve/igational

 drug application 9 effect "u section   
#eje7;i7 ( ! ,f$]al ,food1 ,drug1 &     
,cosmetic ,act 7#ba ,u4,s4,c4 #cee7;i77 
or section #cea7;a77#c7 ( ! ,public     
,heal? ,s]vice ,act 7#db ,u4,s4,c4      
#bfb7;a77#c77 7z applicable72 or  7ii7  
an inve/igational device exemption 9    
effect "u section #ebj7;g7 ( ! ,f$]al   
,food1 ,drug1 & ,cosmetic ,act 7#ba     
,u4,s4,c4 #cfj;j7g774  7#b7 ,rulemak+ ,!
 ,secret>y ( ,heal? & ,human ,s]vices1 9
 consultation ) ! ,secret>y ( !         
,treasury1 %all issue rules to c>ry out 
?is subsection4  #c4 ,pur*ase ( loans by
 fiscal ag5ts  7a7 ,9 g5]al ,fiscal     
ag5ts %all pur*ase loans-- 7#a7 made to 
an eligible recipi5t = ! purpose (      
conduct+ ! applicable cl9ical trial2 &  
7#b7 ) respect to :i* ! fiscal ag5t     
det]m9es t ! borr[] has ! ability to    
repay ! loan1 bas$ on collat]al &       
f9ancial capabilities & n on ! prospects
 = success ( ! cl9ical trial4  7b7      
,priority = loans ,! ,secret>y ( ,heal? 
& ,human ,s]vices %all issue rules to   

require fiscal ag5ts1 9 pur*as+ loans "u
 ?is section1 to-- 7#a7 pur*ase loans ) 
respect to a div]se range ( biom$ical   
projects & n to favor "o disease or     
disability1 b ) priority giv5 to loans )
 pot5tial to address unmet public heal? 
ne$s across ! spectrum ( diseases &     
disabilities2  7#b7 consid] z an        
important crit]ion = pur*as+ loans )    
respect to cl9ical trials t !y are be+  
conduct$ by wom5 rese>*]s or rese>*]s :o
 are memb]s ( a racial & e?nic m9ority  
gr\p or disabl$2 &  7#c7 prioritize     
pur*as+ loans ) respect to cl9ical      
trials t include1 :]e appropriate1      
repres5tative levels ( wom51 memb]s ( a 
racial & e?nic m9ority gr\ps1 disabl$   
individuals1 & o!r div]se p>ticipants1 z
 specifi$ 9 guidance issu$ "u section   
#eje7;b7 ( ! ,f$]al ,food1 ,drug1 &     
,cosmetic ,act4  7c7 ,maximum loan am\nt
 ,a fiscal ag5t may n pur*ase loans 9   
any "o ye> ) respect to a s+le recipi5t 
9 an am\nt m ?an #be1jjj1jjj4  7d7 ,loan
 t]ms & conditions ,! ,secret>y ( ,heal?

 & ,human ,s]vices1 9 consultation ) !  
,secret>y ( ! ,treasury1 %all issue     
rules to-- 7#a7 e/abli% crit]ia = ! t]ms
 = loans t are eligible = pur*ase "u ?is
 section2  7#b7 e/abli% crit]ia = !     
int]e/ rate = loans t are eligible =    
pur*ase "u ?is section1 :i* %all be bas$
 on applicable rates = obligations ( !  
,dep>tm5t ( ! ,treasury ( comp>able     
maturity plus a rate to be det]m9$ by ! 
,secret>y ( ! ,treasury to reflect--    
7,a7 prevail+ m>ket conditions2  7,b7   
taxpay] protection2 &  7,c7 ! ne$ to    
ensure ample fund+ = cl9ical trials     
describ$ "u section #b2 &  7#c7 p]mit ! 
use ( w>rants & simil> in/rum5ts )      
respect to loans t are eligible =       
pur*ase "u ?is section1 :]e necess>y to 
protect taxpay] int]e/s4  #d4 ,bio,bonds
  7a7 ,issuance ,! fiscal ag5ts %all    
issue bonds1 to be kn[n z ,bio,bonds1   
collat]aliz$ by loans pur*as$ "u ?is    
,act1 & sell ! ,bio,bonds to inve/ors4  
7b7 ,bio,bond gu>antee ,! ,secret>y (   
,heal? & ,human ,s]vices %all provide a 

gu>antee on ! paym5t ( pr9cipal 7b n !  
paym5t ( int]e/7 = ea* ,bio,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 #ij     
p]c5t ( ! pr9cipal ( ! ,bio,bond4  7c7  
,size ( issuances ,! ,secret>y ( ,heal? 
& ,human ,s]vices1 9 consultation ) !   
,secret>y ( ! ,treasury1 %all e/abli% ! 
size ( ea* ,bio,bond issuance1 to ensure
 m>ket acceptance1 portfolio            
div]sification1 & ! protection ( taxpay]
 int]e/s4  7d7 ,auctions ,! ,secret>y ( 
,heal? & ,human ,s]vices may-- 7#a7     
au?orize fiscal ag5ts to use an auction 
to select ! pur*as]s ( ,bio,bonds2 &    
7#b7 require su* auction to include a   
process t m9imizes ! risk to ! ,gov]nm5t
 ( ! ,f$]al gu>antee involv$ by all[+   
bidd]s = a ,bio,bond to compete aga9/   
ea* o!r by bidd+ on ! p]c5tage ( !      
,f$]al gu>antee "u subsection 7b7 )     
respect to ! ,bio,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  7e7 ,portfolio div]sity ,)  
respect to an issuance ( ,bio,bonds & ! 
loans collat]aliz+ su* issuance1 no m   
?an #ae p]c5t ( ! pr9cipal am\nt ( su*  
issuance may relate to a gr\p ( relat$  
diseases or disabilities 7z def9$ by !  
,secret>y ( ,heal? & ,human ,s]vices74  
7f7 ,prioritization ( taxpay] int]e/s   
,all ,bio,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 ( a    
,bio,bond are fir/ us$ to r$uce ! am\nt 
( pr9cipal gu>ante$ by ! ,secret>y (    
,heal? & ,human ,s]vices2 &  7#b7 !     
,secret>y ( ,heal? & ,human ,s]vices has
 a s5ior claim on all assets & collat]al
 "u a ,bio,bond to ! ext5t ! gu>antee   
provid$ by ! ,secret>y is n ext+ui%$4   
#e4 ,fiscal ag5ts  7a7 ,9 g5]al ,!      
,secret>y ( ! ,treasury %all contract ) 
in/itutions to c>ry out ! duties (      
fiscal ag5ts "u ?is ,act1 "u su* crit]ia
 z ! ,secret>y ( ,heal? & ,human        

,s]vices1 9 consultation ) ! ,secret>y (
 ! ,treasury1 det]m9es appropriate4  7b7
 ,s\nd und]writ+ practices ,! ,secret>y 
( ! ,treasury %all issue rules to ensure
 t fiscal ag5ts use s\nd und]writ+      
practices t protect ! int]e/s (-- 7#a7 !
 ,unit$ ,/ates2  7#b7 ,bio,bond         
inve/ors2 &  7#c7 ! long-t]m promotion (
 innovative biom$ical rese>* into       
!rapies to address unmet m$ical ne$s4   
7c7 ,comp5sation ,a fiscal ag5t %all be 
comp5sat$ = p]=m+ duties "u ?is ,act f !
 proce$s f ! sale ( ,biobonds issu$ by !
 fiscal ag5t1 at su* rate & on su* t]ms 
z ! ,secret>y ( ! ,treasury may provide4
  7d7 ,rulemak+ ,n lat] ?an #ahj days   
aft] ! date ( enactm5t ( ?is ,act1 !    
,secret>y ( ! ,treasury %all issue f9al 
rules to c>ry out ?is section4  #f4     
,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 ! ,bio,bonds   
,program %\ld be e/abli%$ = o!r         

biom$ical rese>* projects4  7#b7 ,report
 ,! ,comptroll] ,g5]al %all issue a     
report to ! ,congress1 n less frequ5tly 
?an annually1 on all f9d+s &            
det]m9ations made 9 c>ry+ out ! /udy    
requir$ "u p>agraph 7#a74  7b7 ,reports 
on ! ,bio,bonds ,program ,n lat] ?an #b 
ye>s aft] ! date on :i* ,bio,bonds are  
fir/ issu$1 & annually !reaft] dur+ !   
p]iod end+ on ! date t is #d ye>s aft] !
 date on :i* ,bio,bonds are fir/ issu$1 
! ,comptroll] ,g5]al & ! ,secret>y (    
,heal? & ,human ,s]vices %all ea* issue 
a sep>ate report to ! ,congress on--    
7#a7 ! progress ( ! issuance (          
,bio,bonds2  7#b7 ! reasons = any       
problems a*iev+ desir$ volumes (        
,bio,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 recomm5d$ improvem5ts 
to ! ,program2 &  7#e7 any o!r matt] t !
 ,comptroll] ,g5]al or ! ,secret>y1     
respectively1 det]m9es is appropriate4  

#g4 ,au?orization ( appropriations  7a7 
,9 g5]al ,!re is au?oriz$ to be         
appropriat$ to ! ,secret>y ( ,heal? &   
,human ,s]vices to pay = ! co/ (        
gu>antee+ ,bio,bonds "u ?is ,act        
#aj1jjj1jjj1jjj = ea* ( fiscal ye>s     
#bjbb1 #bjbc1 & #bjbd4  7b7 ,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 (    
,heal? & ,human ,s]vices 9 adm9i/]+ !   
,bio,bond ,program1 %all be recov]$ f ! 
proce$s f ! sale ( ,bio,bonds or f fees 
z set =? 9 p>agraph 7#c74  7#b7         
,specific appropriation or contribution 
,no gu>antee %all be made "u ?is ,act   
unless-- 7,a7 an appropriation = ! full 
co/ ( ! gu>antee has be5 made2  7,b7 !  
,secret>y has receiv$ f ! ,bio,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 ( ,heal? & 
,human ,s]vices %all *>ge & collect fees
 = gu>antees "u ?is ,act 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$4  #h4 ,def9itions ,9 ?is ,act3   
7#a7 ,co/ ,! t]m co/ has ! mean+ giv5 to
 ! t]m co/ ( a loan gu>antee 9 section  
#ejb7e77;,c7 ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4              
#ffa;a7#e77;,c774  7#b7 ,eligible       
recipi5t ,! t]m eligible recipi5t means 
a p]son describ$ "u section #b7;b74     
7#c7 ,fiscal ag5t ,! t]m fiscal ag5t    
means a p]son select$ z a fiscal ag5t "u
 section #e7;a74