HR 7539 118th Congress House Health

LOANS for Biomedical Research Act

Introduced: March 5, 2024 Introduced by: Fitzpatrick, Brian K. Republican · Pennsylvania See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 8, 2024

Referred to the Subcommittee on Health.

Mar 5, 2024

Referred to the House Committee on Energy and Commerce.

Mar 5, 2024

Introduced in House

Plain-English summary Congressional Research Service

Long-term Opportunities for Advancing New Studies for Biomedical Research Act or the LOANS for Biomedical Research Act

This bill requires the Department of the Treasury to establish the BioBonds Program to support loans for clinical trials for eligible drugs and medical devices for unmet medical needs.

Under the program, fiscal agents purchase loans (up to $25 million per recipient) and issue collateralized bonds that are sold to investors and that are guaranteed by Treasury. An eligible borrower under this program is one conducting (or seeking to conduct) research related to a drug or device that is (1) intended to meet an unmet medical need; and (2) under investigation in certain types of controlled clinical trials, including a trial to investigate the safety and effectiveness of the drug or device.

The Government Accountability Office (GAO) and Treasury must report on the program; GAO must also study whether similar programs should be established for other biomedical research projects.

What's happening now March 8, 2024

Referred to the Subcommittee on Health.

Committees of jurisdiction 2