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H.R. 3437: LOANS for Biomedical Research Act

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H.R. 3437: LOANS for Biomedical Research Act

117th Congress · introduced 2021-05-20 · Health · Latest: Referred to the Subcommittee on Health.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2021-05-20 · official record
  2. Who proposed it: Rep. Rush, Bobby L. [D-IL-1] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Health. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

LOANS for Biomedical Research Act

Plain summary

Long-term Opportunities for Advancing New Studies for Biomedical Research Act or the LOANS for Biomedical Research Act This bill requires the Department of Health and Human Services (HHS), in consultation with the Department of the Treasury, to establish the Biobonds Program to support loans for clinical trials for eligible drugs and medical devices. Specifically, Treasury must contract with institutions to act as fiscal agents to carry out the program. Fiscal agents must (1) purchase loans made to borrowers engaged in eligible biomedical research activities, and (2) sell bonds comprised of such loans. HHS shall guarantee a portion of the bond payments. 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. HHS must issue rules relating to various aspects of the program, including rules concerning (1) which loans should be prioritized for purchase, (2) the terms and conditions of the loans, and (3) the size of each bond issuance. Treasury must issue rules relating to the program's underwriting practices and compensation for the fiscal agents. The Government Accountability Office must periodically report to Congress on the program, including an analysis of the risk to the government in guaranteeing the bonds.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

LOANS for Biomedical Research Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

Arguments for (supporters)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Rush, Bobby L. [D-IL-1] · 19 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Brian K. Fitzpatrick (R-PA), Sanford D. Bishop, Jr. (D-GA), André Carson (D-IN), Steve Cohen (D-TN), Danny K. Davis (D-IL), Mike Levin (D-CA), Bradley Scott Schneider (D-IL), Terri A. Sewell (D-AL), Bennie G. Thompson (D-MS), Jake Auchincloss (D-MA), Josh Gottheimer (D-NJ), John H. Rutherford (R-FL), Deborah K. Ross (D-NC), Jared Huffman (D-CA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Bond
A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong117-hr3437 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117