I 

116TH CONGRESS 

1ST SESSION H. R. 2620 

To advance treatment and cures for blindness and other retinal conditions 

and to promote competitiveness in the United States through a pilot 

program to increase funding for translational research, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 9, 2019 

Mr. BISHOP of Georgia (for himself, Mrs. RODGERS of Washington, Mr. BILIRAKIS, Mr. COHEN, Mr. O’HALLERAN, Mr. SCHNEIDER, and Mr. 

FITZPATRICK) introduced the following bill; which was referred to the 

Committee on Energy and Commerce 

A BILL 

To advance treatment and cures for blindness and other 

retinal conditions and to promote competitiveness in the 

United States through a pilot program to increase funding for translational research, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Faster Treatments and 

5 Cures for Eye Diseases Act’’. 

6 SEC. 2. DEFINITIONS. 

7 For purposes of this Act: 


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1 (1) APPLICABLE CONGRESSIONAL COMMIT2 TEES.—The term ‘‘applicable congressional commit3 tees’’ means the Committees on Energy and Com4 merce and Financial Services of the House of Rep5 resentatives and the Committees on Banking, Hous6 ing, and Urban Affairs and Health, Education, 

7 Labor, and Pensions of the Senate. 

8 (2) APPROPRIATE FEDERAL BANKING AGEN9 CY.—The term ‘‘appropriate Federal banking agen10 cy’’ has the meaning given that term in section 3 of 

11 the Federal Deposit Insurance Act (12 U.S.C. 

12 1813). 

13 (3) COST.—The term ‘‘cost’’ has the meaning 

14 given to the term ‘‘cost of a loan guarantee’’ in sec15 tion 502(5)(C) of the Federal Credit Reform Act of 

16 1990 (2 U.S.C. 661a(5)(C)). 

17 (4) DEPOSITORY INSTITUTION; DEPOSITORY IN18 STITUTION HOLDING COMPANY.—The term ‘‘deposi19 tory institution’’ and ‘‘depository institution holding 

20 company’’ have the meaning given those terms under 

21 section 3 of the Federal Deposit Insurance Act (12 

22 U.S.C. 1813). 

23 (5) EYE BOND.—The term ‘‘eye bond’’ means a 

24 bond— 


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1 (A) issued by an issuer pursuant to this 

2 Act; 

3 (B) the proceeds of which are used to fund 

4 projects selected under section 6(b)(1), except 

5 as otherwise described in this Act; and 

6 (C) that complies with the regulations 

7 issued under section 4. 

8 (6) FUNDED PROJECT.—The term ‘‘funded 

9 project’’ means a translational research project that 

10 is selected to be funded using the proceeds of an eye 

11 bond. 

12 (7) GUARANTEE.—The term ‘‘guarantee’’ has 

13 the meaning given to the term ‘‘loan guarantee’’ in 

14 section 502 of the Federal Credit Reform Act of 

15 1990 (2 U.S.C. 661a) and includes a loan guarantee 

16 commitment (as defined in such section 502). 

17 (8) ISSUER.—The term ‘‘issuer’’ means an enti18 ty that— 

19 (A) is a depository institution, a depository 

20 institution holding company, or a broker or 

21 dealer registered with the Securities and Ex22 change Commission; 

23 (B) complies with the schedule for the 

24 issuance of eye bonds established under section 

25 3(c); and 


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1 (C) complies with the regulations issued 

2 under section 5. 

3 (9) PROGRAM.—The term ‘‘Program’’ means 

4 the Eye Bond Pilot Program established under sec5 tion 3. 

6 (10) SECRETARY.—The term ‘‘Secretary’’ 

7 means the Secretary of Health and Human Services, 

8 except in references to the Secretary of the Treas9 ury. 

10 (11) STATE.—The term ‘‘State’’ means— 

11 (A) each State of the United States; 

12 (B) the District of Columbia; 

13 (C) the Commonwealth of Puerto Rico; 

14 and 

15 (D) any other territory or possession of the 

16 United States. 

17 (12) TRANSLATIONAL RESEARCH.—The term 

18 ‘‘translational research’’— 

19 (A) means any research project that is de20 signed to cure vision blindness and any condi21 tions attendant to vision impairment that are, 

22 as determined by the Director of the National 

23 Eye Institute, congenital to the vision impair24 ment and not incidental to vision impairment or 

25 caused by vision impairment; 


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1 (B) includes projects designed to cure— 

2 (i) hearing impairment genetically 

3 linked to vision impairment, such as Usher 

4 Syndrome; 

5 (ii) retinal degenerative diseases such 

6 as retinitis pigmentosa, macular degenera7 tion, and Usher Syndrome; 

8 (iii) vision trauma due to injury such 

9 as that experienced by wounded veterans; 

10 (iv) glaucoma; 

11 (v) optic nerve disorders that result in 

12 vision impairment or blindness, such as 

13 morning glory syndrome; and 

14 (vi) diabetic reinopathy; and 

15 (C) subject to subparagraph (B)(vi), does 

16 not include projects designed to cure any under17 lying disease or condition whose symptoms may 

18 include vision impairment, such as diabetes. 

19 SEC. 3. EYE BOND PILOT PROGRAM. 

20 (a) ESTABLISHMENT.—Not earlier than 1 year after 

21 the date of enactment of this Act, the Secretary, in con22 sultation with the Secretary of the Treasury and the ap23 propriate Federal banking agencies, shall establish a pilot 

24 program to be known as the Eye Bond Pilot Program 

25 under which— 


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1 (1) the Director of the National Eye Institute 

2 shall, in accordance with section 6, select 

3 translational research projects to be funded by eye 

4 bonds; and 

5 (2) the Secretary shall— 

6 (A) provide a partial Federal guarantee of 

7 the eye bonds; 

8 (B) contract with an issuer to issue the eye 

9 bonds; and 

10 (C) use the proceeds from the sale of the 

11 eye bonds to fund the selected projects and to 

12 pay for other related expenses, as permitted by 

13 this Act. 

14 (b) FEDERAL GUARANTEE.— 

15 (1) IN GENERAL.—The Secretary shall guar16 antee the payment of principal (but not the payment 

17 of interest) on an eye bond, on a bond-by-bond 

18 basis, in an amount to be determined by the Sec19 retary, but in no case may the amount of such guar20 antee be more than 50 percent of the principal of 

21 the eye bond. 

22 (2) PRIORITIZATION OF TAXPAYER INTER23 ESTS.—All eye bonds shall be structured to give first 

24 priority to protecting the interests of the United 

25 States by ensuring that— 


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1 (A) all cash proceeds received from the re2 payment of an eye bond are first used to reduce 

3 the amount of principal guaranteed by the Sec4 retary under the terms of the eye bond; and 

5 (B) the Secretary has a senior claim on all 

6 assets and collateral under the eye bond to the 

7 extent the guarantee provided by the Secretary 

8 is not extinguished. 

9 (3) LIMITATION.—The Secretary may not guar10 antee— 

11 (A) more than $1,000,000,000 for all eye 

12 bonds issued pursuant to this Act; and 

13 (B) more than $250,000,000 for all eye 

14 bonds issued pursuant to this Act in any single 

15 fiscal year. 

16 (c) ISSUANCE SCHEDULE.—The Secretary shall, in 

17 consultation with the Secretary of the Treasury and 

18 issuers, establish a schedule for the issuance of eye bonds 

19 that ensures that funded projects represent a reasonable 

20 sample of diverse causes of vision loss. 

21 (d) RISK-SHARE POOL.— 

22 (1) IN GENERAL.—With respect to an eye bond 

23 guaranteed under this section, the Secretary may 

24 allow a risk-share pool capitalized by issuers to pro25 vide a first-loss guarantee of the principal and interVerDate Sep 11 2014 21:50 May 17, 2019 Jkt 089200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H2620.IH H2620

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1 est of such bond, if the Secretary determines that 

2 such first-loss guarantee would— 

3 (A) be a robust source of protection for the 

4 United States, as guarantor of the eye bond, 

5 that reduces the cost of the Federal guarantee 

6 to the United States; 

7 (B) encourage the flow of private sector 

8 capital into biomedical translational research; 

9 (C) create a prudent incentive for issuers 

10 to contribute additional private capital for bio11 medical translational research; or 

12 (D) meet other public interest, safety, and 

13 soundness goals. 

14 (2) CONSULTATION.—In making a determina15 tion under paragraph (1), the Secretary shall consult 

16 with the Secretary of the Treasury and the appro17 priate Federal banking agencies. 

18 (3) FUNDING.—The cost of contracting with a 

19 risk-share pool under this subsection shall be paid 

20 from the proceeds from the sale of eye bonds pursu21 ant to the Program. 

22 (e) EQUITY POSITION OPTION FOR THE SEC23 RETARY.— 

24 (1) IN GENERAL.—With respect to an eye bond 

25 issued pursuant to this Act, the Secretary, in conVerDate Sep 11 2014 21:50 May 17, 2019 Jkt 089200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H2620.IH H2620

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1 sultation with the Secretary of the Treasury and 

2 other appropriate parties, including eye bond issuers 

3 and investors, may negotiate an equity position for 

4 the United States Government in the projects to be 

5 funded by such eye bond if the Secretary determines 

6 that such an equity position will further the interests 

7 of the Program and the United States. 

8 (2) LIMITATIONS.— 

9 (A) SUPPLEMENTAL.—Any equity position 

10 taken in a project pursuant to paragraph (1) 

11 shall be supplemental to, not in lieu of, a guar12 antee provided by the Secretary with respect to 

13 the eye bond funding such project. 

14 (B) TOTAL AMOUNT.—The total of amount 

15 of an eye bond guarantee under this section and 

16 any equity position taken by the Secretary in a 

17 project funded by such bond that is supple18 mental to such guarantee shall not exceed 50 

19 percent of the principal amount of the eye 

20 bond. 

21 (3) NOTIFICATION AND CONSULTATION.—Prior 

22 to finalization of any equity position under para23 graph (1), the Secretary shall notify the applicable 

24 congressional committees and consult with such 

25 committees on the proposed terms of such equity poVerDate Sep 11 2014 21:50 May 17, 2019 Jkt 089200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H2620.IH H2620

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1 sition and whether taking such equity position will 

2 further the interests of the Program and the United 

3 States. 

4 (f) TERMINATION OF THE PROGRAM.— 

5 (1) IN GENERAL.—Except as provided in para6 graph (2), the Program shall terminate on the date 

7 that is 6 years after the date of enactment of this 

8 Act. 

9 (2) EARLY TERMINATION.— 

10 (A) IN GENERAL.—The Secretary may ter11 minate the Program before the date described 

12 in paragraph (1). 

13 (B) CONGRESSIONAL NOTIFICATION.—If 

14 the Secretary determines that the Program 

15 shall be terminated under subparagraph (A), 

16 not later than 60 days before the date on which 

17 the termination is effective, the Secretary 

18 shall— 

19 (i) submit to the applicable congres20 sional committees a report that includes— 

21 (I) a description of the reasons 

22 for the termination; 

23 (II) any corrective actions that 

24 may be taken; and 


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1 (III) any other actions that may 

2 be taken to promote the use of private 

3 capital and to increase the amount of 

4 Federal funds made available to carry 

5 out basic and translational biomedical 

6 research; and 

7 (ii) make publicly available the report 

8 described in clause (i). 

9 (3) EFFECT ON EYE BONDS ISSUED AND FED10 ERAL GUARANTEES.—The termination of the Pro11 gram shall not affect the validity of— 

12 (A) any eye bond issued before the date on 

13 which the Program is terminated; or 

14 (B) any Federal guarantee under this Act 

15 for an eye bond described in subparagraph (A). 

16 (g) PROGRAM FUNDING.— 

17 (1) ADMINISTRATIVE EXPENSES PAID FROM

18 BOND SALES.—Except as provided under paragraph 

19 (2), the cost of carrying out this Act, including the 

20 cost to the Secretary in administering the Program, 

21 shall be recovered from the proceeds from the sale 

22 of eye bonds pursuant to the Program or from fees 

23 as set forth in paragraph (3). 


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1 (2) SPECIFIC APPROPRIATION OR CONTRIBU2 TION.—No guarantee shall be made under this sec3 tion unless— 

4 (A) an appropriation for the full cost of 

5 the guarantee has been made; 

6 (B) the Secretary has received from the 

7 eye bond issuer a payment in full for the cost 

8 of the guarantee; or 

9 (C) a combination of an appropriation and 

10 the deposit of a payment from the bond issuer 

11 into the Treasury has been made in a sufficient 

12 amount to cover the full cost of the guarantee. 

13 (3) COST OF GUARANTEES.— 

14 (A) IN GENERAL.—The Secretary shall 

15 charge and collect fees for guarantees under 

16 this section in amounts the Secretary deter17 mines are sufficient to recover applicable ad18 ministrative expenses. 

19 (B) AVAILABILITY.—Fees collected under 

20 this subsection— 

21 (i) shall be deposited by the Secretary 

22 into the Treasury; and 

23 (ii) are authorized to remain available 

24 until expended. 


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1 SEC. 4. EYE BOND TERMS, CONDITIONS, AND STRUCTURE. 

2 (a) IN GENERAL.—Not later than 180 days after the 

3 date of enactment of this Act, the Secretary, in consulta4 tion with the Secretary of the Treasury, the Chairman of 

5 the Securities and Exchange Commission, the heads of the 

6 appropriate Federal banking agencies, the Director of the 

7 National Institutes of Health, and the heads of other Fed8 eral departments and agencies and other interested parties 

9 as the Secretary determines appropriate, shall issue regu10 lations to specify the terms, conditions, and structure for 

11 an eye bond. 

12 (b) AUCTIONS.—In issuing the regulations under 

13 subsection (a)— 

14 (1) the Secretary may provide for an auction to 

15 select the purchasers of eye bonds; and 

16 (2) any such auction may include a process that 

17 minimizes the risk to the Government of the Federal 

18 guarantee involved by allowing bidders for an eye 

19 bond to compete against each other by bidding on 

20 the percentage of the Federal guarantee under sec21 tion 4(b) with respect to the eye bond, with the bid 

22 for the lowest percentage winning the auction, tak23 ing into account other terms and conditions set by 

24 the issuer to ensure the lowest total cost to the Gov25 ernment. 


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1 SEC. 5. EYE BOND ISSUERS. 

2 (a) ISSUER CRITERIA.—Not later than 180 days 

3 after the date of enactment of this Act, the Secretary, in 

4 consultation with the Secretary of the Treasury, shall 

5 issue regulations— 

6 (1) to establish the criteria for selecting issuers; 

7 (2) to ensure that issuers perform in a manner 

8 that ensures the successful issuance of eye bonds 

9 that promote biomedical translational research in the 

10 United States; and 

11 (3) to ensure that issuers use sound under12 writing practices that protect the interests of— 

13 (A) the United States; 

14 (B) eye bond investors; and 

15 (C) the long-term promotion of 

16 translational research for vision impairment 

17 and other diseases, disabilities, and syndromes 

18 congenital to vision impairment or caused by vi19 sion impairment, taking into account features 

20 that are valuable after any authorization for ex21 panded use of a limited Federal guarantee for 

22 biomedical translational research for other dis23 eases and disabilities. 

24 (b) COMPENSATION FOR ISSUERS.—The issuer of an 

25 eye bond shall be compensated from the proceeds from the 


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1 sale of such eye bond at such rate and on such terms as 

2 the Secretary may provide. 

3 (c) PUBLIC DISCLOSURES WITH RESPECT TO EYE

4 BONDS.— 

5 (1) IN GENERAL.—Not less than 2 business 

6 days before the date on which an issuer issues an 

7 eye bond, the issuer shall file with the Securities and 

8 Exchange Commission, and make available to the 

9 public, the following information: 

10 (A) The nature of all projects funded by 

11 the eye bond. 

12 (B) The name of any principal individual 

13 or institution that will be conducting each 

14 project. 

15 (C) The milestones established for each 

16 project. 

17 (D) A determination by the issuer as to 

18 whether each project funded by the eye bond 

19 has appropriately protected intellectual prop20 erty. 

21 (E) The structure of the eye bond. 

22 (F) The interest payment schedule for the 

23 eye bond. 

24 (G) The anticipated returns and risks of 

25 the eye bond. 


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1 (H) Such other information as the Com2 mission determines necessary or appropriate in 

3 the public interest or for the protection of in4 vestors. 

5 (2) RULEMAKING.— 

6 (A) IN GENERAL.—Not later than 180 

7 days after the date of enactment of this Act, 

8 the Securities and Exchange Commission shall 

9 issue regulations to carry out this subsection. 

10 (B) AUTHORITY OF THE SECRETARY.—If 

11 the Securities and Exchange Commission does 

12 not issue the regulations required under sub13 paragraph (A) before the end of the 180-day 

14 period described under subparagraph (A), the 

15 Secretary shall issue regulations to carry out 

16 this subsection before the end of the 60-day pe17 riod beginning on the end of the 180-day period 

18 described under subparagraph (A). 

19 SEC. 6. TRANSLATIONAL RESEARCH PROJECTS. 

20 (a) ELIGIBILITY REQUIREMENTS.—Not later than 

21 180 days after the date of enactment of this Act, the Sec22 retary, in consultation with the Secretary of the Treasury, 

23 the Director of the National Eye Institute, and other in24 terested parties, shall issue final regulations for the eligi25 bility criteria for selecting translational research projects 


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1 that will be funded through eye bonds. Such regulations 

2 shall address— 

3 (1) the stage of clinical trial for projects to pro4 vide the greatest likelihood of commercial applica5 tion; 

6 (2) the variations among disease and conditions 

7 needed to ensure sufficient diversification in each 

8 eye bond; and 

9 (3) the number of possible cures and treat10 ments that are needed as determined by the Sec11 retary, in consultation with issuers and the Director 

12 of the National Eye Institute, to ensure the success13 ful issuance of eye bonds so as to protect the United 

14 States as guarantor of the eye bonds, including— 

15 (A) drug therapies; 

16 (B) gene therapies; and 

17 (C) artificial restoration of sight and simi18 lar mechanisms. 

19 (b) SELECTION OF PROJECTS.— 

20 (1) IN GENERAL.—The Director of the National 

21 Eye Institute, in consultation with the Director of 

22 the National Institutes of Health and the Secretary 

23 of the Treasury, shall select translational research 

24 projects to be funded with the proceeds of an eye 

25 bond. 


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1 (2) FACTORS FOR SELECTION.—Not later than 

2 30 days after the date on which the final regulations 

3 are issued under subsection (a), the Secretary shall 

4 submit to the Director of the National Eye Institute 

5 factors that the Director of the National Eye Insti6 tute shall consider in making the selection under 

7 paragraph (1), including— 

8 (A) the amount of equity any intellectual 

9 property holder will hold in the project; 

10 (B) the resources any individual or institu11 tion will be required to demonstrate to ensure 

12 the ability of the individual or institution to 

13 repay the obligation under the eye bond, re14 gardless of the success or failure of the project 

15 funded with the proceeds of the eye bond; 

16 (C) the number of projects needed to en17 sure diversification of risk; 

18 (D) the manner in which funded projects 

19 will be defunded if the interim goals of the 

20 project are not satisfied; and 

21 (E) such other factors related to bio22 medical translational research project selection 

23 as the Secretary determines appropriate. 

24 (3) ADDITIONAL CONSULTATIONS.— 


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1 (A) IN GENERAL.—In carrying out para2 graph (1), the Director of the National Eye In3 stitute may establish any consultative body that 

4 the Director determines is necessary to provide 

5 for a complete, transparent, and forward-look6 ing selection of projects. 

7 (B) SCIENTIFIC ADVISERS.—In carrying 

8 out paragraph (1), the Director of the National 

9 Eye Institute may consult with any group of 

10 scientific advisers that the Director determines 

11 is necessary. 

12 (c) ESTABLISHMENT OF MILESTONES.— 

13 (1) IN GENERAL.—The Director of the National 

14 Eye Institute shall, for each project funded by an 

15 eye bond, establish milestones to determine the prob16 ability of success or failure for such project. 

17 (2) INCLUSION IN FILINGS.—The Director of 

18 the National Eye Institute shall submit to the issuer 

19 of an eye bond the milestones for each project fund20 ed from such eye bond, so such milestones may be 

21 included in the filings made available by the issuer 

22 to the public under section 5(c). 

23 (d) RESEARCH REQUIREMENT.—Translational re24 search carried out under a project funded by an eye bond 

25 shall be conducted— 


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1 (1) in a State; and 

2 (2) by an individual or institution that is— 

3 (A) chartered in accordance with the laws 

4 of that State; and 

5 (B) clearly subject to verification of bene6 ficial ownership by the issuer and, upon re7 quest, by the Secretary. 

8 SEC. 7. INAPPLICABILITY OF CERTAIN LAWS. 

9 Eye bonds shall not be subject to— 

10 (1) section 15G of the Securities Exchange Act 

11 of 1934 (15 U.S.C. 78o–11); 

12 (2) except as provided under section 5(c), any 

13 registration or disclosure requirement promulgated 

14 by the Securities and Exchange Commission; and 

15 (3) section 13 of the Bank Holding Company 

16 Act of 1956 (12 U.S.C. 1851). 

17 SEC. 8. REPORTS. 

18 (a) GAO STUDY AND REPORTS ON OTHER RE19 SEARCH PROJECTS.— 

20 (1) ONGOING STUDY.—The Comptroller Gen21 eral of the United States shall carry out an ongoing 

22 study to consider whether a program similar to the 

23 Eye Bond Pilot Program under this Act should be 

24 established for other biomedical research projects. 


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1 (2) REPORT.—The Comptroller General shall, 

2 during the period beginning on the date of the estab3 lishment of the Program and ending on the termi4 nation date of the Program, issue a report to the ap5 plicable congressional committees, not less frequently 

6 than annually, on all findings and determinations 

7 made in carrying out the study required under para8 graph (1). 

9 (b) REPORTS ON THE PROGRAM.—Not later than 2 

10 years after the date on which eye bonds are first issued 

11 under this Act, and annually thereafter during the period 

12 ending on the date that is 4 years after the date on which 

13 eye bonds are first issued under this Act, the Comptroller 

14 General and the Director of the National Institutes of 

15 Health (in consultation with the Director of the National 

16 Center for Advancing Translational Sciences) shall each 

17 issue a separate report to the applicable congressional 

18 committees on— 

19 (1) the progress of the issuance of eye bonds; 

20 (2) the reasons for any problems achieving de21 sired volumes of eye bonds or the ability of the Pro22 gram to proceed at a faster pace; 

23 (3) an analysis of the risk to the Government 

24 in providing the Federal guarantee described under 

25 section 4(b); 


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1 (4) any improvements to eye bonds that the 

2 Secretary should consider; 

3 (5) the applicability of financial instruments 

4 similar to eye bonds to other biomedical research 

5 areas such as cancer, Alzheimer’s disease, rare dis6 eases or conditions (as defined in section 526 of the 

7 Federal Food, Drug, and Cosmetic Act (21 U.S.C. 

8 360bb)) and syndromes of particular concern to chil9 dren; and 

10 (6) any other matter that the Comptroller Gen11 eral or the Director, respectively, determines is ap12 propriate. 

Æ 


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