I 
115TH CONGRESS 
2D SESSION 
H. R. 6421 
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 
JULY 18, 2018 
Mr. SESSIONS (for himself, Mr. BISHOP of Georgia, Mr. UPTON, and Mr. 
BILIRAKIS) introduced the following bill; which was referred to the Com-
mittee 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 fund-
ing for translational research, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Faster Treatments and 
Cures for Eye Diseases Act’’. 
SEC. 2. DEFINITIONS. 
For purposes of this Act: 
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(1) 
APPLICABLE
CONGRESSIONAL
COMMIT-
TEES.—The term ‘‘applicable congressional commit-
tees’’ means the Committees on Energy and Com-
merce and Financial Services of the House of Rep-
resentatives and the Committees on Banking, Hous-
ing, and Urban Affairs and Health, Education, 
Labor, and Pensions of the Senate. 
(2) APPROPRIATE
FEDERAL
BANKING
AGEN-
CY.—The term ‘‘appropriate Federal banking agen-
cy’’ has the meaning given that term in section 3 of 
the Federal Deposit Insurance Act (12 U.S.C. 
1813). 
(3) COST.—The term ‘‘cost’’ has the meaning 
given to the term ‘‘cost of a loan guarantee’’ in sec-
tion 502(5)(C) of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661a(5)(C)). 
(4) DEPOSITORY INSTITUTION; DEPOSITORY IN-
STITUTION HOLDING COMPANY.—The term ‘‘deposi-
tory institution’’ and ‘‘depository institution holding 
company’’ have the meaning given those terms under 
section 3 of the Federal Deposit Insurance Act (12 
U.S.C. 1813). 
(5) EYE BOND.—The term ‘‘eye bond’’ means a 
bond— 
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(A) issued by an issuer pursuant to this 
Act; 
(B) the proceeds of which are used to fund 
projects selected under section 6(b)(1), except 
as otherwise described in this Act; and 
(C) that complies with the regulations 
issued under section 4. 
(6) FUNDED
PROJECT.—The term ‘‘funded 
project’’ means a translational research project that 
is selected to be funded using the proceeds of an eye 
bond. 
(7) GUARANTEE.—The term ‘‘guarantee’’ has 
the meaning given to the term ‘‘loan guarantee’’ in 
section 502 of the Federal Credit Reform Act of 
1990 (2 U.S.C. 661a) and includes a loan guarantee 
commitment (as defined in such section 502). 
(8) ISSUER.—The term ‘‘issuer’’ means an enti-
ty that— 
(A) is a depository institution, a depository 
institution holding company, or a broker or 
dealer registered with the Securities and Ex-
change Commission; 
(B) complies with the schedule for the 
issuance of eye bonds established under section 
3(c); and 
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(C) complies with the regulations issued 
under section 5. 
(9) PROGRAM.—The term ‘‘Program’’ means 
the Eye Bond Pilot Program established under sec-
tion 3. 
(10) 
SECRETARY.—The 
term 
‘‘Secretary’’ 
means the Secretary of Health and Human Services, 
except in references to the Secretary of the Treas-
ury. 
(11) STATE.—The term ‘‘State’’ means— 
(A) each State of the United States; 
(B) the District of Columbia; 
(C) the Commonwealth of Puerto Rico; 
and 
(D) any other territory or possession of the 
United States. 
(12) TRANSLATIONAL
RESEARCH.—The term 
‘‘translational research’’— 
(A) means any research project that is de-
signed to cure vision blindness and any condi-
tions attendant to vision impairment that are, 
as determined by the Director of the National 
Eye Institute, congenital to the vision impair-
ment and not incidental to vision impairment or 
caused by vision impairment; 
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(B) includes projects designed to cure— 
(i) hearing impairment genetically 
linked to vision impairment, such as Usher 
Syndrome; 
(ii) retinal degenerative diseases such 
as retinitis pigmentosa, macular degenera-
tion, and Usher Syndrome; 
(iii) vision trauma due to injury such 
as that experienced by wounded veterans; 
(iv) glaucoma; 
(v) optic nerve disorders that result in 
vision impairment or blindness, such as 
morning glory syndrome; and 
(vi) diabetic reinopathy; and 
(C) subject to subparagraph (B)(vi), does 
not include projects designed to cure any under-
lying disease or condition whose symptoms may 
include vision impairment, such as diabetes. 
SEC. 3. EYE BOND PILOT PROGRAM. 
(a) ESTABLISHMENT.—Not earlier than 1 year after 
the date of enactment of this Act, the Secretary, in con-
sultation with the Secretary of the Treasury and the ap-
propriate Federal banking agencies, shall establish a pilot 
program to be known as the Eye Bond Pilot Program 
under which— 
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(1) the Director of the National Eye Institute 
shall, 
in 
accordance 
with 
section 
6, 
select 
translational research projects to be funded by eye 
bonds; and 
(2) the Secretary shall— 
(A) provide a partial Federal guarantee of 
the eye bonds; 
(B) contract with an issuer to issue the eye 
bonds; and 
(C) use the proceeds from the sale of the 
eye bonds to fund the selected projects and to 
pay for other related expenses, as permitted by 
this Act. 
(b) FEDERAL GUARANTEE.— 
(1) IN GENERAL.—The Secretary shall guar-
antee the payment of principal (but not the payment 
of interest) on an eye bond, on a bond-by-bond 
basis, in an amount to be determined by the Sec-
retary, but in no case may the amount of such guar-
antee be more than 50 percent of the principal of 
the eye bond. 
(2) PRIORITIZATION
OF
TAXPAYER
INTER-
ESTS.—All eye bonds shall be structured to give first 
priority to protecting the interests of the United 
States by ensuring that— 
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(A) all cash proceeds received from the re-
payment of an eye bond are first used to reduce 
the amount of principal guaranteed by the Sec-
retary under the terms of the eye bond; and 
(B) the Secretary has a senior claim on all 
assets and collateral under the eye bond to the 
extent the guarantee provided by the Secretary 
is not extinguished. 
(3) LIMITATION.—The Secretary may not guar-
antee— 
(A) more than $1,000,000,000 for all eye 
bonds issued pursuant to this Act; and 
(B) more than $250,000,000 for all eye 
bonds issued pursuant to this Act in any single 
fiscal year. 
(c) ISSUANCE SCHEDULE.—The Secretary shall, in 
consultation with the Secretary of the Treasury and 
issuers, establish a schedule for the issuance of eye bonds 
that ensures that funded projects represent a reasonable 
sample of diverse causes of vision loss. 
(d) RISK-SHARE POOL.— 
(1) IN GENERAL.—With respect to an eye bond 
guaranteed under this section, the Secretary may 
allow a risk-share pool capitalized by issuers to pro-
vide a first-loss guarantee of the principal and inter-
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est of such bond, if the Secretary determines that 
such first-loss guarantee would— 
(A) be a robust source of protection for the 
United States, as guarantor of the eye bond, 
that reduces the cost of the Federal guarantee 
to the United States; 
(B) encourage the flow of private sector 
capital into biomedical translational research; 
(C) create a prudent incentive for issuers 
to contribute additional private capital for bio-
medical translational research; or 
(D) meet other public interest, safety, and 
soundness goals. 
(2) CONSULTATION.—In making a determina-
tion under paragraph (1), the Secretary shall consult 
with the Secretary of the Treasury and the appro-
priate Federal banking agencies. 
(3) FUNDING.—The cost of contracting with a 
risk-share pool under this subsection shall be paid 
from the proceeds from the sale of eye bonds pursu-
ant to the Program. 
(e) EQUITY
POSITION
OPTION
FOR
THE
SEC-
RETARY.— 
(1) IN GENERAL.—With respect to an eye bond 
issued pursuant to this Act, the Secretary, in con-
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sultation with the Secretary of the Treasury and 
other appropriate parties, including eye bond issuers 
and investors, may negotiate an equity position for 
the United States Government in the projects to be 
funded by such eye bond if the Secretary determines 
that such an equity position will further the interests 
of the Program and the United States. 
(2) LIMITATIONS.— 
(A) SUPPLEMENTAL.—Any equity position 
taken in a project pursuant to paragraph (1) 
shall be supplemental to, not in lieu of, a guar-
antee provided by the Secretary with respect to 
the eye bond funding such project. 
(B) TOTAL AMOUNT.—The total of amount 
of an eye bond guarantee under this section and 
any equity position taken by the Secretary in a 
project funded by such bond that is supple-
mental to such guarantee shall not exceed 50 
percent of the principal amount of the eye 
bond. 
(3) NOTIFICATION AND CONSULTATION.—Prior 
to finalization of any equity position under para-
graph (1), the Secretary shall notify the applicable 
congressional committees and consult with such 
committees on the proposed terms of such equity po-
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sition and whether taking such equity position will 
further the interests of the Program and the United 
States. 
(f) TERMINATION OF THE PROGRAM.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the Program shall terminate on the date 
that is 6 years after the date of enactment of this 
Act. 
(2) EARLY TERMINATION.— 
(A) IN GENERAL.—The Secretary may ter-
minate the Program before the date described 
in paragraph (1). 
(B) CONGRESSIONAL
NOTIFICATION.—If 
the Secretary determines that the Program 
shall be terminated under subparagraph (A), 
not later than 60 days before the date on which 
the termination is effective, the Secretary 
shall— 
(i) submit to the applicable congres-
sional committees a report that includes— 
(I) a description of the reasons 
for the termination; 
(II) any corrective actions that 
may be taken; and 
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(III) any other actions that may 
be taken to promote the use of private 
capital and to increase the amount of 
Federal funds made available to carry 
out basic and translational biomedical 
research; and 
(ii) make publicly available the report 
described in clause (i). 
(3) EFFECT ON EYE BONDS ISSUED AND FED-
ERAL GUARANTEES.—The termination of the Pro-
gram shall not affect the validity of— 
(A) any eye bond issued before the date on 
which the Program is terminated; or 
(B) any Federal guarantee under this Act 
for an eye bond described in subparagraph (A). 
(g) PROGRAM FUNDING.— 
(1) ADMINISTRATIVE
EXPENSES
PAID
FROM 
BOND SALES.—Except as provided under paragraph 
(2), the cost of carrying out this Act, including the 
cost to the Secretary in administering the Program, 
shall be recovered from the proceeds from the sale 
of eye bonds pursuant to the Program or from fees 
as set forth in paragraph (3). 
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(2) SPECIFIC
APPROPRIATION
OR
CONTRIBU-
TION.—No guarantee shall be made under this sec-
tion unless— 
(A) an appropriation for the full cost of 
the guarantee has been made; 
(B) the Secretary has received from the 
eye bond issuer a payment in full for the cost 
of the guarantee; or 
(C) a combination of an appropriation and 
the deposit of a payment from the bond issuer 
into the Treasury has been made in a sufficient 
amount to cover the full cost of the guarantee. 
(3) COST OF GUARANTEES.— 
(A) IN
GENERAL.—The Secretary shall 
charge and collect fees for guarantees under 
this section in amounts the Secretary deter-
mines are sufficient to recover applicable ad-
ministrative expenses. 
(B) AVAILABILITY.—Fees collected under 
this subsection— 
(i) shall be deposited by the Secretary 
into the Treasury; and 
(ii) are authorized to remain available 
until expended. 
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SEC. 4. EYE BOND TERMS, CONDITIONS, AND STRUCTURE. 
(a) IN GENERAL.—Not later than 180 days after the 
date of enactment of this Act, the Secretary, in consulta-
tion with the Secretary of the Treasury, the Chairman of 
the Securities and Exchange Commission, the heads of the 
appropriate Federal banking agencies, the Director of the 
National Institutes of Health, and the heads of other Fed-
eral departments and agencies and other interested parties 
as the Secretary determines appropriate, shall issue regu-
lations to specify the terms, conditions, and structure for 
an eye bond. 
(b) AUCTIONS.—In issuing the regulations under 
subsection (a)— 
(1) the Secretary may provide for an auction to 
select the purchasers of eye bonds; and 
(2) any such auction may include a process that 
minimizes the risk to the Government of the Federal 
guarantee involved by allowing bidders for an eye 
bond to compete against each other by bidding on 
the percentage of the Federal guarantee under sec-
tion 4(b) with respect to the eye bond, with the bid 
for the lowest percentage winning the auction, tak-
ing into account other terms and conditions set by 
the issuer to ensure the lowest total cost to the Gov-
ernment. 
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SEC. 5. EYE BOND ISSUERS. 
(a) ISSUER CRITERIA.—Not later than 180 days 
after the date of enactment of this Act, the Secretary, in 
consultation with the Secretary of the Treasury, shall 
issue regulations— 
(1) to establish the criteria for selecting issuers; 
(2) to ensure that issuers perform in a manner 
that ensures the successful issuance of eye bonds 
that promote biomedical translational research in the 
United States; and 
(3) to ensure that issuers use sound under-
writing practices that protect the interests of— 
(A) the United States; 
(B) eye bond investors; and 
(C) the long-term promotion of translation-
al research for vision impairment and other dis-
eases, disabilities, and syndromes congenital to 
vision impairment or caused by vision impair-
ment, taking into account features that are val-
uable after any authorization for expanded use 
of a limited Federal guarantee for biomedical 
translational research for other diseases and 
disabilities. 
(b) COMPENSATION FOR ISSUERS.—The issuer of an 
eye bond shall be compensated from the proceeds from the 
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sale of such eye bond at such rate and on such terms as 
the Secretary may provide. 
(c) PUBLIC DISCLOSURES WITH RESPECT TO EYE 
BONDS.— 
(1) IN
GENERAL.—Not less than 2 business 
days before the date on which an issuer issues an 
eye bond, the issuer shall file with the Securities and 
Exchange Commission, and make available to the 
public, the following information: 
(A) The nature of all projects funded by 
the eye bond. 
(B) The name of any principal individual 
or institution that will be conducting each 
project. 
(C) The milestones established for each 
project. 
(D) A determination by the issuer as to 
whether each project funded by the eye bond 
has appropriately protected intellectual prop-
erty. 
(E) The structure of the eye bond. 
(F) The interest payment schedule for the 
eye bond. 
(G) The anticipated returns and risks of 
the eye bond. 
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(H) Such other information as the Com-
mission determines necessary or appropriate in 
the public interest or for the protection of in-
vestors. 
(2) RULEMAKING.— 
(A) IN
GENERAL.—Not later than 180 
days after the date of enactment of this Act, 
the Securities and Exchange Commission shall 
issue regulations to carry out this subsection. 
(B) AUTHORITY OF THE SECRETARY.—If 
the Securities and Exchange Commission does 
not issue the regulations required under sub-
paragraph (A) before the end of the 180-day 
period described under subparagraph (A), the 
Secretary shall issue regulations to carry out 
this subsection before the end of the 60-day pe-
riod beginning on the end of the 180-day period 
described under subparagraph (A). 
SEC. 6. TRANSLATIONAL RESEARCH PROJECTS. 
(a) ELIGIBILITY REQUIREMENTS.—Not later than 
180 days after the date of enactment of this Act, the Sec-
retary, in consultation with the Secretary of the Treasury, 
the Director of the National Eye Institute, and other in-
terested parties, shall issue final regulations for the eligi-
bility criteria for selecting translational research projects 
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that will be funded through eye bonds. Such regulations 
shall address— 
(1) the stage of clinical trial for projects to pro-
vide the greatest likelihood of commercial applica-
tion; 
(2) the variations among disease and conditions 
needed to ensure sufficient diversification in each 
eye bond; and 
(3) the number of possible cures and treat-
ments that are needed as determined by the Sec-
retary, in consultation with issuers and the Director 
of the National Eye Institute, to ensure the success-
ful issuance of eye bonds so as to protect the United 
States as guarantor of the eye bonds, including— 
(A) drug therapies; 
(B) gene therapies; and 
(C) artificial restoration of sight and simi-
lar mechanisms. 
(b) SELECTION OF PROJECTS.— 
(1) IN GENERAL.—The Director of the National 
Eye Institute, in consultation with the Director of 
the National Institutes of Health and the Secretary 
of the Treasury, shall select translational research 
projects to be funded with the proceeds of an eye 
bond. 
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(2) FACTORS FOR SELECTION.—Not later than 
30 days after the date on which the final regulations 
are issued under subsection (a), the Secretary shall 
submit to the Director of the National Eye Institute 
factors that the Director of the National Eye Insti-
tute shall consider in making the selection under 
paragraph (1), including— 
(A) the amount of equity any intellectual 
property holder will hold in the project; 
(B) the resources any individual or institu-
tion will be required to demonstrate to ensure 
the ability of the individual or institution to 
repay the obligation under the eye bond, re-
gardless of the success or failure of the project 
funded with the proceeds of the eye bond; 
(C) the number of projects needed to en-
sure diversification of risk; 
(D) the manner in which funded projects 
will be defunded if the interim goals of the 
project are not satisfied; and 
(E) such other factors related to bio-
medical translational research project selection 
as the Secretary determines appropriate. 
(3) ADDITIONAL CONSULTATIONS.— 
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(A) IN GENERAL.—In carrying out para-
graph (1), the Director of the National Eye In-
stitute may establish any consultative body that 
the Director determines is necessary to provide 
for a complete, transparent, and forward-look-
ing selection of projects. 
(B) SCIENTIFIC
ADVISERS.—In carrying 
out paragraph (1), the Director of the National 
Eye Institute may consult with any group of 
scientific advisers that the Director determines 
is necessary. 
(c) ESTABLISHMENT OF MILESTONES.— 
(1) IN GENERAL.—The Director of the National 
Eye Institute shall, for each project funded by an 
eye bond, establish milestones to determine the prob-
ability of success or failure for such project. 
(2) INCLUSION IN FILINGS.—The Director of 
the National Eye Institute shall submit to the issuer 
of an eye bond the milestones for each project fund-
ed from such eye bond, so such milestones may be 
included in the filings made available by the issuer 
to the public under section 5(c). 
(d) RESEARCH REQUIREMENT.—Translational re-
search carried out under a project funded by an eye bond 
shall be conducted— 
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(1) in a State; and 
(2) by an individual or institution that is— 
(A) chartered in accordance with the laws 
of that State; and 
(B) clearly subject to verification of bene-
ficial ownership by the issuer and, upon re-
quest, by the Secretary. 
SEC. 7. INAPPLICABILITY OF CERTAIN LAWS. 
Eye bonds shall not be subject to— 
(1) section 15G of the Securities Exchange Act 
of 1934 (15 U.S.C. 78o–11); 
(2) except as provided under section 5(c), any 
registration or disclosure requirement promulgated 
by the Securities and Exchange Commission; and 
(3) section 13 of the Bank Holding Company 
Act of 1956 (12 U.S.C. 1851). 
SEC. 8. REPORTS. 
(a) GAO STUDY
AND REPORTS
ON OTHER RE-
SEARCH PROJECTS.— 
(1) ONGOING
STUDY.—The Comptroller Gen-
eral of the United States shall carry out an ongoing 
study to consider whether a program similar to the 
Eye Bond Pilot Program under this Act should be 
established for other biomedical research projects. 
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(2) REPORT.—The Comptroller General shall, 
during the period beginning on the date of the estab-
lishment of the Program and ending on the termi-
nation date of the Program, issue a report to the ap-
plicable congressional committees, not less frequently 
than annually, on all findings and determinations 
made in carrying out the study required under para-
graph (1). 
(b) REPORTS ON THE PROGRAM.—Not later than 2 
years after the date on which eye bonds are first issued 
under this Act, and annually thereafter during the period 
ending on the date that is 4 years after the date on which 
eye bonds are first issued under this Act, the Comptroller 
General and the Director of the National Institutes of 
Health (in consultation with the Director of the National 
Center for Advancing Translational Sciences) shall each 
issue a separate report to the applicable congressional 
committees on— 
(1) the progress of the issuance of eye bonds; 
(2) the reasons for any problems achieving de-
sired volumes of eye bonds or the ability of the Pro-
gram to proceed at a faster pace; 
(3) an analysis of the risk to the Government 
in providing the Federal guarantee described under 
section 4(b); 
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(4) any improvements to eye bonds that the 
Secretary should consider; 
(5) the applicability of financial instruments 
similar to eye bonds to other biomedical research 
areas such as cancer, Alzheimer’s disease, rare dis-
eases or conditions (as defined in section 526 of the 
Federal Food, Drug, and Cosmetic Act (21 U.S.C. 
360bb)) and syndromes of particular concern to chil-
dren; and 
(6) any other matter that the Comptroller Gen-
eral or the Director, respectively, determines is ap-
propriate. 
Æ 
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