INTRODUCTION OF THE CURES CAN BE FOUND ACT -- (Extensions of Remarks - July 27, 2005)
HON. RON PAUL
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, JULY 26, 2005
Mr. PAUL. Mr. Speaker, I rise to introduce the Cures Can Be Found Act. This legislation promotes medical research by providing a tax credit for investments and donations to promote adult and umbilical cord blood stem cell research, and provides a $2,000 tax credit to new parents for the donation of umbilical cord blood that can be used to extract stem cells.
Mr. Speaker, stem cell research has the potential to revolutionize medicine. Stem cells could hold the keys to curing many diseases afflicting millions of Americans, such as diabetes and Alzheimer's. Umbilical cord blood stem cells have already been used to treat 67 diseases, including sickle cell disease, leukemia, and osteoporosis. Umbilical cord blood stem cells have also proven useful in treating spinal cord injuries and certain neurological disorders. Adult stem cells have shown promise in treating a wide variety of diseases ranging from brain, breast, testicular, and other types of cancers to multiple sclerosis, Parkinson's, heart damage, and rheumatoid arthritis.
By providing tax incentives for adult and umbilical cord blood stem cell research, the Cures Can Be Found Act will ensure greater resources are devoted to this valuable research. The tax credit for donations of umbilical cord blood will ensure that medical science has a continuous supply of stem cells. Thus, this bill will help scientists discover new cures using stem cells and, hopefully, make routine the use of stem cells to treat formally incurable diseases.
By encouraging private medical research, the Cures Can Be Found Act enhances a tradition of private medical research that is responsible for many medical breakthroughs. For example, Jonas Salk, discoverer of the polio vaccine, did not receive one dollar from the federal government for his efforts. I urge my colleagues to help the American people support the efforts of future Jonas Salks by cosponsoring the Cures Can Be Found Act.