Sweeping Overhaul of Bank Rules Clears US House

24 May, 2018, 08:56 | Author: Earnest Bishop
  • House votes to rollback some Obama-era banking rules, giving Trump partial Dodd-Frank repeal

USA lawmakers have approved new laws giving terminally ill patients the "right to try" unapproved drugs if there are no alternatives.

"The Senate version of the legislation is less safe than the pathway proposed in the House version and is risky compared to the current expanded access process", the groups wrote.

The House of Representatives voted 250-169 in favour of the bill, which the Senate passed in August, and president Trump is now expected to sign it.

"I talked to an AIDS patient back then who was upset about the FDA not approving enough drugs for the market", Klein said. Nearly 40 states have enacted their own right-to-try laws, but its backers have long sought federal legislation.

The legislation also exempts certain banks and credit unions from requirements to report some mortgage loan data.

"As a physician, I understand that access to investigational drugs and therapies is a deeply personal priority for those seeking treatment for their loved ones", he continued, asking House Democrats, "Why do you not want to allow these patients to exercise their right to fight for their future?"

Trump, who forcefully pushed for the legislation in his State of the Union address and recent drug pricing speech, will likely sign the bill into law.

The newly-passed bill is a departure from an earlier right-to-try bill that the House passed in March.

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Indeed, drug companies have little incentive to honor right-to-try requests when their main priority is getting patients into clinical trials, said Alison Bateman-House, a professor of public health at New York University and critic of right-to-try legislation, in an online interview. Four former FDA commissioners have criticized right-to-try legislation, and Gottlieb himself expressed reservations about the Johnson bill last fall, saying it could undermine the agency's authority.

For years, House Republicans have been pushing for a more significant overhaul of Dodd-Frank and last year passed the Financial Choice Act, which would have crippled the consumer bureau and revoked the Volcker Rule. "Well, if two or three 250 [billions] were to fail, that could be problematic", Frank said on "Closing Bell ".

Friends of Cancer Research and a long list of medical research organizations and professional societies strongly objected the bill. They also must be under active development or production by the manufacturer. In fiscal year 2017, the vast majority of expanded access requests were approved by FDA: the Center for Drug Evaluation and Research allowed 1,632 to proceed out of 1,637, while CBER approved 199 out of 205 requests.

Michael Becker, a former biotech executive who has advanced head and neck cancer, said that "the gullible will applaud" the passage of the measure but that he is anxious about those who may be "targeted by unscrupulous snake oil salespeople seeking profits". So he says Republicans have used all the political gunpowder they had in this one bill.

The bill does not require pharmaceutical firms to provide their experimental drugs to patients.

ARNOLD: But Frank says he actually supports parts of the bill.

The bill passed by a vote of 258 to 159 and will head to President Donald Trump's desk for his signature. That first House bill had more patient safety protections and standards for informed consent.

"It does not in any way weaken the regulations we put in there for the largest banks or that were there to prevent the kind of crisis we had 10 years ago", said Frank, who co-authored the Dodd-Frank reforms after the financial crisis.


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