As part of the Coalition for Regenerative Stem Cell Medicine, BIAA enthusiastically endorses two important pieces of legislation aimed at advancing the therapeutic potential of newborn stem cells, the unique stem cells that can be collected immediately following birth from umbilical cord blood and the cord itself, as well as helping to advance the use of one’s own newborn stem cells in regenerative medicine.
HR 1718 – The “Family Cord Blood Banking Act” amends Section 213(d) of the IRS Code to add cord blood banking services as a qualified medical expense. This change will allow individuals and couples to use tax advantaged dollars to pay for umbilical cord blood banking services through flexible spending accounts (FSAs), health savings accounts (HSAs) health reimbursement arrangements (HRAs) or the medical expenses tax deduction.
The “Family Cord Blood Banking Act” will make cord blood banking more affordable for American families and provides incentives to ensure that this valuable health resource is never thrown away.
HR. 2107 – The “Cord Blood Education and Awareness Act of 2009″ will provide expectant mothers with straightforward, accurate and easy to understand information about the value of their child’s umbilical cord blood stem cells. It will offer a government stamp of approval on all available cord blood banking options and will give expectant parents confidence in the information they are reviewing.