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Associated Press, January 16, 2005
New York Democratic Leaders Call for $1 Billion Stem Cell Research Initiative
Karen Matthews
Democratic lawmakers proposed a $1 billion stem cell research initiative on
Sunday, saying New York could be left behind after California voters approved
$3 billion for human embryonic stem cell research.
Senate Democratic leader David Paterson said the initiative would be financed
through the sale of up to $1 billion in general obligation bonds, subject to
voter approval, over 10 years.
"Many, many jobs will be lost otherwise," he warned.
Andrew Conrad, the co-founder of the National Genetics Institute, who joined
Paterson and other legislators on the steps of City Hall, said the goal is to
create research funding over a 10-year period.
"For those of us in the medical community, we know that this steady
source of funding is incredibly important," Conrad said. "This is
enough money to keep the best minds, in fact to recruit the best minds into
the state of New York to pursue stem cell research."
Many scientists believe that stem cells, which can potentially grow into any
type of human tissue, could someday be used to repair spinal cord injuries
and treat a range of diseases including diabetes and Parkinson's.
California voters' 59 percent approval of the multibillion-dollar stem cell
bond measure in November represents a resounding rejection of Bush
administration policy, which has sharply restricted federal funding for
research that involves the destruction of human embryos.
Jack Hidary, co-founder of Vista Research, a financial research firm, said
New York has a challenge because California and other states are showing
their ability to lead in biotech research.
"We must either answer this challenge or suffer the consequences,"
he said.
Paterson said his proposal would create a New York Stem Cell Research
Institute to regulate stem cell research and provide funding through grants
and loans. The institute would be subject to peer review and to oversight by
the state attorney general, the comptroller and the Public Authorities
Control Board.
State Sen. Liz Krueger said the California law doesn't build in enough
government oversight.
"They may have in fact given too much of the decision making to the
biotech industry," she said.
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