Sinema Introduces Bipartisan Regulatory Relief Bill to Spur Scientific, Medical Research

Feb 13, 2019

Senator’s Fostering Innovation Act legislation cuts red tape for emerging growth companies

WASHINGTON – Arizona senior Senator Kyrsten Sinema joined Republican Senator Thom Tillis (N.C.) in introducing the bipartisan Fostering Innovation Act, which provides commonsense regulatory relief for companies on the cutting edge of scientific and medical research.

“We must continue cutting red tape so that Arizona’s state-of-the-art businesses can develop critical innovations and move our country forward,” said Sinema, a member of the Senate Committee on Banking, and Ranking Member of the Senate Subcommittee on Regulatory Affairs and Federal Management.

“AZBio strongly supports the Fostering Innovation Act and we are thankful for Senator Kyrsten Sinema’s continued leadership on this critical legislation. This bipartisan bill would build on the success of the JOBS Act and allow pre-revenue biotech companies the room to succeed. It is vitally important that emerging biotech companies are able to continue to devote their precious capital toward science rather than compliance,” said Joan Koerber-Walker, President and CEO, Arizona BioIndustry Association, Inc.

Currently, emerging growth companies are only exempt from burdensome audits for five years after their initial public offering. The Fostering Innovation Act extends that exemption for an additional five years so these burgeoning companies can use those resources to remain competitive as they continue to expand.

Sinema led the passage of the Fostering Innovation Act in the U.S. House. Sinema, alongside Republican Senator James Lankford (Okla.), also helps lead the Homeland Security Subcommittee on Regulatory Affairs and Federal Management where she continues fighting for commonsense regulatory reform.