Congressman Smith (R-NJ) commended the Institute of Medicine (IOM) for their groundbreaking report "Cord Blood: Establishing a National Hematopoeitic Stem Cell Bank Program," released today. "Creating a national network of cord blood stem cell banks will turn medical waste into medical miracles for thousands of patients who otherwise have no hope to recover from lethal diseases," said Congressman Smith. Cord blood stem cells have revolutionized medicine treating about 2,000 people for cancers, genetic diseases, and other conditions. Recent research suggests that human stem cells, based on cord blood stem cells, may lead to treatments of many crippling conditions, including Parkinson's, diabetes, and heart disease. Congressman Smith is the author of the "Cord Blood Stem Cell Act of 2005," HR 956. The 37 bipartisan sponsored bill would generate a nationally joined network of umbilical cord banks and enable $15 million of federal funds during Fiscal Year 2006 and allot $30 million in 2007 to subsidize the collection, processing, testing, freezing and storing of cord blood stem cell units that would in turn be used in transplantation treatments. "This IOM study will provide additional momentum to the passage of the "Cord Blood Stem Cell Act of 2005" so that the cord blood stem cell network can be authorized by Congress and additional funding can be authorized to scale up this network as soon as possible," said Smith. "But this is so urgent that administrative action needs to be taken while Congress moves the bill through the legislative process." The IOM report backs the provisions in "Cord Blood Stem Cell Act of 2005," but there are more items in the report that need immediate action. "The FDA needs to reflect these medical breakthroughs and immediately license cord blood stem cells so that transplant physicians have the confidence that every cord blood stem cell unit in the national network is of the highest quality," said Smith. "The Department of Health and Human Services also needs to start the process of setting up the cord blood stem cell network structure suggested in this IOM study. Congress has already appropriated the money, and this work can be started today."