US Lawmakers Reveal FDA Emergency Funds Bill To Tackle Baby Formula Shortage: Reuters - Abbott Laboratories (NYSE:ABT)

U.S. House Democrats unveiled a bill to provide $28 million in emergency funds to the FDA to help it respond to a shortage of infant formula and strengthen supervision.
A House Appropriations Committee said that the funds would provide the FDA with the resources to prevent fraudulent products from being placed on shelves and strengthen the FDA's workforce focused on formula issues, and increase inspection staff.
Committee Chair Rosa DeLauro, who introduced the legislation, told a news conference, "I was told that they have only nine people to do this," she said.
Also See: US Baby Formula Crisis Could See Some Relief As FDA, Abbott Agree On Deal.
The U.S. has been facing a widespread infant formula shortage since Abbott Laboratories ABT issued a recall in February after reports of bacterial infections.
Also, Democratic Representative Jahana Hayes introduced a bill to improve access to infant formula for vulnerable families who use the nutrition program for Women, Infants and Children (WIC) Program aimed at low-income families.
Meanwhile, Republicans introduced separate legislation that would require President Joe Biden's administration to invoke the Defense Production Act to increase the domestic supply of infant formula quickly.
It would also require the FDA to establish a waiver process to approve the sale of formulas already approved for sale in the European Union and publish safety guidelines.
Price Action: ABT shares are up 0.11% at $114.72 during after-hours trading on Tuesday.
Photo by tung256 from Pixabay

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