CNBC January 31, 2023
Eamon Javers

Key Points

– The commission doesn’t require its members to divest their own personal biotech investments — even as they help shape U.S. policy overseeing the industry.

– Schmidt holds stakes in several biotech companies through a venture capital firm known as First Spark Ventures.

– The former Google CEO is in a position to potentially profit if those companies are the beneficiaries of a new wave of federal biotech spending.

On Dec. 30, leaders of the House and Senate Armed Services committees announced the selection of former Google CEO Eric Schmidt and 11 others to serve on a new federal commission on biotechnology.

Tasked with reviewing the biotech industry and suggesting investments that would benefit U.S. security, the National...

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