; and (ii) are authorized to remain available until expended. 4. Eye bond terms, conditions, and structure (a) In general Not later than 180 days after the date of enactment of this Act, the Secretary, in consultation with the Secretary of the Treasury, the Chairman of the Securities and Exchange Commission, the heads of the appropriate Federal banking agencies, the Director of the National Institutes of Health, and the heads of other Federal departments and agencies and other interested parties as the Secretary determines appropriate, shall issue regulations to specify the terms, conditions, and structure for an eye bond. (b) Auctions In issuing the regulations under subsection (a)— (1) the Secretary may provide for an auction to select the purchasers of eye bonds; and (2) any such auction may include a process that minimizes the risk to the Government of the Federal guarantee involved by allowing bidders for an eye bond to compete against each other by bidding on the percentage of the Federal guarantee under section 4(b) with respect to the eye bond, with the bid for the lowest percentage winning the auction, taking into account other terms and conditions set by the issuer to ensure the lowest total cost to the Government. 5. Eye bond issuers (a) Issuer criteria Not later than 180 days after the date of enactment of this Act, the Secretary, in consultation with the Secretary of the Treasury, shall issue regulations— (1) to establish the criteria for selecting issuers; (2) to ensure that issuers perform in a manner that ensures the successful issuance of eye bonds that promote biomedical translational research in the United States; and (3) to ensure that issuers use sound underwriting practices that protect the interests of— (A) the United States; (B) eye bond investors