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The announcement comes as Nigeria is experiencing its largest outbreak, with 481 confirmed cases reported as of last week, 133 of them fatal.
The proposed law would direct $200 million a year for 5 years to research.
The vaccine it has been developing with Walter Reed Army Institute of Research has been halted.
In other Zika developments, a human rights group raised concerns about water, sanitation, and other public health concerns in Brazil, and India announced microcephaly screening for newborns.
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