Thank you, Chair.
I think the discussion we're having about biotechnology--and Christie had mentioned the precautionary principles that should be in place regarding biotechnology--is actually kind of what we are studying on this. We've had some witnesses come in front of committee who would just like to see a moratorium, certainly on GM, and perhaps even a wider swath of biotechnology. We've had others who have been strong advocates for it.
I think we're on the middle ground. We can't ban everything, and I don't think we want to. It's also not a free-for-all. We're somewhere in between, and part of this committee's work is to find out what processes we should put in place. When it comes to biotechnology, we went on a tour, as a committee, and we were briefed by a number of different organizations that there is a market approach type of process that somewhat limits just how far and wide biotechnology goes. And I think it ties into the numbers Jerome was talking about.
If you're going to develop a particular trait in a plant, it's in the $100 million to $150 million zone, and it takes somewhere in the 7-year to 15-year zone to come out at the far end of the process and actually have something that's marketable. As a result, research companies have to be focused on what it is they're doing, because they obviously want to remain in close communication with farmers, who are going to buy their product, because if the farmers aren't going to buy their product, what's the point of that investment and taking that risk?
However, there is also the other side, which is what I'll call the process and regulatory approach, which is what we're looking at.
Jerome, you had mentioned that from your point of view the biotechnology side of agriculture receives tremendous scrutiny. I wonder if you could elaborate on that, because it might address one of the concerns that Christie raised, which is that there might not be due oversight. I'm not suggesting there is enough or that there is too much. I'd just like your opinion, from what you've seen, based on the comment you made earlier.