A few days into his term, President Obama appears to have begun to undo another Bush-era policy.
He hasn't yet formally lifted the Bush-imposed ban on federal funding of new embryonic stem cell research, but Obama's Food and Drug Administration has already set the stage for it.
The FDA, which doesn't even have a new, permanent commissioner, is allowing Geron to do the first test on people of an embryonic stem cell treatment. GERN shares are soaring on very heavy volume and a handful of other little stocks that play in the stem cell space are rallying as well.
In a "First on CNBC" live interview this morning, the CEO of Geron, Dr. Tom Okarma, said, "There's no question that the Bush administration was very instrumental in slowing down the progress in a number of ways. But we have really no direct evidence that that actually influenced the FDA's review. So, we really have no view that there was a political overhang at the FDA."