December 13, 2016 12:51 PM EST

President Obama on Tuesday afternoon will sign the 21st Century Cures Act, which passed Congress with bipartisan support.

The bill speeds up the approval process for new drugs and medical devices and expands funding for medical research, including the “cancer moonshot” initiative led by Vice President Joe Biden. The funding will also aid research on opioid abuse and brain diseases, including Alzheimer’s.

Obama and Biden are scheduled to deliver remarks about the bill at about 2 p.m. E.T. Watch it live above.

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Write to Katie Reilly at Katie.Reilly@time.com.

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