S.1421 - Federal Government - A bill to provide for the maintenance, management, and availability for research of assets of Air Force Health Study.

Directs the Medical Follow-Up Agency of the Institute of Medicine of the National Academy of Sciences (Agency) to maintain and manage the assets (including electronic data files and biological specimens of study participants) transferred to the Agency from the Air Force Health Study. Authorizes the Agency, during FY2007-FY2011, to conduct additional research on such assets toward the goal of understanding the determinants of health, and promoting wellness, in veterans.

Requires an Agency report to Congress assessing the feasibility and advisability of conducting additional research on such assets after the end of FY2011.