The commission, comprised of researchers and advocates, would "identify promising but underdeveloped areas of research that would benefit from a cluster of support from government, industry, and academia," according to the 2012 version of the bill.
The panel would report its findings on an annual basis to Congress, the White House and the public.
Whitehouse is one of Congress's leading voices on efforts to fight cancer. Alongside Rep. Anna Eshoo (D-Calif.), he shepherded a bill to fight pancreatic cancer that eventually passed last year.
The breast cancer measure has eight bipartisan co-sponsors. A previous version would spend $8-12 million annually on the commission in its first three years.