Providing For Consideration Of H.R. 3221, Student Aid And Fiscal Responsibility Act Of 2009

Floor Speech

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Ms. DeLAURO. I appreciate the gentleman yielding time, and I rise in support of this rule. I think it's clear from the debate and the discussion that my colleagues on the other side of the aisle would rather put their support with banks, maintain banks as the middlemen in this effort--banks are making money hand over fist and enormous profits--and cast their lot with banks versus casting their lot with students and their families.

Education is the cornerstone of our republic. It is only by offering and delivering quality education for all of our citizens--from the earliest years to the college years--that we can live up to our most noble democratic principles and ensure freedom and equality, that we make opportunity real for each and every American, and that we can continue to lead the world to economic security and lasting prosperity. As President Obama said last week, and I quote, Countries that out-educate us today will out-compete us tomorrow.

But today as our economy struggles to emerge from a debilitating recession, fewer and fewer students are able to afford a college education. Although the Recovery Act we passed in the winter has helped to fill the gap, States are facing massive budget shortfalls and are thus forced to decrease the resources available to education. Meanwhile, many schools are raising tuition, cutting financial aid and closing classrooms.

That's why this bill is the right bill at the right time. By restructuring our Federal financing of student loans to enhance the Direct Loan Program, we can realize significant savings throughout the system. This money will be applied to other areas of critical education funding, including increasing Pell Grants and Perkins loans. With these and other reforms in the bill, such as keeping investment rates low and simplifying student aid forms, this legislation keeps the door of opportunity afforded by a college education open to all, without costing American taxpayers an extra dime.

Equally important to the savings realized by this bill is the creation of the State Challenge Grants which will allow States to invest in their early childhood development infrastructure. These competitive grants will mark a historic collaboration between the Department of Education and Health and Human Services, where the expertise on these programs has traditionally resided.

Each day, over 11 million children under the age of 5 spend time outside the care of their parents and in a wide variety of environments. We need to ensure that they are spending this critical social and cognitive development time in a quality setting. As with any endeavor, early investments in education yield tremendous dividends down the road for both the student and for society. Cognitive science and countless studies tell us the same thing: early childhood education helps students achieve more throughout their lives. There is arguably no better way to spend our education dollars than to fund these important programs.

In closing, I am proud of the bill that Chairman Miller has brought to this committee, and I urge my colleagues to support this rule.

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