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Providing for Congressional Disapproval of Rule Submitted By Department of Education Relating to ``Borrower Defense Institutional Accountability''--veto Message From the President of the United States

Floor Speech

Location: Washington, DC


Mr. THOMPSON of Pennsylvania. Mr. Speaker, I thank our education Republican leader for yielding.

Mr. Speaker, I rise in opposition to the veto override of H.J. Res. 76.

The Department of Education first released borrower defense rules in 1994, which were rarely used over the next 20 years. After a large for- profit school closed in 2015, the Obama administration used this opportunity to issue new regulations on borrower defense. These regulations could cost the American taxpayer more than $40 billion and encourage tens of thousands of borrowers--whether they were harmed or not--to apply to have their loans forgiven. The 2016 Obama regulations created more chaos than clarity and set massive loan forgiveness of a loan, regardless of the cost to taxpayers.

However, in 2019, the Trump administration issued that new borrower defense rule, which takes effect July 1. The new rule creates clear, consistent standards and procedures for borrowers who have suffered financial harm due to a misrepresentation by a school.

Specifically, the rule:

Ensures due process for all parties;

Holds all institutions--not just for-profits--accountable for misrepresentations;

It delivers relief to students, including veterans, who have been lied to and suffered financial harm;

It preserves student choice, including student veterans in institutions that best suit their educational needs;

And it saves taxpayers $11 billion by incentivizing students to finish their education rather than indiscriminately closing schools.

H.J. Res. 76 would undermine the repeal of the Trump administration's borrower defense rule and go back to Obama regulations that harm students and taxpayers.

Mr. Speaker, for these reasons, I urge my colleagues to oppose this measure.

Ms. FOXX of North Carolina. Mr. Speaker, I reserve the balance of my time.


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