With inauguration day approaching, the state of President Joe Biden's efforts to reduce student loan debt hangs in the balance.

Summary

Representative Glenn Grothman plans to introduce the “Protecting Taxpayers from Student Loan Bailouts Act,” aimed at blocking future large-scale student loan forgiveness by limiting regulations costing taxpayers over $100 million annually.

This follows a Supreme Court ruling in 2024 that struck down President Biden’s $430 billion loan forgiveness plan.

Republicans criticize forgiveness as inflationary and unfair, while Biden’s administration has canceled $180 billion in debt over four years.

With GOP control of Congress, future forgiveness efforts face significant challenges.

  • Mirshe@lemmy.world
    79·
    10 hours ago

    Y’all are missing the big lead: this stops ANY regulation that costs over $100m. Which is…a good chunk of them. Just monitoring can cost a huge chunk of cash.

    What this is, is the GOP attempting to rip the heart out of specifically OSHA and the FDA.

    • CosmicTurtle0@lemmy.dbzer0.comEnglish
      1·
      20 minutes ago

      Except it’s not.

      Here is the full text of this fucking bill

      It’s specifically for the Department of Education and the criteria is OVERLY broad:

      ‘economically significant’ …[means]… “adversely to affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities.”

      On the other hand, the way I read this…the enforcement of student loans could also fall under this act. If people who have student loans come together as a class and sue the government that their loan is “adversely affects the economy”, maybe this act could actually make loans illegal?