Political Quotes

“Mr. President, I ask unanimous consent that the text of the bill be printed in the Record. There being no objection, the text of the bill was ordered to be printed in the Record, as follows: S. 1399 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. INTEREST RATE LIMITATION ON DEBT ENTERED INTO DURING MILITARY SERVICE TO CONSOLIDATE OR REFINANCE STUDENT LOANS INCURRED BEFORE MILITARY SERVICE. (a) In General.--Subsection (a) of section 207 of the Servicemembers Civil Relief Act (50 U.S.C. App. 527) is amended-- (1) in paragraph (1), by inserting ``on debt incurred before service'' after ``Limitation to 6 percent''; (2) by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively; (3) by inserting after paragraph (1) the following new paragraph (2): ``(2) Limitation to 6 percent on debt incurred during service to consolidate or refinance student loans incurred before service.--An obligation or liability bearing interest at a rate in excess of 6 percent per year that is incurred by a servicemember, or the servicemember and the servicemember's spouse jointly, during military service to consolidate or refinance one or more student loans incurred by the servicemember before such military service shall not bear an interest at a rate in excess of 6 percent during the period of military service.''; (4) in paragraph (3), as redesignated by paragraph (2) of this subsection, by inserting ``or (2)''…”