Rob Andrews: “I congratulate Mr. Miller and Mr. McKeon for skillfully navigating this legislation to the floor, and I strongly support…”

“I congratulate Mr. Miller and Mr. McKeon for skillfully navigating this legislation to the floor, and I strongly support it. Our country's economy has been severely affected by a lack of liquidity crisis. In plain language, people who need to borrow money to do good things who are creditworthy are having a very difficult time borrowing that money. The early tremors are present in the education field that young men and women who need money to go to school are beginning to have trouble borrowing that money; and we are, frankly, concerned that an earthquake may follow those tremors. Rather than wait for that disaster to occur, Chairman Miller and Mr. McKeon are taking preventive action along with the Secretary of Education, to try to prevent such a calamity from occurring. This legislation is commendable on any number of grounds. First, it strengthens the lender of last resort program so that guarantee agencies around the country will be equipped to quickly move capital to students and schools who find it difficult or impossible to get that capital from the banking institutions. Second, it increases the limits that students can borrow money that is guaranteed under the Federal guaranteed loan programs. This is especially important, because so many of our students need what are called gap loans. This is the person who has an aid package of $28,000, but who needs 31,000 to go to school.”