John Kuhl: “I rise in support of H.R. 6206, a bill to revise the calculation of interest on investments in the Harry S. Truman…”

“I rise in support of H.R. 6206, a bill to revise the calculation of interest on investments in the Harry S. Truman Memorial Scholarship Fund. The Harry S. Truman Memorial Scholarship Fund was signed into law by President Ford in 1974, created with the purpose of awarding scholarships to college juniors who, and I quote, ``demonstrate outstanding potential for and who plan to pursue a career in public service.'' The foundation provides for at least 53 scholarships, and includes at least one for each State, each year, to deserving young people. The purpose of this measure before us is to align the foundation with other similar scholarship foundations. Under current law, the Secretary of the Treasury is required to invest the foundation's trust fund solely, and I repeat, solely, in U.S. Treasury securities unless the Secretary explicitly chooses to invest in other obligations. Because of this restrictive policy, the scholarship funds have not been able to keep pace with the rapid increases in college tuition.”