Political Quotes

“Mr. Speaker, I rise today in strong opposition to today's attempt to override the President's veto. I think all of us agree that it is important to offer borrowers a process to discharge loans when they have been defrauded by a school, and that is what the rule, crafted with significant stakeholder input, offers. That was the original intent of the borrower defense process when it was enacted in 1995. However, in 2016, as we have heard, the Obama administration used this process to advance an ideological loan forgiveness scheme, and it worked as they intended. We went from fewer than 60 claims over 20 years to nearly 330,000 claims in 4 years, which would cost the hardworking taxpayers, if you had to pay this price, $40 billion. And they will have to pay that price. Now, I don't need to go into reasons why that 2016 Obama rule was flawed. Instead, I will highlight some of the improvements made under the new rule. This rule strengthens protections for borrowers from fraud and applies the same accountability metrics to all institutions across the board. The rule provides due process for students and institutions but, rightfully, gives students the last word. The rule keeps the standard of evidence the same as the one used by the Obama administration, by the way, and thanks to stakeholder feedback, the rule does not require borrowers to prove intent. Another point, this new rule will only apply to new claims for loans taken out after July 1.…”