Political Quotes

“I rise in support of H.R. 5715, the Ensuring Access to Student Loans Act. While not a complete solution to the current credit crunch that exists in the student loan market, this bill is a very important and strong starting point to ensure that students can continue to obtain affordable loans for their education. I am especially pleased that the manager's amendment included a provision that I was planning to offer as a stand-alone amendment to the underlying bill. Specifically, this provision will permit the Secretary of Education to enter into forward purchasing agreements with student loan lenders when purchasing loans through the newly established secondary market. This contractual agreement will provide the necessary confidence for lenders to not only participate in the market, but to continue to originate loans for students. Some lenders, such as the Pennsylvania Higher Education Assistance Agency, PHEAA, in my home State, have recently announced that they will not be originating additional loans due to the unstable market conditions.”