I 

118TH CONGRESS 

1ST SESSION H. R. 1622 

To prohibit the mass cancellation of student loans. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 17, 2023 

Mr. FERGUSON (for himself, Mr. GALLAGHER, Mrs. MILLER of West Virginia, 

Mr. WENSTRUP, Mr. KUSTOFF, Mr. LAHOOD, and Mr. SMITH of Nebraska) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Energy and Commerce, for a period to 

be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To prohibit the mass cancellation of student loans. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Student Loan Account5 ability Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 


kjohnson on DSK79L0C42PROD with BILLS
2 

•HR 1622 IH

1 (1) Statutory authority has not been provided 

2 to the executive branch of the Federal Government 

3 to cancel student loans on a mass scale. 

4 (2) It is unfair for taxpayers who paid student 

5 loans or did not attend college to pay for those who 

6 chose to take student loans. 

7 (3) Canceling student loan debt would dis8 proportionately assist wealthy borrowers over under9 privileged borrowers. 

10 SEC. 3. PROHIBITION ON MASS CANCELLATION OF STU11 DENT LOANS. 

12 (a) PROHIBITION.— 

13 (1) IN GENERAL.—Notwithstanding any other 

14 provision of law, the Secretary of Education, the 

15 Secretary of the Treasury, or the Attorney General 

16 shall not take any action to cancel or forgive the 

17 outstanding balances, or portion of balances, of cov18 ered loans, except as provided in paragraph (2). 

19 (2) EXEMPTION.—The prohibition described in 

20 paragraph (1) shall not apply to targeted Federal 

21 student loan forgiveness, cancellation, or repayment 

22 programs carried out under the Higher Education 

23 Act of 1965 (20 U.S.C. 1001 et seq.). 

24 (b) DEFINITIONS.—In this section, the term ‘‘covered 

25 loan’’ means— 


kjohnson on DSK79L0C42PROD with BILLS
3 

•HR 1622 IH

1 (1) a loan made, insured, or guaranteed under 

2 part B, D, or E of title IV of the Higher Education 

3 Act of 1965 (20 U.S.C. 1071 et seq.; 1087a et seq.; 

4 1087aa et seq.) before, on, or after the date of en5 actment of this Act; or 

6 (2) a loan under the Health Education Assist7 ance Loan Program under title VII of the Public 

8 Health Service Act (42 U.S.C. 292 et seq.) made be9 fore, on, or after the date of enactment of this Act. 

10 (c) LIMITATION.—The Secretary of Education, the 

11 Secretary of the Treasury, or the Attorney General may 

12 not implement, or publish in any form, any regulation, or 

13 take any action, that modifies, alters, amends, cancels, 

14 discharges, forgives, or defers the repayment of any stu15 dent debt not expressly permitted within statute or regula16 tion, regarding covered loans, except to the extent that 

17 such regulation or action reflects the clear and unequivocal 

18 intent of Congress in legislation. 

19 SEC. 4. REPEAL OF CERTAIN STUDENT LOAN FORGIVENESS 

20 MODIFICATIONS. 

21 (a) IN GENERAL.—Section 108(f) of the Internal 

22 Revenue Code of 1986 is amended by striking paragraph 

23 (5). 


kjohnson on DSK79L0C42PROD with BILLS
4 

•HR 1622 IH

1 (b) EFFECTIVE DATE.—The amendment made by 

2 this section shall apply to discharges of loans after the 

3 date of the enactment of this Act. 

4 SEC. 5. PROHIBITION OF TAX DATA SHARING. 

5 (a) IN GENERAL.—Section 6103(l)(13)(D)(ii) of the 

6 Internal Revenue Code of 1986 is amended by adding ‘‘or 

7 the use of return information for the purpose of admin8 istering a student loan cancellation plan unrelated to rea9 sons authorized under subparagraphs (A), (B), and (C)’’ 

10 after ‘‘investigations or prosecutions’’. 

11 (b) EFFECTIVE DATE.—The amendment made by 

12 this section shall apply to disclosures made after the date 

13 of the enactment of this Act. 

Æ 


kjohnson on DSK79L0C42PROD with BILLS