Protecting Taxpayers from Student Loan Bailouts Act

Bill: 118-hr-4711
Sponsor: full_name: Rep. Grothman, Glenn [R-WI-6]
Introduced: 2023-07-18
Policy area: Education
Subjects: Administrative law and regulatory procedures

Department of Education

Economic performance and conditions

Government lending and loan guarantees

Student aid and college costs
Latest action: action_date: 2023-07-18
text: Referred to the House Committee on Education and the Workforce.

Summaries:
action_date: 2023-07-18
action_desc: Introduced in House
text: <p><b>Protecting Taxpayers from Student Loan Bailouts Act</b></p> <p>This bill limits the authority of the Department of Education (ED) to propose or issue regulations and executive actions related to federal student aid programs.</p> <p>The bill prohibits ED from issuing such a proposed rule, final regulation, or executive action if ED determines that the rule, regulation, or action (1) is economically significant, and (2) would result in an increase in a subsidy cost. <i>Economically significant</i> refers to a regulation or executive action that is likely to (1) have an annual effect on the economy of $100 million or more; or (2) adversely affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or state, local, or tribal governments or communities.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 4711 IN THE HOUSE OF REPRESENTATIVES July 18, 2023 Mr. Grothman introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To limit the authority of the Secretary of Education to propose or issue regulations and executive actions.

1. Short title This Act may be cited as the Protecting Taxpayers from Student Loan Bailouts Act . 2. Limitation on authority of Secretary of Education to propose or issue regulations and executive actions Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1088 et seq. ) is amended by inserting after section 492 ( 20 U.S.C. 1098a ) the following: 492A. Limitation on authority of the Secretary to propose or issue regulations and executive actions (a) Draft regulations Beginning after the date of enactment of this section, a draft regulation implementing this title (as described in section 492(b)(1)) that is determined by the Secretary to be economically significant shall be subject to the following requirements (regardless of whether negotiated rulemaking occurs): (1) The Secretary shall determine whether the draft regulation, if implemented, would result in an increase in a subsidy cost. (2) If the Secretary determines under paragraph (1) that the draft regulation would result in an increase in a subsidy cost, then the Secretary may take no further action with respect to such regulation. (b) Proposed or final regulations and executive actions Beginning after the date of enactment of this section, the Secretary may not issue a proposed rule, final regulation, or executive action implementing this title if the Secretary determines that the rule, regulation, or executive action— (1) is economically significant; and (2) would result in an increase in a subsidy cost. (c) Relationship to other requirements The analyses required under subsections (a) and (b) shall be in addition to any other cost analysis required under law for a regulation implementing this title, including any cost analysis that may be required pursuant to Executive Order 12866 (58 Fed. Reg. 51735; relating to regulatory planning and review), Executive Order 13563 (76 Fed. Reg. 3821; relating to improving regulation and regulatory review), or any related or successor orders. (d) Definition In this section, the term economically significant , when used with respect to a draft, proposed, or final regulation or executive action, means that the regulation or executive action is likely, as determined by the Secretary— (1) to have an annual effect on the economy of $100,000,000 or more; or (2) adversely to affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities. .