A House Republican says he plans to introduce legislation that will stop the Biden administration from simply waving its magic wand to erase student loans.
A group of Republicans senators have already introduced similar legislation, but Tennessee Rep. Scott DesJarlais’ House bill differs in two main ways, according to Fox Business: “It uses more concise language and changes the date of an exemption to cover the regulations ‘as in effect on’ Mar. 12, 2020, rather than the other bill’s date of May 11, 2022.”
DesJarlais said the legislation is necessary because canceling student debt disincentivizes success.
“There’s a lot of people out there that took out loans and, you know, maybe didn’t get their dream job, but don’t pay them back,” DesJarlais told Fox Business for an article published Saturday. “So to somehow decide that they no longer need to have skin in the game, it kind of disincentivizes people from succeeding, in my opinion.”
So what, exactly, does the legislation do? Fox summed it up succinctly:
“The bill’s most aggressive provision aims to limit the secretaries of Education and Treasury, as well as the Attorney General, from taking any action toward forgiving student loan debt, except those carried out as part of the Higher Education Act of 1965,” the outlet said.
The legislation comes as President Joe Biden is mulling a unilateral move to cancel student debt for millions of Americans who borrowed money to attend college.
The Washington Post reported last month that the White House was planning to cancel $10,000 in student debt for each borrower.
“Individuals making less than about $125,000 a year would be eligible for the program, though that figure is in flux, the people said,” The Wall Street Journal added last week.
But DesJarlais said forgiving student debt will simply hurt hard-working taxpayers.
“It may help those people who are irresponsible, but the ones that are out there working and paying taxes — now they’re going to be saddled with the burden of, if you want to call these other people’s mistakes or borrowed money management,” he told Fox Business.
“Just erasing somebody that because they weren’t able to handle the responsibility they took on, I think is certainly the wrong approach.”