.SenBillCassidy, JohnCornyn & SenJoniErnst will introduce a resolution to overturn POTUS's plan to forgive a wide swath of federally held student loans. 'Biden’s student loan scheme does not ‘forgive’ debt. It just transfers the burden,' Cassidy said.
“President Biden’s student loan scheme does not ‘forgive’ debt. It just transfers the burden from those who willingly took out loans to those who never went to college or sacrificed to pay their loans off,” Cassidy said. “This resolution prevents these Americans, whose debts look different from the favored group the Biden administration has selected, from picking up the bill for this irresponsible and unfair policy.
The Congressional Review Act allows Congress, by a simple majority of both chambers, to overturn regulations enacted by executive branch agencies. However, a presidential signature is still required. The Friday report from the Government Accountability Office rejected claims from the Department of Education that the loan forgiveness plan was"not ... rulemaking, but a one-time, fact-bound application of existing and statutorily prescribed waiver and modification authority."
The Biden administration had argued that the loan cancellation plan was not a rule or regulation duringThe GAO made no judgment on the legality of the plan, treating it as an exercise of the department's authority under the HEROES Act, which the administration invoked to enact the plan."We hold only that a valid exercise of authority under the HEROES Act is subject to CRA," the GAO report said.
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