Democratic Senators and Representatives Announce Introduction of a Resolution Disapproving of the New Student Loan Regulations
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** Overview
While CSPEN was hosting our weekly Federal Legislative and Regulatory Update, ironically focused on implementation of the new statutory and regulatory Federal Student Loan changes and transition of the defaulted student loan portfolio over to Treasury as the first phase of the Administration’s efforts to move all of FSA over to the agency, a group of Congressional Democrats (Reps. Suzanne Bonamici (D-Ore.), John Mannion (D-N.Y.) and Lauren Underwood (D-Ill.), and Sens. Jeff Merkley (D-Ore.) and Angela Alsobrooks (D-Md.)) announced the introduction of a joint resolution seeking to prevent implementation of the recently published Reimagining and Improving Student Education-Federal Student Loan Program Final Regulations.
The Legislation
The proposal states that the joint resolution provides for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to ‘‘Reimagining and Improving Student Education-Federal Student Loan Program Final Regulations’’.
The Plan
The Democrats are attempting to use The Congressional Review Act (CRA), enacted in 1996, to stop the regulations from going into effect. It is a unique law offering the opportunity for Congress to overturn new federal agency regulations using a joint resolution of disapproval passed by a simple majority, bypassing Senate filibusters. It forces agencies to submit rules to Congress and provides a 60-day “lookback” window to repeal regulations, often used during presidential transitions.
More Details to Follow
CSPEN will provide more information tomorrow, along with follow-up we committed to on today’s webinar, but wanted the community to be aware immediately of this most recent development.
