Johnson Cosponsors Can't Cancel Your Own Debt Act

Statement

Today, U.S. Representative Dusty Johnson (R-S.D.) signed on as an original cosponsor of U.S. Rep. Tom Cole's (R-OK-4) Can't Cancel Your Own Debt Act. This legislation would disqualify members of Congress from participating in federal programs enacted during their tenure to cancel student loans -- whether established by executive order, agency action or an Act of Congress. It would also bar members of Congress from any service- or employment-based student loan cancellation for time served as a Member of Congress.

"Some Members calling for student loans to be cancelled have a combined loan debt of $1.8 million," said Johnson. "That's a conflict of interest. I signed onto the Can't Cancel Your Own Debt Act to prevent Congress from implementing bills that let members off the hook for personal debts."

On January 25, 2022, a group of 80 House and Senate Democrats sent a letter to President Joe Biden requesting that he immediately cancel up to $50,000 in federal student loan debt. Last Congress, progressive House members introduced legislation to cancel all student loans in their entirety. According to recent financial disclosures, 17 of these signers collectively reported personal student loan debt of up to $1,865,000, and 11 of these 17 would have their student loan debt fully cancelled using this $50,000 threshold -- a clear financial windfall.

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