Student Loan Forgiveness Schemes

Floor Speech

BREAK IN TRANSCRIPT

Mr. FLOOD. Mr. Speaker, I rise today to address President Biden's student loan bailout schemes.

Just weeks ago, the President unveiled a new executive action even after the Supreme Court shut down his previous attempts to let people off the hook for their loans. He is not just trying to unilaterally cancel student debt; his agencies have been working to make the student loan repayment process dysfunctional.

On one hand, the Federal Student Aid Agency is paying contractors who service student loans less money, and that agency has acknowledged that the level of service for student loan holders will suffer as a result.

On the other hand, the CFPB is using its enforcement authority to pursue these same contractors for the reduced levels of service that are the result of these same FSA cuts. It seems like a plan designed to break the entire student loan system.

Americans can't let the Biden administration's plan succeed. We need a return to principled fiscal policy that encourages personal responsibility, a responsibility that supports the health of the American free enterprise system.

BREAK IN TRANSCRIPT

Source