Providing for Congressional Disapproval of Rule Submitted By Department of Education Relating to ``Borrower Defense Institutional Accountability''--veto Message From the President of the United States
Floor Speech
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Ms. WATERS. Mr. Speaker, I thank Chairman Scott for yielding to me on this important issue.
I rise to override the President's veto of H.J. Res. 76, which undoes a Secretary DeVos rule that would make it nearly impossible for veterans and student borrowers defrauded by their schools to obtain financial relief.
Congress voted, on a bipartisan basis, to reject Secretary DeVos' borrower defense rule, which only cancels 3 percent of the student loans resulting from school misconduct, keeping 97 percent of our veterans and student borrowers drowning in debt they only incurred due to fraud and from which they may never recover.
If Secretary DeVos' efforts to prioritize profit over education are allowed to stand, then the for-profit industry will continue to do what it always has: exploit veterans, student borrowers, and those trying to better their lives and support their families by obtaining an education.
This is a fight with which I am deeply familiar. This Congress, the House Financial Services Committee held two hearings examining the student loan crisis and approved three bills that will provide strong student borrower protections, including for those harmed by for-profit colleges. And during this COVID-19 crisis, I have fought to provide up to $10,000 of relief for private student loan borrowers, and I continue to fight to protect student loan borrowers who should not have to deal with debt collections, negative credit reporting, late fees, and penalties while dealing with this pandemic.
With over 200,000 pending borrower defense applications for loan relief, these students desperately need and deserve our help.
I urge my colleagues to support veterans and student borrowers by overriding the President's veto of H.J. Res. 76.
Ms. FOXX of North Carolina. Mr. Speaker, I reserve the balance of my time.
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