Providing for Consideration of H.R. Choice in Automobile Retail Sales Act of Providing for Consideration of H.R. Defending Education Transparency and Ending Rogue Regimes Engaging in Nefarious Transactions Act; and Providing for Consideration of H.J. Res. Providing for Congressional Disapproval Under Chapter 8 of Title United States Code, of the Rule Submitted By the Department of Education Relating to ``Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (Ffel) Program''

Floor Speech

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Mr. MORAN. Mr. Speaker, I thank the gentlewoman from Indiana for yielding me a few minutes to speak on this rule.

The rule that I rise in support of governs H.J. Res. 88. This joint resolution, which is proposed today, disapproves of the final rule submitted by the Department of Education relating to the income-driven repayment scheme devised by the Biden administration.

This scheme is bad on a number of levels. It is disastrous for not just the student borrower, but it is also disastrous for the educational institution beneficiary and the general taxpayer, all three. These types of plans drive up the cost of higher education because neither the school nor the student borrower has any incentive to make market-driven decisions about education. The total cost of tuition and fees goes up as a result.

The scarcity of resources in this case is seemingly ignored because there appears to be no end of resources. Nevertheless, we know that is not true. The value of the education provided goes down, and the return on the investment is completely disregarded because the student borrower has no incentive to determine whether or not the amount borrowed has any relativity or correlation to the amount that he or she is going to be able to make on the back side of their education.

They borrow whatever they want to borrow, and schools continue to raise tuition and fees because they know the students will not have to pay it back. They can borrow it from the Federal Government, and the taxpayer, generally, will pay that bill on their behalf.

The second thing this new proposed rule by the Biden administration does is redistribute wealth through the Education Department. That is effectively what it does when it says: You, the borrower, don't have to repay your debt; everybody else in society will repay that debt.

We simply cannot let this stand. We cannot let this rule proposed by the Department of Education stand. I support H.J. Res. 88 and its underlying rule that will disregard this rule, will unravel it, and will say to the Biden administration: No more. We stand for the taxpayers.

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