[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1622 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 1622
To prohibit the mass cancellation of student loans.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 17, 2023
Mr. Ferguson (for himself, Mr. Gallagher, Mrs. Miller of West Virginia,
Mr. Wenstrup, Mr. Kustoff, Mr. LaHood, and Mr. Smith of Nebraska)
introduced the following bill; which was referred to the Committee on
Ways and Means, and in addition to the Committees on Education and the
Workforce, and Energy and Commerce, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To prohibit the mass cancellation of student loans.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Student Loan Accountability Act''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) Statutory authority has not been provided to the
executive branch of the Federal Government to cancel student
loans on a mass scale.
(2) It is unfair for taxpayers who paid student loans or
did not attend college to pay for those who chose to take
student loans.
(3) Canceling student loan debt would disproportionately
assist wealthy borrowers over underprivileged borrowers.
SEC. 3. PROHIBITION ON MASS CANCELLATION OF STUDENT LOANS.
(a) Prohibition.--
(1) In general.--Notwithstanding any other provision of
law, the Secretary of Education, the Secretary of the Treasury,
or the Attorney General shall not take any action to cancel or
forgive the outstanding balances, or portion of balances, of
covered loans, except as provided in paragraph (2).
(2) Exemption.--The prohibition described in paragraph (1)
shall not apply to targeted Federal student loan forgiveness,
cancellation, or repayment programs carried out under the
Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).
(b) Definitions.--In this section, the term ``covered loan''
means--
(1) a loan made, insured, or guaranteed under part B, D, or
E of title IV of the Higher Education Act of 1965 (20 U.S.C.
1071 et seq.; 1087a et seq.; 1087aa et seq.) before, on, or
after the date of enactment of this Act; or
(2) a loan under the Health Education Assistance Loan
Program under title VII of the Public Health Service Act (42
U.S.C. 292 et seq.) made before, on, or after the date of
enactment of this Act.
(c) Limitation.--The Secretary of Education, the Secretary of the
Treasury, or the Attorney General may not implement, or publish in any
form, any regulation, or take any action, that modifies, alters,
amends, cancels, discharges, forgives, or defers the repayment of any
student debt not expressly permitted within statute or regulation,
regarding covered loans, except to the extent that such regulation or
action reflects the clear and unequivocal intent of Congress in
legislation.
SEC. 4. REPEAL OF CERTAIN STUDENT LOAN FORGIVENESS MODIFICATIONS.
(a) In General.--Section 108(f) of the Internal Revenue Code of
1986 is amended by striking paragraph (5).
(b) Effective Date.--The amendment made by this section shall apply
to discharges of loans after the date of the enactment of this Act.
SEC. 5. PROHIBITION OF TAX DATA SHARING.
(a) In General.--Section 6103(l)(13)(D)(ii) of the Internal Revenue
Code of 1986 is amended by adding ``or the use of return information
for the purpose of administering a student loan cancellation plan
unrelated to reasons authorized under subparagraphs (A), (B), and (C)''
after ``investigations or prosecutions''.
(b) Effective Date.--The amendment made by this section shall apply
to disclosures made after the date of the enactment of this Act.
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