118 HR 4711 IH: Protecting Taxpayers from Student Loan Bailouts Act U.S. House of Representatives 2023-07-18 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I118th CONGRESS1st SessionH. R. 4711IN THE HOUSE OF REPRESENTATIVESJuly 18, 2023Mr. Grothman introduced the following bill; which was referred to the Committee on Education and the WorkforceA BILLTo limit the authority of the Secretary of Education to propose or issue regulations and executive actions.

1.

Short title

This Act may be cited as the Protecting Taxpayers from Student Loan Bailouts Act.

2.

Limitation on authority of Secretary of Education to propose or issue regulations and executive actions

Part G of title IV of the Higher Education Act of 1965 (20 U.S.C. 1088 et seq.) is amended by inserting after section 492 (20 U.S.C. 1098a) the following:

492A.

Limitation on authority of the Secretary to propose or issue regulations and executive actions

(a)

Draft regulations

Beginning after the date of enactment of this section, a draft regulation implementing this title (as described in section 492(b)(1)) that is determined by the Secretary to be economically significant shall be subject to the following requirements (regardless of whether negotiated rulemaking occurs): (1)The Secretary shall determine whether the draft regulation, if implemented, would result in an increase in a subsidy cost. (2)If the Secretary determines under paragraph (1) that the draft regulation would result in an increase in a subsidy cost, then the Secretary may take no further action with respect to such regulation. (b)

Proposed or final regulations and executive actions

Beginning after the date of enactment of this section, the Secretary may not issue a proposed rule, final regulation, or executive action implementing this title if the Secretary determines that the rule, regulation, or executive action— (1)is economically significant; and (2)would result in an increase in a subsidy cost. (c)

Relationship to other requirements

The analyses required under subsections (a) and (b) shall be in addition to any other cost analysis required under law for a regulation implementing this title, including any cost analysis that may be required pursuant to Executive Order 12866 (58 Fed. Reg. 51735; relating to regulatory planning and review), Executive Order 13563 (76 Fed. Reg. 3821; relating to improving regulation and regulatory review), or any related or successor orders. (d)

Definition

In this section, the term economically significant, when used with respect to a draft, proposed, or final regulation or executive action, means that the regulation or executive action is likely, as determined by the Secretary— (1)to have an annual effect on the economy of $100,000,000 or more; or (2)adversely to affect in a material way the economy, a sector of the economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or tribal governments or communities.

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