II Calendar No. 370 112th CONGRESS 2d Session S. 2366 IN THE SENATE OF THE UNITED STATES April 25, 2012 Mr. Alexander (for himself, Mr. McConnell, Mr. Enzi, Mr. Kyl, Mr. Cornyn, Mr. Wicker, Mr. Inhofe, Mr. Barrasso, Mrs. Hutchison, Mr. Blunt, Mr. Hoeven, Mr. Johanns, Mr. Coats, and Mr. Isakson) introduced the following bill; which was read twice and ordered placed on the calendar A BILL To extend student loan interest rates for undergraduate Federal Direct Stafford Loans.

1.

Short title

This Act may be cited as the Interest Rate Reduction Act.

2.

Interest rate extension

Subparagraph (D) of section 455(b)(7) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)(7)(D)) is amended— (1)in the matter preceding clause (i), by striking 2012 and inserting 2013; and (2)in clause (v), by striking 2012 and inserting 2013.

3.

Repealing prevention and public health fund

(a)

In general

Section 4002 of the Patient Protection and Affordable Care Act (42 U.S.C. 300u–11) is repealed. (b)

Rescission of unobligated funds

Of the funds made available by such section 4002, the unobligated balance is rescinded.

4.

Compliance with Statutory Pay-As-You-Go Act of 2010

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

April 25, 2012 Read twice and ordered placed on the calendar