118 HR 1622 IH: Student Loan Accountability Act U.S. House of Representatives 2023-03-17 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. 1622IN THE HOUSE OF REPRESENTATIVESMarch 17, 2023Mr. 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 concernedA BILLTo prohibit the mass cancellation of student loans.

1.

Short title

This Act may be cited as the Student Loan Accountability Act.

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.

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.

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.

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.