[Congressional Record Volume 169, Number 95 (Thursday, June 1, 2023)]
[Senate]
[Page S1935]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 127. Mr. BUDD submitted an amendment intended to be proposed by 
him to the bill H.R. 3746, to provide for a responsible increase to the 
debt ceiling; which was ordered to lie on the table; as follows:

       Strike title IV of division B and insert the following:

TITLE IV--NULLIFICATION AND LIMITATION RELATED TO FEDERAL STUDENT LOANS

     SEC. 271. NULLIFICATION OF CERTAIN EXECUTIVE ACTIONS AND 
                   RULES RELATING TO FEDERAL STUDENT LOANS.

       (a) In General.--The following shall have no force or 
     effect:
       (1) The waivers and modifications of statutory and 
     regulatory provisions relating to an extension of the 
     suspension of payments on certain loans and waivers of 
     interest on such loans under section 3513 of the CARES Act 
     (20 U.S.C. 1001 note)--
       (A) described by the Department of Education in the Federal 
     Register on October 12, 2022 (87 Fed. Reg. 61513 et seq.); 
     and
       (B) issued on or after the date of enactment of this Act.
       (2) The modifications of statutory and regulatory 
     provisions relating to debt discharge described by the 
     Department of Education in the Federal Register on October 
     12, 2022 (87 Fed. Reg. 61514).
       (3) A final rule that is substantially similar to the 
     proposed rule on ``Improving Income-Driven Repayment for the 
     William D. Ford Federal Direct Loan Program'' published by 
     the Department of Education in the Federal Register on 
     January 11, 2023 (88 Fed. Reg. 1894 et seq.).
       (b) Prohibition.--The Secretary of Education may not 
     implement any executive action or rule specified in paragraph 
     (1), (2), or (3) of subsection (a) (or a substantially 
     similar executive action or rule), except as expressly 
     authorized by an Act of Congress.

     SEC. 272. LIMITATION ON AUTHORITY OF SECRETARY 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 the following:

     ``SEC. 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 resulting from a loan modification.
       ``(2) If the Secretary determines under paragraph (1) that 
     the draft regulation would result in an increase in a subsidy 
     cost resulting from a loan modification, then the Secretary 
     may take no further action with respect to such regulation.
       ``(b) Proposed or Final Regulations and Executive 
     Actions.--Notwithstanding any other provision of law, 
     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 
     resulting from a loan modification.
       ``(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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