[Congressional Record (Bound Edition), Volume 161 (2015), Part 4]
[Senate]
[Pages 5590-5591]
[From the U.S. Government Publishing Office, www.gpo.gov]




          STATEMENT ON INTRODUCED BILLS AND JOINT RESOLUTIONS

      By Mr. REED (for himself, Ms. Warren, Mr. Durbin, and Mr. 
        Murphy):
  S. 1102. A bill to provide for institutional risk-sharing in the 
Federal student loan programs; to the Committee on Health, Education, 
Labor, and Pensions.
  Mr. REED. Mr. President, today postsecondary education is required 
for most family-sustaining, middle-class jobs, and an educated 
workforce is essential to a modern, productive economy. A recent report 
by the Georgetown University Center on Education and the Workforce 
found that college-intensive business services have replaced 
manufacturing as the largest sector in the U.S. economy, and that while 
college-educated workers make up only 32 percent of the workforce, they 
now produce more than 50 percent of the Nation's economic output, up 
from 13 percent in 1967. Median annual earnings for bachelor's degree 
holders were $23,000 higher compared to high school graduates in 2014.
  Yet just as there is growing recognition that postsecondary education 
is indispensable in the modern economy, families are being required to 
shoulder growing debt burdens that threaten access to college.
  According to a recent analysis of student loan debt by the Federal 
Reserve Bank of New York, between 2004 and 2014, there was an 89 
percent increase in the number of student loan borrowers and a 77 
percent increase in the average balance size. Today, over 40 million 
Americans have student loan debt.
  This is a growing drag on our economy. As student loan debt has 
grown, young adults have put off buying homes or cars, starting a 
family, saving for retirement, or launching new businesses. They have 
literally mortgaged their economic future.
  We know that student loan borrowers are struggling. Default rates are 
on the rise. The Federal Reserve Bank of New York reported that the 
number of borrowers who default each year increased from about half a 
million 10 years ago to 1.2 million annually in 2011 and 2012. Only 37 
percent of borrowers are current on their loan and actively paying down 
their debt.
  We cannot tackle the student loan debt crisis without States and 
institutions also stepping up and taking greater responsibility for 
college costs and student borrowing.
  That is why I am pleased to introduce the Protect Student Borrowers 
Act with Senators Durbin, Warren, and Murphy to ensure there is more 
skin in the game when it comes to student loan debt by setting stronger 
market incentives for colleges and universities to provide better and 
more affordable education to students, which will in turn help put the 
brakes on rising student loan defaults.
  The Protect Student Borrowers Act will hold colleges and universities 
accountable for student loan defaults by requiring them to repay a 
percentage of defaulted loans. Only institutions that have 25 percent 
or more of their students borrow would be included in risk sharing 
based on their cohort default rate. Risk-sharing requirements would 
kick in when the default rate exceeds 15 percent. As the institutional 
default rate rises, so too will the institution's risk-share payment.
  The Protect Student Borrowers Act also provides incentives for 
institutions to take proactive steps to ease student loan debt burdens 
and reduce default rates. Colleges and universities can reduce or 
eliminate their payments if they implement a comprehensive student loan 
management plan. The Secretary may waive or reduce the payments for 
institutions whose mission is to serve low-income and minority 
students, such as community colleges, Historically Black Institutions, 
or Hispanic Serving Institutions provided that they are making progress 
in their student loan management plans.
  The risk-sharing payments will be invested in helping struggling 
borrowers, preventing future default and delinquency, and reducing 
shortfalls in the Pell Grant program.
  With the stakes so high for students and taxpayers, it is only fair 
that institutions bear some of the risk in the student loan program.
  We need to tackle student loan debt and college affordability from 
multiple angles. And we need all stakeholders in the system to do their 
part. With the Protect Student Borrowers Act, we are providing the 
resources and incentives for institutions to take more responsibility 
to address college affordability and student loan debt and improve 
student outcomes. I urge my colleagues to cosponsor this bill and look 
forward to working with them to include it and other key reforms in the 
upcoming reauthorization of the Higher Education Act.
                                 ______
                                 
      By Mr. DAINES (for himself, Mr. Tester, Mr. Risch, and Mr. 
        Crapo):
  S. 1103. A bill to reinstate and extend the deadline for commencement 
of construction of a hydroelectric project involving Clark Canyon Dam; 
to the Committee on Energy and Natural Resources.
  Mr. DAINES. Mr. President, today, I introduce two bills, S. 1103 and 
S. 1104,

[[Page 5591]]

with my colleague from Montana, Senator Jon Tester, my Idaho colleagues 
Senators Risch and Crapo and also my counterpart in the House, 
Montana's Representative Ryan Zinke. Current uncertainty in the 
permitting process threatens sources of clean, renewable power in my 
State. My bills would allow the Federal Energy Regulatory Commission to 
extend a license for nonfederal hydropower development on existing dams 
in my state of Montana.
  The first bill would extend for 3 years a contract for hydropower 
development on the Clark Canyon Dam in Dillon, Montana. The bill would 
allow for construction and operation of a project that would power 
about 1,200 homes each year with clean, renewable hydropower, while 
replacing 18,000 metric tons of carbon each year. The bill would help 
create 30 to 40 jobs during construction. Further, the project would 
produce $611,000 in State and Federal taxes over the first 5 years of 
operation and $37,000 in property tax contributions over the first 5 
years.
  The second bill would provide a 6 year contract extension for 
nonfederal hydropower development on the Gibson Dam, near August and 
Choteau Montana. Once completed, the project will provide for decades 
of stable of tax revenues per year to each Teton and Lewis and Clark 
Counties, the state of Montana, and the Federal Government. Gibson 
Hydro project will benefit the environment as they are required by 
their FERC license to incorporate measures in their operations and 
construction that would enhance fish and wildlife resources, water 
quality, recreational and aesthetic resources. Further, the project 
would replace 40,000 tons of carbon per year and will strengthen the 
irrigation component of the Gibson Dam by providing a portion of the 
power sales to Greenfields Irrigation District to support irrigation 
improvements, operations, water conservation and usage enhancements. 
This bill will help create 15-25 construction jobs, $1 million in local 
revenue over 2 years, and $4-5 million in wages during construction 
phase and over $200,000 per year for the Sun River Cooperative.
  Hydropower development must be a key component of our Nation's all-
of-the-above strategy to meet our Nation's needs. Passing these bills 
will show the Senate's commitment to hydropower as a clean source of 
power for our country.
  Mr. President, I ask unanimous consent that the text of the bills be 
printed in the Record.
  There being no objection, the text of the bills were ordered to be 
printed in the Record, as follows:

                                S. 1103

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. EXTENSION OF TIME FOR A FEDERAL ENERGY REGULATORY 
                   COMMISSION PROJECT INVOLVING CLARK CANYON DAM.

       Notwithstanding the time period described in section 13 of 
     the Federal Power Act (16 U.S.C. 806) that would otherwise 
     apply to the Federal Energy Regulatory Commission project 
     numbered 12429, the Federal Energy Regulatory Commission 
     (referred to in this section as the ``Commission'') shall, at 
     the request of the licensee for the project, and after 
     reasonable notice and in accordance with the procedures of 
     the Commission under that section, reinstate the license and 
     extend the time period during which the licensee is required 
     to commence construction of project works for the 3-year 
     period beginning on the date of enactment of this Act.
                                  ____


                                S. 1104

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. EXTENSION OF TIME FOR FEDERAL ENERGY REGULATORY 
                   COMMISSION PROJECT INVOLVING GIBSON DAM.

       (a) In General.--Notwithstanding the requirements of 
     section 13 of the Federal Power Act (16 U.S.C. 806) that 
     would otherwise apply to the Federal Energy Regulatory 
     Commission project numbered 12478-003, the Federal Energy 
     Regulatory Commission (referred to in this section as the 
     ``Commission'') may, at the request of the licensee for the 
     project, and after reasonable notice and in accordance with 
     the procedures of the Commission under that section, extend 
     the time period during which the licensee is required to 
     commence construction of the project for a 6-year period that 
     begins on the date described in subsection (b).
       (b) Date Described.--The date described in this subsection 
     is the date of the expiration of the extension of the period 
     required for commencement of construction for the project 
     described in subsection (a) that was issued by the Commission 
     prior to the date of enactment of this Act under section 13 
     of the Federal Power Act (16 U.S.C. 806).

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