this post was submitted on 11 Jan 2025
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Summary

Representative Glenn Grothman plans to introduce the "Protecting Taxpayers from Student Loan Bailouts Act," aimed at blocking future large-scale student loan forgiveness by limiting regulations costing taxpayers over $100 million annually.

This follows a Supreme Court ruling in 2024 that struck down President Biden's $430 billion loan forgiveness plan.

Republicans criticize forgiveness as inflationary and unfair, while Biden’s administration has canceled $180 billion in debt over four years.

With GOP control of Congress, future forgiveness efforts face significant challenges.

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[–] [email protected] 96 points 4 days ago (3 children)

Y'all are missing the big lead: this stops ANY regulation that costs over $100m. Which is...a good chunk of them. Just monitoring can cost a huge chunk of cash.

What this is, is the GOP attempting to rip the heart out of specifically OSHA and the FDA.

[–] [email protected] 12 points 4 days ago

Except it's not.

Here is the full text of this fucking bill

It's specifically for the Department of Education and the criteria is OVERLY broad:

'economically significant' ...[means]... "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."

On the other hand, the way I read this...the enforcement of student loans could also fall under this act. If people who have student loans come together as a class and sue the government that their loan is "adversely affects the economy", maybe this act could actually make loans illegal?

[–] [email protected] 12 points 4 days ago

It only affects the Department of Education.

[–] [email protected] 18 points 4 days ago (1 children)

Military? Surely that's costing more than $100m annually?

[–] [email protected] 15 points 4 days ago* (last edited 4 days ago)

Ssssh... If they notice they'll carve out an exception.