Protecting Taxpayers from Student Loan Bailouts Act
Impact
The implications of HB 937 could lead to significant changes in how educational policies are developed and implemented at the federal level. Critics may argue that limiting the Secretary's regulatory powers could hinder necessary reforms and adjustments to educational programs, particularly in response to changing economic conditions. Proponents, however, assert that it promotes accountability and fiscal responsibility by preventing regulations that could impose undue financial burdens on taxpayers.
Summary
House Bill 937, also titled the 'Protecting Taxpayers from Student Loan Bailouts Act', aims to restrict the authority of the Secretary of Education regarding the issuance of regulations and executive actions. The bill mandates that any draft regulation deemed economically significant must undergo rigorous cost analysis to determine its potential increase in subsidy costs. If a regulation is found to result in such an increase, the Secretary is prohibited from moving forward with it. This creates a stringent framework for evaluating educational regulations, particularly those that could impact taxpayer expenses associated with student loans.
Contention
Notable points of contention surrounding the bill include the definition of 'economically significant,' which is key to determining which regulations are subject to the new requirements. The act stipulates that any regulation expected to have an annual economic effect of $100 million or more, or that could materially affect various sectors, is considered economically significant. This broad definition may provoke debate over what constitutes economic significance, ultimately impacting the scope of educational regulations that can be enacted.
Reforms the organizational structure for the Department of Transportation and Development including its duties, powers, and responsibilities of officers and employees (EN INCREASE SD EX See Note)