(WASHINGTON, D.C.)– Congressman Scott DesJarlais (TN-04) officially introduced H.R. 8102, legislation to codify that President Biden does not have the authority to blanket cancel federal student loans.
Representative DesJarlais officially introduced the Student Loan Accountability Act. The bill points to the disastrous economic implications federal student loan debt cancelation would have on the U.S. economy and the fact that the executive branch does not have the statutory authority to issue student loan forgiveness.
The congressman noted that student loan debt is a personal responsibility and that this cancellation would merely lead to taxpayers shouldering the burden.
Representative DesJarlais said in an exclusive to FOX Business, “There's a lot of people out there that took out loans and maybe didn't get their dream job, but don't pay them back. So to somehow decide that they no longer need to have skin in the game, it kind of disincentivizes people from succeeding, in my opinion."
Last month, the Biden Administration announced plans to cancel $10,000 for individuals making less than $150,000 per year and married couples making less than $300,000 per year.
DesJarlais’ bill is aggressive and encompasses any attempt by the executive branch to forgive or cancel federal student loans, not just previously proposed plans.
H.R. 8102 mirrors legislation introduced in the Senate by Senator Mitt Romney.
You can read the full exclusive here.