House Proceeding on May 1st, 2008 :: 3:28:08 to 3:40:56
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3:26:59 to 3:28:08( Edit History Discussion )
Speech By: Jason Altmire

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Jason Altmire: sooner it can be implemented by the department of education. this week many incoming freshmen will be reviewing their financial aid packages and making decisions on where they he plan to attend

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Rob Bishop: college this fall. for many of these students, their families have already worried about paying bills in today's economy. they shouldn't also have to worry about whether first of all aid they

3:28:08 to 3:30:27( Edit History Discussion )
Speech By: Rob Bishop

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Rob Bishop: depend on to pay for college will actually be there this fall when they need it. over the past few months we've seen -- been closely monitoring what has been happening in the financial markets

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Rob Bishop: and we've heard from stakeholders across the political and economic spectrum. the department of education, college financial aid officers, guarantee agencies, lenders, financial analysts and

3:28:57 to 3:29:13( Edit History Discussion )

Rob Bishop: students. not surprising we have heard varying predictions of what's to come. some believe lenders will continue to face trouble and others believe that the markets will ease up. fortunately,

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Rob Bishop: so far the credit crunch has not prevented any student or parent from getting the federal loans that they -- for which they are eligible. but we believe that is only prudent to prepare for that

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Rob Bishop: possibility that the ongoing stress in the nation's financial markets could jeopardize access to student loans. in addition to the provisions already passed overwhelmingly by the house earlier

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Rob Bishop: this month, the legislation before us today includes additional measures approved by the senate amendments. this amended legislation ensures that loans made through the lender of last resort program

3:30:12 to 3:30:27( Edit History Discussion )

Rob Bishop: are made with similar turns -- terms and conditions as other loans. it makes the secretary's authority to designate the entire institutions as a lender of last resort program temporary. it

3:30:27 to 3:30:33( Edit History Discussion )

Robert E. Andrews: ensures that guarantee agencies and lenders operating under the lenders of last resort program are subject to the same rules as other lenders. it safeguards the lender of last resort program

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Robert E. Andrews: from abuses by requiring guarantee agencies and lenders acting as lenders of last resort to report on loans made through the program. it protects taxpayers by requiring reporting on the

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Robert E. Andrews: cost of the lender of last resort program as compared to the current loan program. and finally, the legislation reduces loan lowe-income students' reliance on the loans by genating

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Robert E. Andrews: all loans into the academic competitiveness and smart grants. i believe that these editions will enhance this bill by providing further protection for small -- for parent borrowers, boosting

3:31:19 to 3:31:36( Edit History Discussion )

Ron Lewis: the low-income students -- aid to low-income students and increasing the accountability and the lender of last resort program. now more than ever, families deserve every assurance that we are

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Robert E. Andrews: doing everything we can to make sure they will continue to be able to finance their children's education. i'm confident our efforts couple with proper planning, will enhelp ensure the students

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Robert E. Andrews: are able to get the financial assistance they need to attend college this fall. why like to thank mr. mckeon and mr. hinojosa and mr. keller and all of their staff and all my colleagues on

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Ron Lewis: both sides of the aisle for their commitment to acting promptly on behalf of america's students and families and again thank you to senator ken incident and -- kennedy and inslee for their

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Robert E. Andrews: support and i urge my colleagues to join news swiftly passing this legislation. the speaker pro tempore: will the gentleman from california, mr. miller -- mr. miller: reserve the balance

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Robert E. Andrews: of my time. the speaker pro tempore: he reserves his time. will the gentleman from california, mr. miller, confirm that the motion is won, the house suspend the rules and concur in the senate amendments?

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Ron Lewis: mr. miller: yes, sir. yes. the speaker pro tempore: he thank you. the gentleman from california. mr. mckeon: thank you, mr. m speaker. i rise in support of h.r. 5715 and i yield myself such time as

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Robert E. Andrews: i may consume. .3 consume. the speaker pro tempore: the gentleman is recognized. mr. mckeon: i'm pleased to be here after the house voted in support of this effort to restore confidence in our

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Howard P. Buck McKeon: student loan program. today, we will give final approval to this measure and send it to the president for his signature. it is not often that congress acts to respond to a current market challenge

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Howard P. Buck McKeon: and i welcome this bipartisan cooperation. i hope it's a sign of things to come. when we debated this bill on the floor two weeks ago, i noted that while it is a good start, it is not

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Howard P. Buck McKeon: aomplete solution. that continues to be true today. i am particularly interested in exploring a more market-oriented solution to what is obviously a market-based problem. i'm hopeful that the administration

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Howard P. Buck McKeon: will pursue steps such as intervention by the federal financing bank, along with the other proposals that have been offered to restore balance. still, the steps taken under this bill are

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important preliminary measures and i look forward to their swift enactment. the original bill passed by the house focused on restoring stability to an uncertain market and offering reassurances to

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students and their families. we did that by establishing the u.s. department of education as a temporary backstop to purchase loans and inject modest amounts of liquidity into the market to

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Tim Holden: ensure that lenders can make new loans in the coming school year. we offered new loan availability and flexibility and we called on the federal financial authorities to exercise their authority

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Speech By: Tim Holden

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Tim Holden: to stablize the market. i appreciate that the other chamber chose to move quickly on our bill rather than taking up a competing bill that would have slowed down this important assistance to students

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Tim Holden: and families. however, some important improvements were made as this bill moved through the other body and i want to highlight those today. in early 2005 and early 2006, congress approved

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Tim Holden: a budget reck coalition measure that created two new grant programs to help low-income students pursuing a college education. those student programs are the academic competitiveness grant and

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Tim Holden: the smart grant. these grant programs are meant to promote student academic achievement, particularly in fields that are vital to our continued competitiveness in a changing world. during the

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Tim Holden: committee deliberations on a comprehensive renewable of the higher education act, representative rob bishop took a leadership role in clarifying the role of states and not the federal government,

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Tim Holden: in establishing rigorous high school curricula. the purpose of the academic competitiveness grant was to pursue students preparing for college but it was never to you superstate and local responsibility

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Tim Holden: for establishing curricula. i'm pleased we are able to incorporate his proposed changes into the bill that is moving today. mr. speaker, i support this bill, but i would be remiss if i did not highlight

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Tim Holden: what i believe to be the root causes of the current difficulties in our financial markets. last year, federal support for the loan program was slashed, forcing loan providers to scale back

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Tim Holden: on benefits and re-evaluate their participation in the program. this year, disruption in the capital markets have reduced liquidity and shaken investor and consumer confidence. i appreciate the steps

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Frank D. Lucas: taken in this bill to begin to stablize a program that has been badly shaken. i'm pleased that this bill contains no net cost to the american taxpayer and that it does not force colleges and

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Frank D. Lucas: universities to embrace the government-run direct lon program that the vast majority have already rejected. i will remain vigilant in protecting against any efforts to capitalize on the current

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situation by imposing a big government monopoly on student loans. in fact, it's because i do not support a big government intervention that i favor the bill before us. the fact is, if

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we fail to act now, we may be forced to take on a much greater government role in the future. we made a commitment more than four decades ago that there are national benefits to affordable,

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accessible higher education system. what we're doing today is restating that commitment and sending a signal to students and families that we continue to believe in this program that has

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opened the doors of higher education to so many millions of aspiring young americans. mr. speaker, this is a good bill that deserves our support. i want to thank chairman miller,k along with chairman

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and ranking member of the committee, representatives hinojosa and keller on this issue. i would like to recognize the staff for their hard work as well. and i udge all my colleagues to

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join me in support of this measure. i reserve the balance of my time. the speaker pro tempore: the gentleman from california reserves. mr. miller: i yield to mr. hinojosa. the speaker pro

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tempore: ther gentleman is recognized for three minutes. mr. hinojosa: thank you, mr. speaker. i rise in strong support of h.r. 5715, the ensuring continued access to student loans act.

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i especially want to thank chairman george miller and ranking member mckeon and all others who have worked with us to be able to resolve the challenge of access and affordability of higher

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education to all those who wish to go to that level of education. this is urgent legislation, and i thank the leadership in both the house and the senate for ensuring its swiften passage.

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we are all united in our commitment to provide every assurance to students and families that there will be no disruption in the federal student loan programs, regardless of what is happening