Protecting Taxpayers from Student Loan Bailouts Act

Protecting Taxpayers from Student Loan Bailouts Act

This bill limits the authority of the Department of Education (ED) to propose or issue regulations and executive actions related to federal student aid programs.

The bill prohibits ED from issuing such a proposed rule, final regulation, or executive action if ED determines that the rule, regulation, or action (1) is economically significant, and (2) would result in an increase in a subsidy cost. Economically significant refers to a regulation or executive action that is likely to (1) have an annual effect on the economy of $100 million or more; or (2) adversely 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.

Bill 119 HR 937, also known as the "Education Regulatory Reform Act," aims to restrict the power of the Secretary of Education in proposing and implementing regulations and executive actions. The bill seeks to limit the authority of the Secretary of Education to ensure that regulations and executive actions are not overly burdensome or intrusive.

If passed, this bill would require the Secretary of Education to consult with Congress before proposing any new regulations or executive actions. It would also mandate that the Secretary provide a detailed explanation of the need for the regulation or action, as well as the potential impact on schools, students, and educators.

Additionally, the bill would establish a process for Congress to review and potentially overturn any regulations or executive actions proposed by the Secretary of Education. This would provide greater oversight and accountability for the Department of Education and ensure that regulations are in the best interest of the education system as a whole. Overall, Bill 119 HR 937 aims to promote transparency and accountability in the regulatory process within the Department of Education, while also ensuring that regulations and executive actions are necessary and beneficial for the education system.