PAID OFF Act of 2023

Hozzl · 2023-12-15T16:05:59Z

Explore the details of Senate Bill 434 PAID OFF Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on International Affairs. Stay informed on legislative developments.

12/15/2023, 4:05 PM

Summary of Bill S 434

The PAID OFF Act of 2023, also known as Bill 118 s 434, is a piece of legislation introduced in the US Congress aimed at addressing the issue of student loan debt. The bill proposes to provide relief to borrowers by forgiving up to $10,000 in federal student loan debt for each borrower. This forgiveness would apply to both private and federal student loans.

In order to qualify for the debt forgiveness, borrowers must have an annual income of less than $125,000 and have made at least 120 monthly payments on their student loans. Additionally, borrowers who have been in default on their loans for at least 90 days would also be eligible for the forgiveness program.

The bill also includes provisions to streamline the process for borrowers to apply for the debt forgiveness and to ensure that the forgiveness is tax-free. It also aims to provide resources and support for borrowers to help them manage their student loan debt more effectively in the future. Overall, the PAID OFF Act of 2023 seeks to provide much-needed relief to borrowers struggling with student loan debt and to help alleviate the financial burden that many Americans face due to the high cost of higher education.

Congressional Summary of S 434

Preventing Adversary Influence, Disinformation, and Obscured Foreign Financing Act of 2023 or the PAID OFF Act of 2023

This bill requires certain persons to register as agents of a foreign principal if the foreign principal in question is China, Russia, Iran, North Korea, Cuba, or Syria.

Currently, the Foreign Agents Registration Act exempts certain agents from the act's registration requirements, including agents (1) engaged only in private and nonpolitical activities to advance a foreign principal's bona fide trade or commerce interests, or (2) engaged in certain lobbying activities and where the agent has registered as a lobbyist. Under this bill, these exemptions shall not apply if the foreign principal is one of the countries specified in this bill.

The changes made by this bill shall expire on October 1, 2026.

Read the Full Bill

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Current Status of Bill S 434

Bill S 434 is currently in the status of Bill Introduced since February 15, 2023. Bill S 434 was introduced during Congress 118 and was introduced to the Senate on February 15, 2023. Bill S 434's most recent activity was Read twice and referred to the Committee on Foreign Relations. (text: CR S427) as of February 15, 2023

Bipartisan Support of Bill S 434

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 434

Primary Policy Focus

International Affairs

Alternate Title(s) of Bill S 434

PAID OFF Act of 2023

Preventing Adversary Influence, Disinformation, and Obscured Foreign Financing Act of 2023

A bill to amend the Foreign Agents Registration Act of 1938, as amended, to modify requirements under that Act relating to exemptions, and for other purposes.