,,ii #aac? ,,congress #b;d ,session ,s4 #bbjd ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,april #c1 #bjad,mr4 ,durb9 7= himself1 ,mr4 ,h>k91 & ,mr4 ,br[n7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to e/abli% ! ,propriet>y ,education ,ov]sight ,coord9ation ,committee4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,propriet>y ,education ,ov]sight ,coord9ation ,improvem5t ,act4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,executive (fic] ,! t]m executive (fic]1 ) respect to a propriet>y in/itution ( high] education t is a publicly trad$ corporation1 means-- 7,a7 ! presid5t ( su* corporation2 7,b7 a vice presid5t ( su* corporation :o is 9 *>ge ( a pr9cipal bus9ess unit1 division1 or function ( su* corporation1 su* z sales1 adm9i/ration1 or f9ance2 or 7,c7 any o!r (fic] or p]son :o p]=ms a policy-mak+ function = su* corporation4 7#b7 ,f$]al education assi/ance ,! t]m ,f$]al education assi/ance means any ,f$]al f9ancial assi/ance provid$ "u any ,f$]al law ?r\gh a grant1 a contract1 a subsidy1 a loan1 a gu>antee1 an insurance1 or any o!r means to a propriet>y in/itution ( high] education1 includ+ ,f$]al f9ancial assi/ance t is disburs$ or deliv]$ to su* in/itution1 on behalf ( a /ud5t1 or to a /ud5t to be us$ to att5d su* in/itution1 except t su* t]m %all n include any mon?ly h\s+ /ip5d provid$ "u *apt] #cc ( title #ch1 ,unit$ ,/ates ,code4 7#c7 ,private education loan ,! t]m private education loan-- 7,a7 means a loan provid$ by a private educational l5d] 7z def9$ 9 section #adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a777 t-- 7i7 is n made1 insur$1 or gu>ante$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq472 7ii7 is issu$ expressly = po/second>y educational exp5ses to a borr[]1 reg>dless ( :e!r ! loan is provid$ ?r\gh ! educational in/itution t ! subject /ud5t att5ds or directly to ! borr[] f ! private educational l5d] 7z s def9$72 & 7iii7 is n made1 insur$1 or gu>ante$ "u title ,,vii or title ,,viii ( ! ,public ,heal? ,s]vice ,act 7#db ,u4,s4,c4 #bib et seq4 & #bif et seq472 & 7,b7 does n include an ext5sion ( cr$it "u an op5-end consum] cr$it plan1 a rev]se mortgage transaction1 a resid5tial mortgage transaction1 or any o!r loan t is secur$ by real prop]ty or a dwell+4 7#d7 ,propriet>y in/itution ( high] education ,! t]m propriet>y in/itution ( high] education has ! mean+ giv5 ! t]m 9 section #ajb7;b7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajjb7;b774 7#e7 ,recruit+ & m>ket+ activities 7,a7 ,9 g5]al ,except z provid$ 9 subp>agraph 7,b71 ! t]m recruit+ & m>ket+ activities means activities t consi/ ( ! foll[+3 7i7 ,adv]tis+ & promotion activities1 includ+ paid ann\ncem5ts 9 newspap]s1 magaz9es1 radio1 television1 billbo>ds1 electronic m$ia1 nam+ rights1 or any o!r public m$ium ( communication1 includ+ pay+ = displays or promotions at job fairs1 milit>y in/allations1 or college recruit+ ev5ts4 7ii7 ,ef=ts to id5tify & attract prospective /ud5ts1 ei!r directly or ?r\gh a contractor or o!r ?ird p>ty1 includ+ contact conc]n+ a prospective /ud5t's pot5tial enrollm5t or application = a grant1 a loan1 or "w assi/ance "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq47 or p>ticipation 9 preadmission or advis+ activities1 includ+-- 7,i7 pay+ employees responsible = ov]see+ enrollm5t & = contact+ pot5tial /ud5ts 9-p]son1 by phone1 by email1 or by o!r int]net communications reg>d+ enrollm5t2 & 7,,ii7 solicit+ an individual to provide contact in=mation to an in/itution ( high] education1 includ+ ?r\gh websites e/abli%$ = su* purpose & funds paid to ?ird p>ties = su* purpose4 7iii7 ,su* o!r activities z ! ,secret>y ( ,education may prescribe1 includ+ pay+ = promotion or sponsor%ip ( education or milit>y-relat$ associations4 7,b7 ,exceptions ,any activity t is requir$ z a condition ( receipt ( funds by an in/itution "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq471 is specifically au?oriz$ "u su* title1 or is o!rwise specifi$ by ! ,secret>y ( ,education1 %all n be consid]$ to be a recruit+ & m>ket+ activity "u subp>agraph 7,a74 7#f7 ,/ate approval ag5cy ,! t]m ,/ate approval ag5cy means any ,/ate ag5cy t det]m9es :e!r an in/itution ( high] education is legally au?oriz$ )9 su* ,/ate to provide a program ( education beyond second>y education4 7#g7 ,vet]ans s]vice organization ,! t]m vet]ans s]vice organization means an organization recogniz$ by ! ,secret>y ( ,vet]ans ,affairs = ! repres5tation ( vet]ans "u section #eijb ( title #ch1 ,unit$ ,/ates ,code4 #c4 ,e/abli%m5t ( ,committee 7a7 ,e/abli%m5t ,!re is e/abli%$ a committee to be kn[n z ! ,propriet>y ,education ,ov]sight ,coord9ation ,committee 7ref]r$ to 9 ?is ,act z ! ,committee7 & to be compos$ ( ! head 7or ! designee ( su* head7 ( ea* ( ! foll[+ ,f$]al entities3 7#a7 ,! ,dep>tm5t ( ,education4 7#b7 ,! ,consum] ,f9ancial ,protection ,bureau4 7#c7 ,! ,dep>tm5t ( ,ju/ice4 7#d7 ,! ,securities & ,ex*ange ,commission4 7#e7 ,! ,dep>tm5t ( ,def5se4 7#f7 ,! ,dep>tm5t ( ,vet]ans ,affairs4 7#g7 ,! ,f$]al ,trade ,commission4 7#h7 ,! ,dep>tm5t ( ,labor4 7#i7 ,! ,int]nal ,rev5ue ,s]vice4 7#aj7 ,at ! discretion ( ! ,presid5t1 any o!r relevant ,f$]al ag5cy or dep>tm5t4 7b7 ,purposes ,! ,committee %all h ! foll[+ purposes3 7#a7 ,coord9ate ,f$]al ov]sight ( propriet>y in/itutions ( high] education to-- 7,a7 improve en=cem5t ( applicable ,f$]al laws & regulations2 7,b7 increase acc\ntability ( propriet>y in/itutions ( high] education to /ud5ts & taxpay]s2 & 7,c7 ensure ! promotion ( quality education programs4 7#b7 ,coord9ate ,f$]al activities to protect /ud5ts f unfair1 deceptive1 abusive1 une?ical1 fraudul5t1 or pr$atory practices1 policies1 or proc$ures ( propriet>y in/itutions ( high] education4 7#c7 ,enc\rage in=mation %>+ among ag5cies relat$ to ,f$]al inve/igations1 audits1 or inquiries ( propriet>y in/itutions ( high] education4 7#d7 ,increase coord9ation & coop]ation betwe5 ,f$]al & ,/ate ag5cies1 includ+ ,/ate ,attorneys ,g5]al & ,/ate approval ag5cies1 ) respect to improv+ ov]sight & acc\ntability ( propriet>y in/itutions ( high] education4 7#e7 ,develop be/ practices & consi/5cy among ,f$]al & ,/ate ag5cies 9 ! dissem9ation ( consum] in=mation reg>d+ propriet>y in/itutions ( high] education to ensure t /ud5ts1 p>5ts1 & o!r /akehold]s h easy access to su* in=mation4 7c7 ,memb]%ip 7#a7 ,designees ,= any designee describ$ 9 subsection 7a71 ! head ( ! memb] entity %all appo9t a high-level (ficial :o ex]cises significant decisionmak+ au?ority = ! ov]sight or inve/igatory activities & responsibilities relat$ to propriet>y in/itutions ( high] education ( ! respective ,f$]al entity ( su* head4 7#b7 ,*airp]son ,! ,secret>y ( ,education or ! designee ( su* ,secret>y %all s]ve z ! ,*airp]son ( ! ,committee4 7#c7 ,committee support ,! head ( ea* entity describ$ 9 subsection 7a7 %all ensure appropriate /aff & (ficials ( su* entity are available to support ! ,committee-relat$ "w ( su* entity4 #d4 ,meet+s 7a7 ,committee meet+s ,! memb]s ( ! ,committee %all meet regul>ly1 b n less ?an once dur+ ea* qu>t] ( ea* fiscal ye>1 to c>ry out ! purposes describ$ 9 section #c7;b74 7b7 ,meet+s ) ,/ate ag5cies & /akehold]s ,! ,committee %all meet n less ?an once ea* fiscal ye>1 & %all o!rwise int]act regul>ly1 ) ,/ate ,attorneys ,g5]al1 ,/ate approval ag5cies1 vet]ans s]vice organizations1 & consum] advocates to c>ry out ! purposes describ$ 9 section #c7;b74 #e4 ,report 7a7 ,9 g5]al ,! ,committee %all submit a report ea* ye> to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate1 ! ,committee on ,education & ! ,work=ce ( ! ,h\se ( ,repres5tatives1 & any o!r committee ( ,congress t ! ,committee det]m9es appropriate4 7b7 ,public access ,! report describ$ 9 subsection 7a7 %all be made available to ! public 9 a mann] t is easily accessible to p>5ts1 /ud5ts1 & o!r /akehold]s 9 accordance ) ! be/ practices develop$ "u section #c7;b77#e74 7c7 ,cont5ts 7#a7 ,9 g5]al ,! report %all include-- 7,a7 an acc\nt+ ( any action 7z def9$ 9 p>agraph 7#c77 tak5 by ! ,f$]al ,gov]nm5t1 any memb] entity ( ! ,committee1 or a ,/ate-- 7i7 to en=ce ,f$]al or ,/ate laws & regulations applicable to propriet>y in/itutions ( high] education2 7ii7 to hold propriet>y in/itutions ( high] education acc\ntable to /ud5ts & taxpay]s2 & 7iii7 to promote quality education programs2 7,b7 a summ>y ( compla9ts aga9/ ea* propriet>y in/itution ( high] education receiv$ by any memb] entity ( ! ,committee2 7,c7 ! data describ$ 9 p>agraph 7#b7 & any o!r data relevant to propriet>y in/itutions ( high] education t ! ,committee det]m9es appropriate2 & 7,d7 recomm5dations ( ! ,committee = su* legislative & adm9i/rative actions z ! ,committee det]m9es are necess>y to-- 7i7 improve en=cem5t ( applicable ,f$]al laws2 7ii7 increase acc\ntability ( propriet>y in/itutions ( high] education to /ud5ts & taxpay]s2 & 7iii7 ensure ! promotion ( quality education programs4 7#b7 ,data 7,a7 ,indu/ry-wide data ,! report %all include data on all propriet>y in/itutions ( high] education t consi/s ( in=mation reg>d+-- 7i7 ! total am\nt ( ,f$]al education assi/ance t propriet>y in/itutions ( high] education receiv$ = ! previ\s academic ye>1 & ! p]c5tage ( ! total am\nt ( ,f$]al education assi/ance provid$ to in/itutions ( high] education 7z def9$ 9 section #ajb ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajjb77 = su* previ\s academic ye> t reflects su* total am\nt ( ,f$]al education assi/ance provid$ to propriet>y in/itutions ( high] education = su* previ\s academic ye>2 7ii7 ! total am\nt ( ,f$]al education assi/ance t propriet>y in/itutions ( high] education receiv$ = ! previ\s academic ye>1 disaggregat$ by-- 7,i7 educational assi/ance 9 ! =m ( a loan provid$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq472 7,,ii7 educational assi/ance 9 ! =m ( a grant provid$ "u title ,,iv ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajgj et seq472 7,,iii7 educational assi/ance provid$ "u *apt] #cc ( title #ch1 ,unit$ ,/ates ,code2 7,,iv7 tuition assi/ance provid$ "u section #bjjg ( title #aj1 ,unit$ ,/ates ,code2 7,v7 assi/ance provid$ "u section #aghd;a ( title #aj1 ,unit$ ,/ates ,code2 & 7,,vi7 ,f$]al education assi/ance n describ$ 9 subclauses 7,i7 ?r\gh 7,v72 7iii7 ! p]c5tage ( ! total am\nt ( ,f$]al education assi/ance provid$ to in/itutions ( high] education 7z def9$ 9 section #ajb ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajjb77 = su* previ\s academic ye> = ea* ( ! programs describ$ 9 subclauses 7,i7 ?r\gh 7,v7 ( clause 7ii7 t reflects su* total am\nt ( ,f$]al education assi/ance provid$ to propriet>y in/itutions ( high] education = su* previ\s academic ye> = ea* ( su* programs2 7iv7 ! av]age ret5tion & graduation rates = /ud5ts pursu+ a degree at propriet>y in/itutions ( high] education2 7v7 ! av]age cohort default rate 7z def9$ 9 section #dce7m7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhe7m77 = propriet>y in/itutions ( high] education1 & an annual li/ ( cohort default rates 7z def9$ 9 su* section7 = all propriet>y in/itutions ( high] education2 7vi7 = c>e]s requir+ ! passage ( a lic5s+ exam9ation-- 7,i7 ! passage rate ( individuals :o att5d$ a propriet>y in/itution ( high] education tak+ su* exam9ation to pursue su* a c>e]2 & 7,,ii7 ! passage rate ( all individuals tak+ su* exam to pursue su* a c>e]2 & 7vii7 ! use ( private education loans at propriet>y in/itutions ( high] education t includes-- 7,i7 an e/imate ( ! total numb] ( su* loans2 & 7,,ii7 in=mation on ! av]age debt1 default rate1 & int]e/ rate ( su* loans4 7,b7 ,data on publicly trad$ corporations 7i7 ,9 g5]al ,! report %all include data on propriet>y in/itutions ( high] education t are publicly trad$ corporations1 consi/+ ( in=mation on-- 7,i7 any pre-tax pr(it ( su* propriet>y in/itutions ( high] education-- 7aa7 report$ z a total am\nt & an av]age p]c5t ( rev5ue = all su* propriet>y in/itutions ( high] education2 & 7bb7 report$ = ea* su* propriet>y in/itution ( high] education2 7,,ii7 rev5ue = su* propriet>y in/itutions ( high] education sp5t on recruit+ & m>ket+ activities1 /ud5t in/ruction1 & /ud5t support s]vices1 report$-- 7aa7 z a total am\nt & an av]age p]c5t ( rev5ue = all su* propriet>y in/itutions ( high] education2 & 7bb7 = ea* su* propriet>y in/itution ( high] education2 7,,iii7 total comp5sation packages ( ! executive (fic]s ( ea* su* propriet>y in/itution ( high] education2 7,,iv7 a li/ ( in/itutional loan programs (f]$ by ea* su* propriet>y in/itution ( high] education t includes in=mation on ! default & int]e/ rates ( su* programs2 & 7,v7 ! data describ$ 9 clauses 7ii7 & 7iii74 7ii7 ,disaggregat$ by own]%ip ,! report %all include data on propriet>y in/itutions ( high] education t are publicly trad$ corporations1 disaggregat$ by corporate or p>5t entity1 br& "n1 & campus1 consi/+ (-- 7,i7 ! total co/ ( att5dance = ea* program at ea* su* propriet>y in/itution ( high] education1 & in=mation comp>+ su* total co/ = ea* su* program to-- 7aa7 ! total co/ ( att5dance = ea* program at ea* public in/itution ( high] education2 & 7bb7 ! av]age total co/ ( att5dance = ea* program at all in/itutions ( high] education1 includ+ su* in/itutions t are public & su* in/itutions t are private2 7,,ii7 total enrollm5t1 disaggregated by-- 7aa7 individuals enroll$ 9 programs tak5 onl9e2 & 7bb7 individuals enroll$ 9 programs t are n tak5 onl9e2 7,,iii7 ! av]age ret5tion & graduation rates = /ud5ts pursu+ a degree at su* propriet>y in/itutions ( high] education2 7,,iv7 ! p]c5tage ( /ud5ts enroll$ 9 su* propriet>y in/itutions ( high] education :o complete a program ( su* an in/itution )9-- 7aa7 ! /&>d p]iod ( completion = su* program2 & 7bb7 a p]iod t is #aej p]c5t ( su* /&>d p]iod ( completion2 7,v7 ! total co/ ( att5dance = ea* program at su* propriet>y in/itutions ( high] education2 7,,vi7 ! av]age cohort default rate1 z def9$ 9 section #dce7m7 ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajhe7m771 = su* propriet>y in/itutions ( high] education1 & an annual li/ ( cohort default rates 7z def9$ 9 su* section7 = all propriet>y in/itutions ( high] education2 7,,vii7 ! m$ian educational debt incurr$ by /ud5ts :o complete a program at su* a propriet>y in/itution ( high] education2 7,,viii7 ! m$ian educational debt incurr$ by /ud5ts :o />t b d n complete a program at su* a propriet>y in/itution ( high] education2 7,,ix7 ! job placem5t rate = /ud5ts :o complete a program at su* a propriet>y in/itution ( high] education & ! type ( employm5t obta9$ by su* /ud5ts2 7,x7 = c>e]s requir+ ! passage ( a lic5s+ exam9ation1 ! rate ( individuals :o att5d$ su* a propriet>y in/itution ( high] education & pass$ su* an exam9ation2 & 7,,xi7 ! numb] ( compla9ts f /ud5ts enroll$ 9 su* propriet>y in/itutions ( high] education :o h submitt$ a compla9t to any memb] entity ( ! ,committee4 7iii7 ,dep>tm5t ( ,def5se & ,vet]ans ,affairs assi/ance 7,i7 ,9 g5]al ,to ! ext5t practicable1 ! report %all provide in=mation on ! data describ$ 9 clause 7ii7 = individuals us+1 to pay = ! co/s ( att5d+ su* a propriet>y in/itution ( high] education1 ,f$]al education assi/ance provid$ "u-- 7aa7 *apt] #cc ( title #ch1 ,unit$ ,/ates ,code2 7bb7 section #bjjg ( title #aj1 ,unit$ ,/ates ,code2 & 7cc7 section #aghd;a ( title #aj1 ,unit$ ,/ates ,code4 7,,ii7 ,rev5ue ,! report %all provide in=mation on ! rev5ue ( propriet>y in/itutions ( high] education t are publicly trad$ corporations t is d]iv$ f ! ,f$]al education assi/ance describ$ 9 subclause 7,i74 7,c7 ,comp>ison data ,to ! ext5t practicable1 ! report %all provide in=mation comp>+ ! data describ$ 9 subp>agraph 7,b7 = propriet>y in/itutions ( high] education t are publicly trad$ corporations ) su* data = public in/itutions ( high] education disaggregat$ by ,/ate4 7#c7 ,acc\nt+ ( any action ,= ! purposes ( p>agraph 7#a77;,a71 ! t]m any action %all include-- 7,a7 a compla9t fil$ by a ,f$]al or ,/ate ag5cy 9 a local1 ,/ate1 ,f$]al1 or tribal c\rt2 7,b7 an adm9i/rative proce$+ by a ,f$]al or ,/ate ag5cy involv+ noncompliance ( any applicable law or regulation2 or 7,c7 any o!r review1 audit1 or adm9i/rative process by any ,f$]al or ,/ate ag5cy t results 9 a p5alty1 susp5sion1 or t]m9ation f any ,f$]al or ,/ate program4 #f4 ,=-pr(it college w>n+ li/ = p>5ts & /ud5ts 7a7 ,9 g5]al ,ea* academic ye>1 ! ,committee %all publi% a li/ to be kn[n z ! ,=-,pr(it ,college ,w>n+ ,li/ = ,p>5ts & ,/ud5ts to be compris$ ( propriet>y in/itutions ( high] education-- 7#a7 t h engag$ 9 illegal activity dur+ ! previ\s academic ye> z det]m9$ by a ,f$]al or ,/ate c\rt2 7#b7 t h ent]$ into a settlem5t result+ 9 a monet>y paym5t2 7#c7 t h _h any high] education program )drawn or susp5d$2 or 7#d7 = :i* ! ,committee has suffici5t evid5ce ( widespread or sy/emic unfair1 deceptive1 abusive1 une?ical1 fraudul5t1 or pr$atory practices1 policies1 or proc$ures t pose a ?reat to ! academic success1 f9ancial security1 or g5]al be/ int]e/ ( /ud5ts4 7b7 ,det]m9ations ,9 mak+ a det]m9ation pursuant to subsection 7a77#d71 ! ,committee may consid] evid5ce t includes ! foll[+3 7#a7 ,any consum] compla9t collect$ by any memb] entity ( ! ,committee4 7#b7 ,any compla9t fil$ by a ,f$]al or ,/ate ag5cy 9 a ,f$]al1 ,/ate1 local1 or tribal c\rt4 7#c7 ,any adm9i/rative proce$+ by a ,f$]al or ,/ate ag5cy involv+ noncompliance ( any applicable law or regulation4 7#d7 ,any o!r review1 audit1 or adm9i/rative process by any ,f$]al or ,/ate ag5cy t results 9 a p5alty1 susp5sion1 or t]m9ation f any ,f$]al or ,/ate program4 7#e7 ,data or in=mation submitt$ by a propriet>y in/itution ( high] education to any accr$it+ ag5cy or association recogniz$ by ! ,secret>y ( ,education pursuant to section #dif ( ! ,high] ,education ,act ( #aife 7#bj ,u4,s4,c4 #ajii;b7 or ! f9d+s or adv]se actions ( any su* accr$it+ ag5cy or association4 7#f7 ,in=mation submitt$ by a propriet>y in/itution ( high] education to any memb] entity ( ! ,committee4 7#g7 ,any o!r evid5ce t ! ,committee det]m9es relevant 9 mak+ a det]m9ation pursuant to subsection 7a77#d74 7c7 ,publication ,n lat] ?an ,july #a ( ea* fiscal ye>1 ! ,committee %all publi% ! li/ describ$ 9 subsection 7a7 prom95tly & 9 a mann] t is easily accessible to p>5ts1 /ud5ts1 & o!r /akehold]s 9 accordance ) any be/ practices develop$ "u section #c7;b77#e74