,,iv  #aaf? ,,congress  #b;d ,session   
,h4 ,,res4 #abfi  ,,9 ,,! ,,h\se ,,(    
,,repres5tatives  ,decemb] #ag1         
#bjbj,ms4 ,pressley 7= h]self1 ,ms4     
,om>1 ,ms4 ,adams1 ,ms4 ,wat]s1 ,ms4    
,dean1 ,ms4 ,lee ( ,cali=nia1 ,ms4      
,jayapal1 & ,mrs4 ,hayes7 submitt$ !    
foll[+ resolution2 :i* 0 ref]r$ to !    
,committee on ,education & ,labor1 & 9  
addition to ! ,committee on ,ways &     
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$    
,,resolution  ,call+ on ! ,presid5t ( ! 
,unit$ ,/ates to take ,executive action 
to broadly cancel ,f$]al /ud5t loan     
debt4  ,:]eas ! ,unit$ ,/ates is fac+   
hi/oric public heal? & economic crises  
caus$ by ! coronavirus 7,,covid-#ai7    
p&emic t ?reat5s ! f9ancial well-be+ (  
ne>ly e ,am]ican family2 ,:]eas ev5 be=e
 ! ,,covid-#ai p&emic1 ! ,unit$ ,/ates  
also fac$ a hi/oric /ud5t loan crisis1  
:i* is curr5tly hold+ back our /ruggl+  

economy & re/rict+ opportunity &        
prosp]ity = millions ( ,am]ican         
families2 ,:]eas ne>ly #dc1jjj1jjj      
,am]icans curr5tly hold m ?an           
#a1ejj1jjj1jjj1jjj 9 ,f$]al /ud5t loan  
debt2 ,:]eas m ?an #i1jjj1jjj ,f$]al    
/ud5t loan borr[]s are curr5tly 9       
default on ^? ,f$]al /ud5t loans2 ,:]eas
 ! ,,covid-#ai economic recession &     
hi/oric unemploym5t h comp\nd$ /agnant  
wages1 labor m>ket discrim9ation1 & ris+
 co/s ( liv+1 mak+ x ne>ly impossible = 
_m ,am]icans to ev] fully repay _! /ud5t
 loans2 ,:]eas ?is hi/oric /ud5t debt   
crisis has left millions ( ,am]icans    
less prep>$ to wea!r ! recession trigg]$
 by ! ,,covid-#ai p&emic z communities (
 color1 :i* nev] fully recov]$ f !      
deva/at+ effects ( ! previ\s economic   
recession1 h be5 hit h>de/ by ! deva/at+
 heal? & economic consequ5ces ( !       
,,covid-#ai p&emic2 ,:]eas /ud5t debt   
disproportionately impacts borr[]s (    
color1 :o face ! wor/ effects ( ! /ud5t 
debt crisis1 )-- 7#a7 ,black /ud5ts1 due

 to ongo+ /ructural b>ri]s t h result$ 9
 p]si/5t racial inequities 9 incomes &  
weal?1 =c$ to accrue m /ud5t debt & m   
(t5 ?an _! ,:ite pe]s2  7#b7 ,black     
/ud5t borr[]s /ruggl+ m 9 /ud5t loan    
repaym5t1 includ+ default+ at high]     
rates ?an _! ,:ite pe]s2  7#c7 ne>ly    
half ( ,black graduates ow+ m on _!     
und]graduate /ud5t loans #d ye>s aft]   
graduation ?an !y did :5 !y receiv$ _!  
degree2  7#d7 ! m$ian ,black /ud5t      
borr[] ow+ #ie p]c5t ( _! debt #bj ye>s 
aft] />t+ college1 :ile ! m$ian ,:ite   
/ud5t borr[] ow+ #f p]c5t ( _! debt aft]
 su* p]iod2 &  7#e7 ,lat9x /ud5t        
borr[]s1 :o borr[ at rates simil> to _! 
,:ite pe]s despite hav+ l[] h\sehold    
incomes & significantly less h\sehold   
weal?1 are m likely ?an _! ,:ite pe]s to
 default on _! /ud5t loans2 ,:]eas      
,black /ud5ts & o!r /ud5ts :o h att5d$  
hi/orically ,black colleges &           
univ]sities h _h to be> a l>g] %>e (    
/ud5t loan debt because ( ! hi/oric &   
cont9u$ und]fund+ ( ^! in/itutions at ! 

,/ate & ,f$]al levels2 ,:]eas /ud5t debt
 cancellation = ! families t ne$ x mo/ c
 sub/antially increase ,black & ,lat9x  
h\sehold weal? & help close racial weal?
 gaps2 ,:]eas wom5 hold m ?an two-?irds 
( ! ,nation's /ud5t loan debt & mu/     
borr[ an av]age ( #c1jjj m ?an m5 to    
att5d high] education2 ,:]eas1 if left  
unaddress$1 ! /ud5t debt crisis w wors5 
inequality1 exac]bate ! curr5t          
recession1 wid5 ! racial weal? gap1 &   
sl[ economic recov]y2 ,:]eas broad /ud5t
 debt cancellation is ! mo/ effici5t &  
effective solution to our /ud5t debt    
crisis1 w\ld help millions ( families1 &
 w\ld remove a significant drag hold+   
back our economy2 ,:]eas broad /ud5t    
debt cancellation w\ld provide imm$iate 
relief to millions ( ,am]ican families  
:o are /ruggl+ dur+ ?is p&emic &        
recession1 & prev5t !m f hav+ an        
unsu/a9able /ud5t debt burd5 wait+ = !m 
once ?is p&emic is ov]2 ,:]eas broad    
/ud5t debt cancellation w\ld provide a  
boo/ to our /ruggl+ economy ?r\gh a     

consum]-driv5 economic /imulus1 great]  
home-buy+ rates & h\s+ /ability1 exp&$  
access to m af=dable f9ancial products  
includ+ c> loans & mortgages1 high]     
college completion rates1 & great] small
 bus9ess =mation2 ,:]eas :ile ,presid5t 
,donald ,j4 ,trump's ,memor&um on       
,cont9u$ ,/ud5t ,loan ,paym5t ,relief   
,dur+ ! ,,covid-#ai ,p&emic1 issu$      
,augu/ #h1 #bjbj1 0 ext5d$ until ,janu>y
 #ca1 #bjba1 millions ( borr[]s cont9ue 
to exp]i5ce unprec$5t$ economic         
insecurity1 face "o ( ! t\ghe/ job      
m>kets 9 rec5t hi/ory & w cont9ue to ne$
 long-t]m relief2 ,:]eas m ?an #ajj     
community1 civil rights1 consum]1 &     
/ud5t advocacy organizations h urg$     
/ud5t debt cancellation = all borr[]s 9 
response to ! ,,covid-#ai p&emic public 
heal? & economic crises2 ,:]eas         
,congress has already grant$ ! ,secret>y
 ( ,education ! legal au?ority to       
broadly cancel /ud5t debt "u section    
#dcb7;a7 ( ! ,high] ,education ,act (   
#aife 7#bj ,u4,s4,c4 #ajhb7;a771 :i*    

grants ! ,secret>y ! au?ority to modify1
 ''' compromise1 waive1 or release any  
"r1 title1 claim1 li51 or dem&1 h[ev]   
acquir$1 includ+ any equity or any "r ( 
r$emption2 ,:]eas ! ,dep>tm5t (         
,education has report$ly us$ ?is        
au?ority to implem5t relief = ,f$]al    
/ud5t loan borr[]s dur+ ! ,,covid-#ai   
p&emic2 & ,:]eas1 on ,june #bi1 #bjbj1  
,presid5t ,donald ,j4 ,trump1 ) !       
support ( ,secret>y ( ,education ,betsy 
,de,vos1 veto$ ,h4,j4 ,res4 #gf ,provid+
 = congressional disapproval "u *apt] #h
 ( title #e1 ,unit$ ,/ates ,code1 ( !   
rule submitt$ by ! ,dep>tm5t (          
,education relat+ to ,borr[] ,def5se    
,in/itutional ,acc\ntability1 block+ a  
resolution t pass$ ,congress ) bip>tisan
 support to ov]turn a ,dep>tm5t (       
,education rule t makes x h>d] =        
defraud$ ,f$]al /ud5t loan borr[]s to   
see _! loans dis*>g$3 ,n[1 !re=e1 be x  
,t ! ,h\se ( ,repres5tatives-- 7#a7     
recognizes ! ,secret>y ( ,education's   
broad adm9i/rative au?ority to cancel   

,f$]al /ud5t loan debt "u ! exi/+       
au?orities ( section #dcb7;a7 ( ! ,high]
 ,education ,act ( #aife 7#bj ,u4,s4,c4 
#ajhb7;a772  7#b7 calls on ! ,presid5t (
 ! ,unit$ ,/ates to take ,executive     
action to broadly cancel up to #ej1jjj 9
 ,f$]al /ud5t loan debt = ,f$]al /ud5t  
loan borr[]s adm9i/ratively us+ exi/+   
legal au?orities "u su* section         
#dcb7;a71 & any o!r au?orities available
 "u ! law2  7#c7 enc\rages ! ,presid5t (
 ! ,unit$ ,/ates1 9 tak+ su* ,executive 
action1 to use ! ,executive's au?ority  
"u ! ,int]nal ,rev5ue ,code ( #aihf to  
ensure no tax liability = ,f$]al /ud5t  
loan borr[]s result+ f adm9i/rative debt
 cancellation2  7#d7 enc\rages !        
,presid5t ( ! ,unit$ ,/ates1 9 tak+ su* 
,executive action1 to ensure t          
adm9i/rative debt cancellation helps    
close racial weal? gaps & avoids ! bulk 
( ,f$]al /ud5t debt cancellation b5efits
 accru+ to ! weal?ie/ borr[]s2 &  7#e7  
enc\rages ! ,presid5t ( ! ,unit$ ,/ates 
to cont9ue to pause /ud5t loan paym5ts &

 int]e/ accumulation = ,f$]al /ud5t loan
 borr[]s = ! entire duration ( !        
,,covid-#ai p&emic4