,,iii  #aag? ,,congress  #a/ ,session   
,s4 ,,res4 #df  ,,9 ,,! ,,s5ate ,,( ,,! 
,,unit$ ,,/ates  ,febru>y #h1 #bjba,mr4 
,s*um] 7= himself1 ,ms4 ,w>r51 ,mr4     
,br[n1 ,mr4 ,durb91 ,ms4 ,duckwor?1 ,mr4
 ,m]kley1 ,mr4 ,m>key1 ,mr4 ,van ,holl51
 ,mr4 ,s*atz1 ,mr4 ,blum5?al1 ,mr4      
,book]1 ,mr4 ,wyd51 ,mr4 ,lujn1 ,mr4    
,m55dez1 ,mr4 ,s&]s1 & ,mr4 ,oss(f7     
submitt$ ! foll[+ resolution2 :i* 0     
ref]r$ to ! ,committee on ,heal?1       
,education1 ,labor1 & ,p5sions          
,,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 ,black &     
,br[n communities1 :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 ,black &
 ,br[n borr[]s1 :o face ! wor/ effects (
 ! /ud5t debt crisis1 )-- 7#a7 ,black   
h\seholds disproportionately hold+ ! mo/
 debt1 comp>$ to o!r h\seholds2  7#b7   

,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#c7 ,black /ud5t borr[]s       
/ruggl+ m 9 /ud5t loan repaym5t1 includ+
 default+ at high] rates ?an _! ,:ite   
pe]s2  7#d7 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#e7 !    
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#f7   
,lat9o /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
  7#g7 )9 #f ye>s ( />t+ s*ool1 ,lat9o  
borr[]s are almo/ twice z likely to     
default on _! /ud5t loans1 9 comp>ison  
to _! ,:ite pe]s2 &  7#h7 wom5 ( color1 
p>ticul>ly ,black wom51 on av]age take  

on m /ud5t loan debt ?an memb]s ( any   
o!r gr\p & are m likely to face         
difficulties repay+ /ud5t loans2 ,:]eas 
p>5ts1 gr&p>5ts1 & old] individuals are 
especially vuln]able to ! burd5 ( /ud5t 
loan debt1 z p ov] ! age ( #ej are mo/  
likely to default on _! /ud5t loans &   
ov] #aad1jjj retir$ p h _h _! ,social   
,security b5efits g>ni%$ due to _! /ud5t
 loans2 ,:]eas almo/ #a_/c ( ! out/&+   
,f$]al /ud5t loan debt is held by       
individuals :o did n complete _! degree 
or program1 & ne>ly #dj p]c5t ( ,f$]al  
/ud5t loan borr[]s h no degree #f ye>s  
aft] enroll+ 9 college2 ,:]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$]al levels2 ,:]eas /ud5t loan
 debt cancellation = ! families t ne$ x 
mo/ c sub/antially increase ,black &    
,lat9o 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$1 ! /ud5t debt crisis
 w wors5 inequality1 exac]bate ! curr5t 
recession1 wid5 ! racial weal? gap1 &   
sl[ economic recov]y2 ,:]eas broad /ud5t
 loan debt cancellation is ! mo/        
effici5t & effective solution to our    
/ud5t debt crisis1 w\ld help millions ( 
families1 & w\ld remove a significant   
drag hold+ back our economy2 ,:]eas     
broad /ud5t loan debt cancellation w\ld 
provide imm$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 loan 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 m ?an #bcj community1  
civil rights1 consum]1 & /ud5t advocacy 
organizations h urg$ /ud5t loan debt    
cancellation = all borr[]s 9 response to
 ! ,,covid-#ai p&emic public heal? &    
economic crises2 ,:]eas cancel+ up to   
#ej1jjj 9 ,f$]al /ud5t loan debt p]     
borr[] is ! mo/ equitable way to ensure 
! b5efits ( cancellation rea* ! borr[]s 
mo/ 9 ne$ ( relief because t action w\ld
 lift a disproportionate numb] (        
l[-income borr[]s & ,black & ,lat9o     
borr[]s completely out ( /ud5t debt1    
includ+ ne>ly #ij p]c5t ( all borr[]s 9 
! l[e/ income qu9tile & ov] #ij p]c5t ( 
,black & ,lat9o borr[]s 9 ! l[e/ income 
qu>tile2 ,:]eas borr[]s :o w\ld receive 
full /ud5t loan debt cancellation if !  
,f$]al ,gov]nm5t cancel$ #ej1jjj p]     
borr[] 9 /ud5t loan debt h l[] income & 
assets ?an ! borr[]s :o w\ld receive    
p>tial cancellation if ! ,f$]al         
,gov]nm5t took t action2 ,:]eas         
,congress has already grant$ ! ,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 ,:]eas1 9 #bjbj1 ! ,dep>tm5t 
( ,education 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 ! ,s5ate-- 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 loan 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