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Category: Legislation

Senate focuses on Farm Bill and House focuses on Student Loans for the bulk of the week

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The Senate and House continue to work though legislation that respective committees addressed last week.

The full Senate will consider the Farm Bill (S 954), which the Senate Agriculture Committee passed last week. The Farm Bill reauthorization , which would overhaul farm subsidies and food stamp programs, is expected to be considered by the Senate for the bulk of the floor action this week and again after the Memorial Day recess as well.

The full House is expected to consider and pass two bills passed by the House Education and Workforce Committee last week. First, HR 1949, the IPEDS Act is expected to pass on Wednesday of this week as a Suspension bill — or a bill that is considered a noncontroversial measure. Then, on Thursday, the House will consider  HR 1911, the Smarter Solutions for Students Act. This legislation would set interest rates on federal student loans to the 10-year Treasury note rate plus 2.5 percentage points for undergraduate loans and plus 4.5 percentage points for graduate loans as of July 1. Rates would be capped at 8.5 percent and 10.5 percent, respectively, and the interest rates would be calculated yearly. Amendments are expected to be offered to the bill.

The Office of Federal Relations is monitoring both bills closely and will continue tracking their progress.

This Week in Congress

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An overview of House and Senate Committee Hearings and Markups on the schedule this week.

TUESDAY, MAY 21st

House Appropriations
FISCAL 2014 APPROPRIATIONS: 302(B) ALLOCATIONS
May 21, 11 a.m., 2359 Rayburn Bldg
Full Committee Markup

House Education & the Workforce
FISCAL 2014 BUDGET: DEPARTMENT OF EDUCATION
May 21, 10 a.m., 2175 Rayburn Bldg
Full Committee Hearing

WEDNESDAY, MAY 22nd

Senate Appropriations
2014 APPROPRIATIONS: DEFENSE
May 22, 10 a.m., 192 Dirksen Bldg
Subcommittee Hearing

Senate Appropriations
2014 APPROPRIATIONS: INTERIOR AND ENVIRONMENT
May 22, 9:30 a.m., 124 Dirksen Bldg
Subcommittee Hearing

Senate Commerce, Science & Transportation
SECRETARY OF TRANSPORTATION NOMINATION
May 22, 2:30 p.m., 253 Russell Bldg
Full Committee Confirmation Hearing

House Judiciary
IMMIGRATION MODERNIZATION ACT
May 22, 2 p.m., 2141 Rayburn Bldg
Full Committee Hearing

THURSDAY, MAY 23rd

Senate Appropriations
2014 APPROPRIATIONS: AGRICULTURE, RURAL, FDA
May 23, 10 a.m., 124 Dirksen Bldg
Subcommittee Hearing

Senate Commerce, Science & Transportation
SECRETARY OF COMMERCE NOMINATION
May 23, 11 a.m., 253 Russell Bldg
Full Committee Confirmation Hearing

House Committee Moves on Student Loan Fix

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Today, the House Education and the Workforce Committee marked up and two measures on to improve college costs and data transparency. The committee modestly amended and approved HR 1911, the Smarter Solutions for Students Act by a vote of 24-13, which ran largely along party lines. The amended HR 1911 would peg interest rates on all federal student loans, except Perkins loans, to the 10-year Treasury note rate plus 2.5 percentage points for undergraduate loans with a cap of 8.5 percent and plus 4.5 percentage points for graduate loans with a cap of 10.5 percent. Interest rates would be calculated and reset yearly.

The committee also marked up and approved HR 1949, the Improving Postsecondary Education Data Act for Students (IPEDS Act). The legislation would create a committee under the Department of Education to conduct a study on the factors students and families want, need, and already consider when choosing a higher education institution. This committee has a year to issue recommendations to assist congressional efforts to reauthorize the Higher Education Act.

The Office of Federal Relations is closely tracking this legislation and continues to work on this issue.

For more information on HR 1911, the Smarter Solutions for Students Act.

For more information on HR 1949, the IPEDS Act.

Charting the student loan interest rate proposals

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As the Office of Federal Relations continues to track the proposals and progress made on legislation affecting the student loan interest rate, below is a chart highlighting the proposals to date and major proposals.

Options continue to multiply as the July 1 deadline raising the 3.4 percent interest rate to 6.4 percent is quickly approaching. Soon, colleges will begin originating loans for the fall semester not long afterward. Congressional insiders predict that if the rate is allowed to double, Congressional Republicans will likely lose their appetite for addressing the issue because students will not feel the impact immediately.

The many options, and the apparent disagreement among Senate Democrats and the White House, mean that the fate of any successful bill may rest on the House’s ability to pass a measure that will then be amended in the Senate. Further, it puts the Obama administration in the unusual position of being allied most closely with Congressional Republicans, making the some of the most unusual bedfellows.

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Farm Bill goes to mark up

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Both the House and Senate Agriculture Committees are working on the Farm Bill this week. The respective farm bills scheduled to be marked up in Senate Agriculture on Tuesday and House Agriculture on Wednesday. The draft House plan released on Friday would save a projected $39.7 billion over a decade through reductions to nutrition programs, farm and crop insurance, and conservation efforts. Like the Senate bill (S.10), it would eliminate yearly direct payments to farmers and shift financial risk management away from traditional subsidies to insurance-based alternatives.

The UW’s School of Environment and Forest Studies is impacted by the legislation’s Research (Title VII) and Forestry (Title VIII) titles. The Office of Federal Relations is monitoring the progress and changes of each bill as it goes through the legislative process.

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