Student Debt Plan

This week, President Biden came to Madison to speak on his latest student loan repayment plan. As college costs have increased, student loans now total $1.6 trillion. We need to bring college costs down.

The Biden administration is planning to cancel up to $20,000 in interest charges. If the President’s plan is implemented, individual borrowers who earn $120,000 or less and married couples who make $240,000 or less are eligible for forgiveness of the entire amount that their loan balance has increased beyond the principal. President Biden’s plan is estimated to cost taxpayers $84 billion. Click here to read more about President Biden’s plan.

President Biden’s previous student debt plan was declared unconstitutional by the Supreme Court. The court decided the proposal needs to be considered by Congress, not put into place by the executive branch. I agreed with the court that the President did not have the authority to implement such a big plan and I do not believe this new plan is constitutional either.

Beyond Constitutional concerns, I believe it is unfair to require people who never went to college or who paid for their own cost of tuition to now pay off the debts of others. On top of that, with inflation continuing to drive prices higher for working families, many economists are concerned that additional spending programs like this will make the problem worse.

There is a better approach to address this issue that focuses on controlling costs. As a former regent of the University of Wisconsin system, I was directly responsible for overseeing higher education budgets. While on the board, we never once raised undergraduate in-state tuition. Click HERE to read an article I wrote about my concerns with President Biden's plan and what I would do to lower the cost of college.

Cutting Wasteful Government Spending

Currently, the Library of Congress is required to prepare hardbound versions of the Constitution Annotated and supplements. These large, bound books cost taxpayers a million dollars every time they are printed.

This week, I led the House Administration Committee during a subcommittee markup to review a bill to switch the requirement for the library to instead prepare digital versions and publish them online. Not only is switching to a digital version more affordable, it is much easier to access online.

Passing this bill was a small win in the large scheme of government spending, but every dollar counts. I will continue to take all the necessary steps to cut wasteful government spending.

Watch the full committee markup here.

Supporting Employers

On March 6, 2024, the Securities and Exchange Commission (SEC) voted 3-2 to adopt a rule that impacts climate reporting. The rule imposes new reporting requirements on thousands of companies that will hurt workers and investors. Ultimately, everyday Americans will bear the costs of this rule. Impacted companies will hire fewer employees, raise prices to compensate for higher compliance costs, or avoid going public in response to the rule.

This week, in a Financial Services Committee hearing, I highlighted the problems with the rule, including its expected consequences on public companies, their employees, and investors.

Watch the full hearing here.

Meeting with Some of Wisconsin's Finest

It’s always great to meet you in person in Wisconsin or in D.C. - like these three junior chefs I met at the Burlington Mason Lodge Pancake Breakfast last weekend! Even if our paths don’t cross in person, you can always contact me through my website by clicking here. I look forward to hearing from you!

Every week I am grateful to have Wisconsinites representing organizations from across the state visit my office to share their thoughts on federal issues. Recently, I was joined by the American Dental Association, American Water Works Association, and the Alzheimer’s Association.

All three organizations work on issues that have a direct impact on the everyday lives of American families. Quality dental care, access to clean water, and the health of our loved ones is vital to each of us. I appreciate the input I received from these Wisconsinites visiting Washington and I encourage you to reach out to me to share your thoughts on these and other federal issues.

On Wisconsin,

Bryan Steil
Member of Congress

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