summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
113th Congress
Bill Summary
Bank on Students Loan Fairness Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Board of Governors of the Federal Reserve System to provide the Secretary of Education, from the combined earnings of the Federal Reserve System, with the amount the Secretary determines to be reasonably necessary to award Direct Stafford Loans during the award year beginning July 1, 2013, to all eligible students attending participating institutions of higher education selected by the Secretary. Prohibits appropriated funds from being used for Direct Stafford Loans made during that period. Sets the interest rate on Direct Stafford Loans first disbursed on or after July 1, 2013, and before July 1, 2014, at the primary credit rate charged by the Federal Reserve banks on July 1, 2013.
AI Summary
This bill, the Bank on Students Loan Fairness Act, aims to prevent a doubling of interest rates on federal student loans for the 2013-2014 academic year by directing the Board of Governors of the Federal Reserve System to provide funds from its earnings to the Secretary of Education for Direct Stafford Loans, which are federal student loans. These loans will be administered by the Secretary and will not use appropriated funds. Crucially, for Direct Stafford Loans with a first disbursement between July 1, 2013, and July 1, 2014, the interest rate will be set at the primary credit rate charged by Federal Reserve banks on July 1, 2013, a rate typically offered to banks.
Committee Categories
Education
Sponsors (26)
John Tierney (D)*,
Earl Blumenauer (D),
David Cicilline (D),
Katherine Clark (D),
John Conyers (D),
Elijah Cummings (D),
Peter DeFazio (D),
Diana DeGette (D),
Keith Ellison (D),
John Garamendi (D),
Alan Grayson (D),
Raúl Grijalva (D),
Rush Holt (D),
Joseph Kennedy (D),
Ron Kind (D),
Ann Kuster (D),
Barbara Lee (D),
Nita Lowey (D),
Ed Markey (D),
Jim McDermott (D),
Allyson Schwartz (D),
David Scott (D),
Carol Shea-Porter (D),
Maxine Waters (D),
Henry Waxman (D),
John Yarmuth (D),
Last Action
Referred to the Subcommittee on Higher Education and Workforce Training. (on 07/08/2013)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/113th-congress/house-bill/1979/all-info | 05/15/2013 |
| BillText | http://gpo.gov/fdsys/pkg/BILLS-113hr1979ih/pdf/BILLS-113hr1979ih.pdf | 05/17/2013 |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-113hr1979ih/pdf/BILLS-113hr1979ih.pdf.pdf | 05/17/2013 |
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