September 18, 2009

Education

On Thursday, the House considered H.R. 3221: the Student Aid and Financial Responsibility Act of 2009. This important legislation will help make college more affordable while increasing graduation rates and access to cutting-edge job skills education.

The nonpartisan Congressional Budget Office estimates that H.R. 3221 will save the federal government $87 billion by phasing out the Federal Family Education Loan Program and instead issuing all federal student lending through the Direct Loan Program. The bill also increases the maximum Pell Grant award to $5,500 in Fiscal Year 2010 and to $6,900 over the next 10 years by indexing it to the rate of inflation, which will help families better keep up with rising tuition costs.

Under this legislation, the Free Application for Federal Student Aid (FAFSA) will be simplified. Community colleges will be encouraged to expand their programs and modernize their campuses to accommodate increased enrollments prompted by the economic downturn. They are often the most affordable opportunity and their flexible schedules permit students to both work and study. Early childhood education will also receive a boost in the form of grants to States to expand standards-based early learning programs and help train the next generation of early care and education providers.

I voted YES. H.R. 3221 passed in the House and the entire vote is recorded below:

Energy Efficient Vehicles

The House also took up H.R. 3246: the Advanced Vehicle Technology Act of 2009. This legislation would institute a $2.9 billion research & development program at the Department of Energy to find ways to reduce car and truck gas usage and emissions. The Department is instructed to give particular emphasis to increasing efficiency in heavy trucks because most research to date has studied passenger cars. This bill authorizes the program for five years and will focus the government’s efforts in the field of fuel efficiency and emissions reduction.

I voted YES. H.R. 3246 passed and the entire vote is recorded below:

Wall Street Reform

A year ago this week, we watched, stunned, as some of the largest financial institutions collapsed, creating significant turmoil in every segment of our economy. Not long before that, the Treasury Secretary and the Federal Reserve were consumed with the triage of Bear Stearns, Fannie Mae, Freddie Mac, and AIG. Since then, Congress has taken major steps to stabilize the economy immediately and avert a deepening crisis, while we work to develop long-term remedies. Economists have expressed confidence that the economy is now recovering.

Nonetheless, Congress must continue to work on the task at hand. As a Member of the House Financial Services Committee, I have been working tirelessly on financial market reforms. Many of my colleagues and I feel strongly that we must create a process to assess future systemic risks and to strengthen consumer protections. The Committee is working to require oversight and transparency of unregulated financial entities and ensure accountability in credit ratings. Most importantly, we must provide assurances that the excesses that caused this crisis cannot be repeated. I fully expect that, as Congress continues its work this fall, the Committee will take up legislation on many of these changes.

What's Up Next

Next week the House is expected to consider H.R. 3548: Unemployment Compensation Extension Act of 2009, and a resolution to make continuing appropriations for Fiscal Year 2010.