NATIONAL (WEHT) – Senator Mike Braun, joined Senators Rick Scott, Cynthia Lummis, and John Barrasso in introducing legislation to prevent the Biden administration from enacting a blanket cancellation of student loans.

Sen. Braun’s office says the Debt Cancellation Accountability Act will require the U.S. Department of Education to obtain an express appropriation from Congress to pay for any federal student loan debts the Department proposes to waive, discharge, or otherwise reduce whenever granted to two or more borrowers in an amount greater than $1,000,000, rather than on a case-by-case basis. 

“The Biden administration’s plan to ‘cancel’ millions in student loans will shift the debt of disproportionally higher-earning borrowers onto every American. This blatant wealth redistribution will only make inflation worse at a time when millions of Americans are already feeling the burden of record-high inflation. I’m glad to join Senator Scott on the Debt Cancellation Accountability Act to prevent the Biden administration from this executive overreach.” Said Senator Mike Braun.

According to Sen. Braun’s Office, in April, Sen. Braun introduced the Stop Reckless Student Loan Actions Act with Senators John Thune, Richard Burr, Bill Cassidy and Roger Marshall to end President Biden’s suspension of repayments on qualifying federal student loans, following 24 months of non-payment and six executive actions extending the payment pause.