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Congressional Record—House H597

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Congressional Record—House H597 January 17, 2007 CONGRESSIONAL RECORD — HOUSE H597 [Roll No. 30] Feeney LaTourette Renzi section (h) and paragraph (1) of this sub- Ferguson Lewis (CA) Reynolds section, with respect to any loan to an un- AYES—223 Flake Lewis (KY) Rogers (AL) dergraduate student made, insured, or guar- Abercrombie Green, Gene Murphy (CT) Forbes Linder Rogers (KY) anteed under this part (other than a loan Ackerman Grijalva Murphy, Patrick Fortenberry LoBiondo Rogers (MI) Fossella Lungren, Daniel made pursuant to section 428B, 428C, or 428H) Allen Gutierrez Murtha Rohrabacher for which the first disbursement is made on Altmire Hall (NY) Nadler Foxx E. Ros-Lehtinen or after July 1, 2006, and before January 1, Andrews Hare Napolitano Franks (AZ) Mack Roskam Frelinghuysen Manzullo Arcuri Harman Neal (MA) Royce 2012, the applicable rate of interest shall be Gallegly Marchant Baca Hastings (FL) Oberstar Ryan (WI) as follows: Garrett (NJ) McCarthy (CA) Baird Herseth Olver Sali ‘‘(A) For a loan for which the first dis- Gerlach McCaul (TX) Baldwin Higgins Ortiz Saxton bursement is made on or after July 1, 2006, Barrow Hill Pallone Gilchrest McCotter Gillmor McCrery Schmidt and before July 1, 2007, 6.80 percent on the Bean Hinchey Pascrell Gingrey McHenry Sensenbrenner unpaid principal balance of the loan. Becerra Hinojosa Pastor Gohmert McHugh Sessions ‘‘(B) For a loan for which the first dis- Berkley Hirono Payne Goode McKeon Shadegg bursement is made on or after July 1, 2007, Berman Hodes Perlmutter Goodlatte McMorris Shays Berry Holden Peterson (MN) and before July 1, 2008, 6.12 percent on the Granger Rodgers Shimkus Bishop (GA) Holt Pomeroy unpaid principal balance of the loan. Graves Mica Shuster Bishop (NY) Honda Price (NC) ‘‘(C) For a loan for which the first dis- Hall (TX) Miller (FL) Simpson Blumenauer Hooley Rahall bursement is made on or after July 1, 2008, Hastert Miller (MI) Smith (NE) Boswell Inslee Rangel Hastings (WA) Miller, Gary Smith (NJ) and before July 1, 2009, 5.44 percent on the Boucher Israel Reyes Hayes Moran (KS) Smith (TX) unpaid principal balance of the loan. Boyd (FL) Jackson (IL) Rodriguez Heller Murphy, Tim Souder ‘‘(D) For a loan for which the first dis- Boyda (KS) Jackson-Lee Ross Brady (PA) (TX) Hensarling Musgrave Stearns bursement is made on or after July 1, 2009, Rothman Herger Myrick and before July 1, 2010, 4.76 percent on the Braley (IA) Jefferson Roybal-Allard Tancredo Brown, Corrine Johnson (GA) Hobson Neugebauer Terry unpaid principal balance of the loan. Rush Hoekstra Nunes Butterfield Johnson, E. B. Ryan (OH) Thornberry ‘‘(E) For a loan for which the first dis- Capps Jones (OH) Hulshof Paul Tiahrt bursement is made on or after July 1, 2010, Salazar Hunter Pearce Capuano Kagen Sa´ nchez, Linda Tiberi and before July 1, 2011, 4.08 percent on the Cardoza Kanjorski Inglis (SC) Pence Turner T. Issa Peterson (PA) unpaid principal balance of the loan. Carnahan Kaptur Upton Sanchez, Loretta Jindal Petri ‘‘(F) For a loan for which the first dis- Carney Kennedy Schakowsky Walberg Carson Kildee Johnson (IL) Pickering bursement is made on or after July 1, 2011, Schiff Walden (OR) Castor Kilpatrick Jones (NC) Pitts and before January 1, 2012, 3.40 percent on Schwartz Walsh (NY) Chandler Kind Jordan Platts the unpaid principal balance of the loan.’’. Scott (GA) Wamp Clarke Klein (FL) Keller Poe Scott (VA) Weldon (FL) (2) SPECIAL ALLOWANCE CROSS REFERENCE.— Clay Kucinich King (NY) Porter Serrano Weller Section 438(b)(2)(I)(ii)(II) of such Act is Cleaver Lampson Kingston Price (GA) Sestak Westmoreland amended by striking ‘‘section 427A(l)(1)’’ and Clyburn Langevin Kirk Pryce (OH) Shea-Porter Wicker inserting ‘‘section 427A(l)(1) or (l)(4)’’. Cohen Lantos Kline (MN) Putnam Sherman Wilson (NM) (b) DIRECT LOAN INTEREST RATES.—Section Conyers Larsen (WA) Knollenberg Radanovich Shuler Cooper Larson (CT) Kuhl (NY) Ramstad Wilson (SC) 455(b)(7) of the Higher Education Act of 1965 Sires Costa Lee LaHood Regula Wolf (20 U.S.C. 1087e(b)(7)) is amended by adding Skelton Costello Levin Lamborn Rehberg Young (AK) at the end the following new subparagraph: Slaughter Courtney Lewis (GA) Latham Reichert Young (FL) ‘‘(D) REDUCED RATES FOR UNDERGRADUATE Smith (WA) Cramer Lipinski FDSL Snyder NOT VOTING—21 .—Notwithstanding the preceding para- Crowley Loebsack graphs of this subsection, for Federal Direct Solis Aderholt Cummings Ruppersberger Cuellar Lofgren, Zoe Stafford Loans made to undergraduate stu- Davis (AL) Lowey Space Bachmann Hoyer Sarbanes Davis (CA) Lynch Spratt Boren Johnson, Sam Sullivan dents for which the first disbursement is Davis (IL) Mahoney (FL) Stark Burton (IN) King (IA) Van Hollen made on or after July 1, 2006, and before Jan- Davis, Lincoln Maloney (NY) Stupak Buyer Lucas Whitfield uary 1, 2012, the applicable rate of interest DeFazio Markey Sutton Calvert Norwood Woolsey shall be as follows: DeGette Marshall Tanner Cole (OK) Obey Wynn ‘‘(i) For a loan for which the first disburse- Delahunt Matheson Tauscher Taylor b 1316 ment is made on or after July 1, 2006, and be- DeLauro Matsui fore July 1, 2007, 6.80 percent on the unpaid Dicks McCarthy (NY) Thompson (CA) So the resolution was agreed to. Dingell McCollum (MN) Thompson (MS) principal balance of the loan. Doggett McDermott Tierney The result of the vote was announced ‘‘(ii) For a loan for which the first dis- Donnelly McGovern Towns as above recorded. bursement is made on or after July 1, 2007, Doyle McIntyre Udall (CO) A motion to reconsider was laid on and before July 1, 2008, 6.12 percent on the Edwards McNerney Udall (NM) unpaid principal balance of the loan. ´ the table. Ellison McNulty Velazquez ‘‘(iii) For a loan for which the first dis- Visclosky Ellsworth Meehan f bursement is made on or after July 1, 2008, Emanuel Meek (FL) Walz (MN) Engel Meeks (NY) Wasserman COLLEGE STUDENT RELIEF ACT and before July 1, 2009, 5.44 percent on the Eshoo Melancon Schultz OF 2007 unpaid principal balance of the loan. Etheridge Michaud Waters ‘‘(iv) For a loan for which the first dis- Farr Millender- Watson Mr. GEORGE MILLER of California. bursement is made on or after July 1, 2009, Fattah McDonald Watt Madam Speaker, pursuant to House and before July 1, 2010, 4.76 percent on the Filner Miller (NC) Waxman Resolution 65, I call up the bill (H.R. 5) unpaid principal balance of the loan. Frank (MA) Miller, George Weiner ‘‘(v) For a loan for which the first disburse- Giffords Mitchell Welch (VT) to amend the Higher Education Act of Gillibrand Mollohan Wexler 1965 to reduce interest rates for student ment is made on or after July 1, 2010, and be- Gonzalez Moore (KS) Wilson (OH) borrowers, and ask for its immediate fore July 1, 2011, 4.08 percent on the unpaid Gordon Moore (WI) Wu principal balance of the loan. Green, Al Moran (VA) Yarmuth consideration. ‘‘(vi) For a loan for which the first dis- The Clerk read the title of the bill. bursement is made on or after July 1, 2011, NOES—190 The text of the bill is as follows: and before January 1, 2012, 3.40 percent on Akin Brady (TX) Culberson H.R. 5 the unpaid principal balance of the loan.’’. Alexander Brown (SC) Davis (KY) Be it enacted by the Senate and House of Rep- SEC. 3. REDUCTION OF LENDER INSURANCE PER- Bachus Brown-Waite, Davis, David CENTAGE. Baker Ginny Davis, Jo Ann resentatives of the United States of America in Congress assembled, (a) AMENDMENT.—Subparagraph (G) of sec- Barrett (SC) Buchanan Davis, Tom tion 428(b)(1) of the Higher Education Act of Bartlett (MD) Burgess Deal (GA) SECTION 1. SHORT TITLE. 1965 (20 U.S.C. 1078(b)(1)(G)) is amended to Barton (TX) Camp (MI) Dent This Act may be cited as the ‘‘College Stu- Biggert Campbell (CA) Diaz-Balart, L. read as follows: Bilbray Cannon Diaz-Balart, M. dent Relief Act of 2007’’. ‘‘(G) insures 95 percent of the unpaid prin- Bilirakis Cantor Doolittle SEC. 2. INTEREST RATE REDUCTIONS. cipal of loans insured under the program, ex- Bishop (UT) Capito Drake (a) FFEL INTEREST RATES.— cept that— Blackburn Carter Dreier (1) Section 427A(l) of the Higher Education ‘‘(i) such program shall insure 100 percent Blunt Castle Duncan Act of 1965 (20 U.S.C. 1077a(l)) is amended by of the unpaid principal of loans made with Boehner Chabot Ehlers Bonner Coble Emerson adding at the end the following new para- funds advanced pursuant to section 428(j) or Bono Conaway English (PA) graph: 439(q); and Boozman Crenshaw Everett ‘‘(4) REDUCED RATES FOR UNDERGRADUATE ‘‘(ii) notwithstanding the preceding provi- Boustany Cubin Fallin SUBSIDIZED LOANS.—Notwithstanding sub- sions of this subparagraph, such program VerDate Aug 31 2005 02:45 Jan 18, 2007 Jkt 059060 PO 00000 Frm 00023 Fmt 7634 Sfmt 0634 E:\CR\FM\A17JA7.017 H17JAPT1 hmoore on PROD1PC68 with HMHOUSE H598 CONGRESSIONAL RECORD — HOUSE January 17, 2007 shall insure 100 percent of the unpaid prin- the total principal amount of eligible loans hasn’t met, formed or adopted any cipal amount of exempt claims as defined in held by holders— rules? subsection (c)(1)(G);’’. ‘‘(I) rank all holders of eligible loans in de- The SPEAKER pro tempore. The bill (b) EFFECTIVE DATE.—The amendment scending order by total principal amount of was referred to a committee, and, made by subsection (a) shall take effect with eligible loans held; therefore, its committal to that com- respect to loans made on or after July 1, 2007. ‘‘(II) calculate the total principal amount of eligible loans held by all holders; and mittee would be a recommittal.
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