House Financial Services Committee Chair Highlights Student Loan Legislation in Opening Statement at Final Committee Markup of 2019

 Last week, House Financial Services Chairwoman Maxine Waters (D-Calif.) convened the Committee for one final markup in calendar year 2019, taking up eight bills and three resolutions. In her opening statement, Chairwoman Waters highlighted a number of issues faced by student loan borrowers, as well as her Committee’s work to address them.

“We are in the midst of a student loan debt crisis,” Waters said. “The Federal Reserve estimates that 44.7 million people in the U.S. hold student loan debt, with an average debt of $32,731. Around 9 million Americans are currently in default on their student loans, which leads to considerable and lasting financial consequences for those borrowers.”

To address these issues, Waters highlighted three pieces of legislation the Committee would discuss during the markup: the Student Borrower Protections Act (H.R. 5294), a bill by Representative Alma Adams (D-N.C.); the Fair Student Loan Debt Collection Practices Act (H.R. 5287), a bill by Representative Al Lawson (D-Fla.); and, the Private Loan Disability Discharge Act (H.R. 4545), a bill by Representative Madeleine Dean (D-Penn.).

Waters’ statement also highlighted four other bills that were considered at the markup: two to improve the consumer credit reporting system and another two to ensure that regulators preserve Minority Depository Institutions.

The committee also took up the Cybersecurity Disclosure Act of 2019, which ensures that public companies take the necessary steps to protect consumers from cybersecurity breaches.

In total, 61 bills have passed out of the House Financial Services Committee during the current Congress.