To prohibit the mass cancellation of student loans.
Summary
What This Bill Does
The bill creates findings Congress finds the following: Statutory authority has not been provided to the executive branch of the Federal Government to cancel student loans on a mass scale, requires prohibition on mass cancellation of student loans Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action, and requires repeal of certain student loan forgiveness modifications Section 108(f) of the Internal Revenue Code of 1986 is amended by striking paragraph (5). It relies on compliance mandates, tax rate changes, definition changes, and reporting requirements. The main policy areas are Education, Finance, Environment, and Healthcare.
Who Benefits and How
Financial services firms and customers affected by the bill could face lower compliance burdens, Educational institutions and students affected by the bill could face reduced risk, and Patients and health care consumers affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties, Financial services firms and customers affected by the bill would take on compliance duties, and Educational institutions and students affected by the bill would take on compliance duties.
Key Provisions
- Creates findings Congress finds the following: Statutory authority has not been provided to the executive branch of the Federal Government to cancel student loans on a mass scale.
- Requires prohibition on mass cancellation of student loans Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action...
- Requires repeal of certain student loan forgiveness modifications Section 108(f) of the Internal Revenue Code of 1986 is amended by striking paragraph (5).
- Requires prohibition of tax data sharing Section 6103(l)(13)(D)(ii) of the Internal Revenue Code of 1986 is amended by adding or the use of return information for the purpose of administering a student loan cancellation...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates findings Congress finds the following: Statutory authority has not been provided to the executive branch of the Federal Government to cancel student loans on a mass scale, requires prohibition on mass cancellation of student loans Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action, and requires repeal of certain student loan forgiveness modifications Section 108(f) of the Internal Revenue Code of 1986 is amended by striking paragraph (5).
Key Policy Areas
Education, Finance, Environment, Healthcare
Primary Purpose
The bill creates findings Congress finds the following: Statutory authority has not been provided to the executive branch of the Federal Government to cancel student loans on a mass scale, requires prohibition on mass cancellation of student loans Notwithstanding any other provision of law, the Secretary of Education, the Secretary of the Treasury, or the Attorney General shall not take any action, and requires repeal of certain student loan forgiveness modifications Section 108(f) of the Internal Revenue Code of 1986 is amended by striking paragraph (5).
Policy Domains
Whole bill
Identified Gains
- Financial services firms and customers affected by the bill
- Educational institutions and students affected by the bill
- Patients and health care consumers affected by the bill
- Environmental and public health interests affected by the bill
- Public beneficiaries or protected communities affected by the clause
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
- Financial services firms and customers affected by the bill
- Educational institutions and students affected by the bill
Sponsors
Legislative Progress
IntroducedMr. Ferguson (for himself, Mr. Gallagher, Mrs. Miller of West …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
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