H.R.3564 — Middle Class Borrower Protection Act of 2023
House Roll Call
H.R.3564
| Bill | H.R.3564 — Middle Class Borrower Protection Act of 2023 |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 230 / Nay 189 / Present 0 / Not Voting 14 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 216 | 0 | 0 | 5 |
| D | 14 | 189 | 0 | 9 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
The Middle Class Borrower Protection Act of 2023 (HR 3564) aims to enhance protections for middle-class borrowers in the United States, particularly those with federal student loans. The bill addresses the growing concerns over student debt burdens and aims to provide relief and support to borrowers facing financial challenges.
Key provisions of the bill include:
Interest Rate Adjustments: The legislation proposes to cap interest rates on federal student loans for middle-class borrowers, ensuring that rates remain manageable and do not exceed a specified threshold, thereby reducing the financial strain on borrowers.
Income-Driven Repayment Plans: HR 3564 seeks to simplify and expand access to income-driven repayment plans, allowing borrowers to pay a percentage of their discretionary income towards their loans. The bill mandates that borrowers with incomes below a certain level will not have to make payments, effectively providing a safety net for low- and middle-income individuals.
Loan Forgiveness: The bill includes provisions for loan forgiveness after a specified number of years of consistent payments, particularly for those who have been in repayment for an extended period without achieving significant progress on their principal balance.
Funding and Authorities: The bill does not specify new funding mechanisms but may allocate existing federal resources to implement these changes. It authorizes the Department of Education to oversee the implementation of these borrower protections and ensures compliance with the new regulations.
Beneficiaries: The primary beneficiaries of this legislation are middle-class borrowers with federal student loans, particularly those struggling to manage their debt. The bill aims to alleviate financial pressure and promote economic stability for this demographic.
Timeline: Following its introduction, HR 3564 was received in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs for further consideration. The legislative process will determine the timeline for potential enactment.
Overall, the Middle Class Borrower Protection Act of 2023 represents a significant step towards reforming student loan policies to better support middle-class borrowers in managing their debt.
Yea (230)
K
Kelly Armstrong
D
Dan Bishop
K
Ken Buck
L
Larry Bucshon
M
Michael Burgess
J
Jerry Carl
L
Lori Chavez-DeRemer
J
John Duarte
J
Jeff Duncan
A
A. Ferguson
B
Brad Finstad
M
Mike Gallagher
M
Mike Garcia
B
Bob Good
K
Kay Granger
G
Garret Graves
M
Mark Green
B
Bill Johnson
D
Doug Lamborn
J
Jake LaTurner
D
Debbie Lesko
B
Blaine Luetkemeyer
K
Kathy Manning
P
Patrick McHenry
M
Marcus Molinaro
A
Alexander Mooney
G
Greg Pence
C
Cathy Rodgers
M
Matthew Rosendale
G
George Santos
A
Abigail Spanberger
M
Michelle Steel
C
Chris Stewart
M
Michael Waltz
B
Brad Wenstrup
S
Susan Wild
B
Brandon Williams
Nay (189)
C
Colin Allred
E
Earl Blumenauer
J
Jamaal Bowman
Y
Yadira Caraveo
T
Tony Cárdenas
A
André Carson
M
Matt Cartwright
G
Gerald Connolly
A
Anna Eshoo
B
Brian Higgins
J
Jeff Jackson
S
Sheila Jackson Lee
D
Daniel Kildee
D
Derek Kilmer
A
Ann Kuster
B
Barbara Lee
G
Grace Napolitano
W
Wiley Nickel
B
Bill Pascrell
D
Donald Payne
M
Mary Peltola
K
Katie Porter
C
C. Ruppersberger
J
John Sarbanes
E
Emilia Sykes
D
David Trone
J
Jennifer Wexton
