S.Amdt. 127

SA 127. Mr. BUDD submitted an amendment intended to be proposed by
him to the bill H.R. 3746, to provide for a responsible increase to the
debt ceiling; which was ordered to lie on the table; as follows:

Strike title IV of division B and insert the following:

TITLE IV--NULLIFICATION AND LIMITATION RELATED TO FEDERAL STUDENT LOANS

SEC. 271. NULLIFICATION OF CERTAIN EXECUTIVE ACTIONS AND
RULES RELATING TO FEDERAL STUDENT LOANS.

(a) In General.--The following shall have no force or
effect:
(1) The waivers and modifications of statutory and
regulatory provisions relating to an extension of the
suspension of payments on certain loans and waivers of
interest on such loans under section 3513 of the CARES Act
(20 U.S.C. 1001 note)--
(A) described by the Department of Education in the Federal
Register on October 12, 2022 (87 Fed. Reg. 61513 et seq.);
and
(B) issued on or after the date of enactment of this Act.
(2) The modifications of statutory and regulatory
provisions relating to debt discharge described by the
Department of Education in the Federal Register on October
12, 2022 (87 Fed. Reg. 61514).
(3) A final rule that is substantially similar to the
proposed rule on ``Improving Income-Driven Repayment for the
William D. Ford Federal Direct Loan Program'' published by
the Department of Education in the Federal Register on
January 11, 2023 (88 Fed. Reg. 1894 et seq.).
(b) Prohibition.--The Secretary of Education may not
implement any executive action or rule specified in paragraph
(1), (2), or (3) of subsection (a) (or a substantially
similar executive action or rule), except as expressly
authorized by an Act of Congress.

SEC. 272. LIMITATION ON AUTHORITY OF SECRETARY TO PROPOSE OR
ISSUE REGULATIONS AND EXECUTIVE ACTIONS.

Part G of title IV of the Higher Education Act of 1965 (20
U.S.C. 1088 et seq.) is amended by inserting after section
492 the following:

``SEC. 492A. LIMITATION ON AUTHORITY OF THE SECRETARY TO
PROPOSE OR ISSUE REGULATIONS AND EXECUTIVE
ACTIONS.

``(a) Draft Regulations.--Beginning after the date of
enactment of this section, a draft regulation implementing
this title (as described in section 492(b)(1)) that is
determined by the Secretary to be economically significant
shall be subject to the following requirements (regardless of
whether negotiated rulemaking occurs):
``(1) The Secretary shall determine whether the draft
regulation, if implemented, would result in an increase in a
subsidy cost resulting from a loan modification.
``(2) If the Secretary determines under paragraph (1) that
the draft regulation would result in an increase in a subsidy
cost resulting from a loan modification, then the Secretary
may take no further action with respect to such regulation.
``(b) Proposed or Final Regulations and Executive
Actions.--Notwithstanding any other provision of law,
beginning after the date of enactment of this section, the
Secretary may not issue a proposed rule, final regulation, or
executive action implementing this title if the Secretary
determines that the rule, regulation, or executive action--
``(1) is economically significant; and
``(2) would result in an increase in a subsidy cost
resulting from a loan modification.
``(c) Relationship to Other Requirements.--The analyses
required under subsections (a) and (b) shall be in addition
to any other cost analysis required under law for a
regulation implementing this title, including any cost
analysis that may be required pursuant to Executive Order
12866 (58 Fed. Reg. 51735; relating to regulatory planning
and review), Executive Order 13563 (76 Fed. Reg. 3821;
relating to improving regulation and regulatory review), or
any related or successor orders.
``(d) Definition.--In this section, the term `economically
significant', when used with respect to a draft, proposed, or
final regulation or executive action, means that the
regulation or executive action is likely, as determined by
the Secretary--
``(1) to have an annual effect on the economy of
$100,000,000 or more; or
``(2) adversely to affect in a material way the economy, a
sector of the economy, productivity, competition, jobs, the
environment, public health or safety, or State, local, or
tribal governments or communities.''.
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