Cole Reintroduces Can’t Cancel Your Own Debt Act

Washington, D.C. – Congressman Tom Cole (OK-04) today reintroduced the Can't Cancel Your Own Debt Act. This legislation would disqualify members of Congress from participating in federal programs enacted during their tenure to cancel student loans – whether established by executive order, agency action or an Act of Congress. It would also bar members of Congress from any service- or employment-based student loan cancelation for time served as a member of Congress.

"When members of Congress are using their positions of power to push policies that selectively cancel their own debts and use thresholds that are tailored to their own situations, we must ask ourselves: who are they really fighting for? As they collect six figure salaries on the American taxpayer's dime, they should surely be required to repay the money they borrowed from the U.S. Treasury. In a country that has always rewarded hard work and personal responsibility, this move is simply unconscionable.

"The American people expect their representatives to act impartially and in the best interests of their constituents – not their own financial interest. Members should not be voting for or advocating for legislation or executive orders that put their pocketbooks over policy. It is corrupt, immoral, and because of this, I am proud to reintroduce the Can't Cancel Your Own Debt Act."

Bill text is available here.

Background

On January 25, 2022, a group of 80 House and Senate Democrats sent this letter to President Joe Biden requesting that he immediately cancel up to $50,000 in federal student loan debt. In 2019, progressive House members introduced legislation to cancel all student loans in their entirety. According to financial disclosures at that time, 17 of these signers collectively reported personal student loan debt of up to $1,865,000, and 11 of these 17 would have their student loan debt fully canceled using this $50,000 threshold – a clear financial windfall.

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