Bank on Students Emergency Loan Refinancing Act
Latest action. Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: continuing resolutionA stopgap law funding the government at existing levels when the annual appropriations bills are not done by October 1.Read the full definition (opens a new tab) S3015)
Bank on Students Emergency Loan Refinancing Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a program that allows eligible students with loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2016-2017 school year under certain circumstances.
In addition, the bill allows student borrowers to refinance their private loans into the Federal Direct Loan program.
This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on May 17, 2017. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on May 17, 2017: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 115th Congress (2017-18), 442 of the 11,421 bills and joint resolutions introduced became law, about 3.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Elizabeth Warren (D-MA) introduced it on May 17, 2017, and 39 members have since signed on as cosponsors.
They are 38 Democrats, 1 independent.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on May 17, 2017, 3403 days ago. The most recent recorded action was 3403 days ago, on May 17, 2017.
Measures do not carry over. Anything the 115th Congress has not finished by January 3, 2019 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers