Pelosi Statement on President Trump Veto of CRA to Roll Back Borrower Defense Rule

May 29, 2020
Press Release

San Francisco – Speaker Nancy Pelosi issued this statement after President Trump vetoed H. J. Res. 76, the bipartisan Congressional Review Act joint resolution passed by Congress to overturn Secretary Devos’s Borrower Defense Rule that denies debt relief to tens of thousands of students defrauded by predatory colleges:

“For two decades, the Borrower Defense Rule has served as a critical lifeline for America’s students.  Secretary DeVos’s decision to turn the Administration’s back on students and taxpayers by cruelly rolling back that safeguard and enriching special interests at the expense of hard-working Americans saddled with mountains of debt and a meaningless degree was an act of staggering cruelty.

“Organizations representing the voices of millions of students, borrowers, veterans, survivors and servicemembers have resoundingly rejected the DeVos decision, even warning that it leaves our men and women in uniform to the mercy of predatory schools that see them ‘as nothing more than dollar signs.’  Thirty-four military and veteran organizations recently urged the President uphold this CRA after it passed both the House and Senate.

“The House and Senate, on a bipartisan basis, firmly stood with our students and veterans to reject the Administration’s cruel and dangerous decision.  It is sad that the President rejected the will of the Congress and the Country with his veto.

“The House will soon vote to overturn this veto, which poses a grave harm to the financial security and futures of America’s students, particularly as America’s students are hurting more now than ever during the COVID-19 crisis.”