Legislative Update from Senator Richard BurrYesterday, Senate Democrats voted against S. 1003, the Comprehensive Student Loan Protection Act-a permanent solution that would lower and fix interest rates for 100 percent of newly issued student-loans. I'm left scratching my head over the Senate's vote. The solution my colleagues and I put forward would simplify and streamlines the process, save federal taxpayers billions of dollars, and address 100 percent of student loans. Harry Reid has been stating publicly this week that there was "no reason to work out a compromise." It raises questions about where Reid's priorities lie -- starting temporary political fires or focusing on American students and families by permanently addressing the issue. I, on the other hand, am willing to work with my colleagues for what should be a no-brainer for students, parents, and taxpayers.
This week I also introduced the Every Child Ready for College or Career Act -- a better schools plan that would return control over education back to states and local communities. D.C. has wrestled education away from states and local communities, leaving parents, teachers and students suffering under the continuous overreach of federal bureaucrats. I do not believe that the best way to help our students and teachers succeed is to impose a one-size-fits-all, top-down approach. Our legislation would return the control back to those who are at the source and are best suited to address their own needs and effect change.Read more here.
On Tuesday I joined six of my colleagues to introduce the Currency Exchange Rate Oversight Reform Act of 2013, bipartisan legislation that would reform and enhance oversight of currency exchange rates. Specifically, the bill would use U.S. trade law to counter the economic harm to U.S. manufacturers caused by currency manipulation, and provide consequences for countries that fail to adopt appropriate policies to eliminate currency misalignment. For years, China has skewed the value of its currency in order to give itself an unfair advantage in the global economy. This practice by China - which has artificially made American exports more expensive -- has exacerbated our trade deficit with China and hurt our economy. I am pleased to cosponsor this legislation which sends China a message that currency manipulation won't be tolerated.
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