Blaine Luetkemeyer

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I yield such time as he may consume to the gentleman from Minnesota (Mr. Hagedorn).

Mr. LUETKEMEYER. Madam Speaker, I yield such time as she may consume to the gentlewoman from New York (Ms. Tenney).

Mr. LUETKEMEYER. Madam Speaker, I yield myself the balance of my time. Madam Speaker, through no fault of their own, small businesses were forced to change how they operated in the face of COVID-19. Some adapted; some had to change their product lines; and unfortunately, some had to close. As a response, Congress created the bipartisan Paycheck Protection Program. Its impact and effectiveness have been instrumental to the small business economy. With technical difficulties plaguing applications and a fast- approaching deadline, H.R. 1799 provides a targeted, straightforward approach to addressing these issues. H.R. 1799 will extend the PPP for 60 days through May 31 and extend a 30-day exclusive window to the SBA in order to address all outstanding PPP applications. The program was always meant to be temporary assistance to struggling small businesses. The PPP Extension Act will provide small businesses and lenders the confidence they need while also creating a plan for a smooth conclusion of the program. As America continues to open up and recover, small businesses will drive our economic recovery forward. Madam Speaker, I would be remiss if I didn't point out that this bill stands as one of the most impactful bipartisan pieces of legislation to advance in Congress this year. I thank Chairwoman Velazquez for her sincere efforts and hard work on this. I look forward to working with her, on a bipartisan basis, on other issues for the remainder of our term here. And I hope that this bipartisan product will serve as a prime example of what can get done in Washington when both sides come together and talk through the issues. Madam Speaker, I recommend and urge my colleagues to support H.R. 1799, and I yield back the balance of my time.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, most of us had that special teacher growing up who went the extra mile and left a lasting impression on us. All these years later a few still come to mind right away. Recently a Missouri teacher, Robin Mach who teaches preschool in the Meramec Valley R-III School District, gave a whole new meaning to ``going the extra mile'' and became a real-life hero when she donated a kidney to one of her students. Kayleigh Kulage was born premature at 26 weeks weighing only 15 ounces. From her very first day on earth Kayleigh had to fight for her survival and persevere in the face of the longest of odds, including living the first five years of her life with failing kidneys. In the summer of 2019, a Doris Hoffman Early Learning Center teacher met Kayleigh Kulage at a dentist office in Pacific, Missouri and encouraged the Kulage family to apply for educational services. In the fall of 2019, Ms. Robin, as Kayleigh calls her, began providing in-home educational services to Kayleigh. One year later, Kayleigh met the criteria to be placed on the transplant list. Ms. Robin talked to the Kulages about the donation process and ultimately decided to get tested to see if she would be a match for Kayleigh. As fate would have it, the two were a match, and on February 3, 2021, Robin and Kayleigh had successful surgeries to complete the transplant. Robin Mach began working with pre-kindergarten students in 1999 and has long been known for going above the norm for her students. Dr. Stephanie Bechard stated, ``Ms. Robin has always had a very strong sense of community and supporting our students outside of school. She always thinks of others in need and sees how all things affect our students and families. Her heart for our students, families, and community is monumental.'' Monumental is an excellent way to describe the selflessness Robin Mach has displayed. She risked her life for her student and in doing so changed lives of that little girl and her family forever. She is a true hero among us, and we are lucky to have her educating our students and our community.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to ask my colleagues to honor the life of Sergeant James Cook, who was tragically killed while serving as a security guard at the MetroLink Delmar station. This is especially heartbreaking as James leaves behind a wife and two young daughters. Along with being a husband and father, James was a veteran who served this country bravely for eight years in combat in Afghanistan and Africa. After his service, James would carry on his service to the community by continuing his work in law enforcement as a jailer in Crawford County. It is always a tragedy when a hero like James is taken. We must continue to honor him by living in service to others just as James did during his life. He will always be remembered for his sacrifices to his nation and his love for his family. I thank him for his service, and I wish my most sincere blessings to his family. May he now peacefully rest with God and watch down upon his wife and daughters as they live life in his honor. Madam Speaker, please join me in honoring the life of Sergeant James Cook.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I would like to take a moment of personal privilege to express my thanks to Mr. Thornberry, who is retiring, for his many years of service to our military and our country through his actions in this committee. He will certainly be missed. Mr. Speaker, each year, Congress is tasked with one of its most important duties: reauthorizing the NDAA to ensure that our military has everything that they could possibly need to continue protecting this country. This year, I am proud to have served as conferee for the financial services measures in the NDAA, which includes the most significant overhaul of our anti-money laundering laws in decades. The bipartisan Anti-Money Laundering Act authorizes new resources for the Treasury Department to combat illicit finance and requires the Treasury to apply more rigor to its data collection. This will allow suspicious activity reports and currency transaction reports to be as useful as possible for law enforcement. For too long, Congress and the private sector have had little to no insight into how the executive branch uses these reports, which has decreased accountability and prevents us from modernizing the reporting regime. That ends with this bill. The conference report also contains the ILLICIT CASH Act, legislation that Congresswoman Maloney and I have been working on for years. This provision will deliver a significant blow to human traffickers and drug cartels by eliminating shell corporations that, for decades, have been a critical vehicle for laundering money in the United States. In the fight against shell companies, the Federal Government has continuously deputized financial institutions, threatening massive penalties unless they play the role of law enforcement, effectively forcing private industry to do the government's job. This legislation puts an end to that practice by forcing Treasury's Financial Crimes Enforcement Network to collect beneficial information with minimal effort or inconvenience to businesses. I thank Congresswoman Maloney for her tireless efforts and collaboration on several provisions that protect small businesses and streamline regulations for financial institutions. I also thank Ranking Member McHenry for fighting for additional protections and relief for small businesses in conference. Mr. Speaker, with these provisions, America can better fight illicit and terrorism finance, which helps our brave men and women in uniform who risk their lives every day to protect our freedoms and keep us safe.

Mr. LUETKEMEYER. Mr. Speaker, section 6308 enhances U.S. law enforcement's ability to access international bank records to help better ensure financial crimes are investigated. I am supportive of this new and necessary provision. This new authority allows the Departments of Treasury and Justice to issue subpoenas requiring production of records relating to accounts held by banks outside of the United States. This new authority would create a secondary mechanism for seeking discovery from foreign banks separate from the Mutual Legal Assistance Treaties (``MLATs'') or other multilateral or bilateral agreements the United States currently maintains with many foreign governments for this purpose. As the Departments of Justice and Treasury implement Section 6308, I encourage them only to use this new authority where a foreign bank operates in a jurisdiction as to which no MLAT or other information-sharing agreement exists or where the relevant foreign government has not satisfied its obligations under an MLAT or other information-sharing agreement. Many foreign countries restrict banks operating in their jurisdictions from sharing their customers' financial or personally identifiable information (``PII'). As a result, subpoenas issued under section 6308 may place foreign banks in the difficult position of either violating home country law or being in contempt for failure to comply with a subpoena issued by the United States government. As a result, I believe it is appropriate for the Departments of Justice and Treasury to take into consideration conflict of laws situations to achieve the purposes of Section 6308 while also maintaining a respect for home country requirements. Finally, I encourage the Departments of Treasury and Justice to issue regulations establishing appropriate protocols to ensure that the authority granted under section 6308 does not supersede or supplant existing MLATs or other multilateral or bilateral agreements between the United States and the relevant foreign government that are available for obtaining records from a foreign bank.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to ask my colleagues to join me in congratulating the Fatima Comets cross country team for winning the 2020 Missouri Class III State title. This team and Coach Marc Bridges should be commended for their hard work throughout this past year and for bringing home the state title to their school and community. Madam Speaker, please join me in recognizing the Fatima Comets cross country team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to ask my colleagues to join me in congratulating the Calvary Lutheran Lions cross country team for winning the 2020 Missouri Class I State title. This is the Calvary Lutheran high school's first state championship in school history. This team should be commended for their hard work throughout this past year and for bringing home the state title to their school and community. Madam Speaker, please join me in recognizing the Calvary Lutheran Lions cross country team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I was unable to be present for recorded votes on November 20, 2020, for a recorded vote on Amendment No. 9 and Amendment No. 15 to H.R. 8294 and final passage of H.R. 8294, the National Apprenticeship Act. Had I been present, I would have voted NAY on Roll Call No. 225, YEA on Roll Call No. 226, and NAY on Roll Call No. 227.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I. was unable to be present for a recorded vote on November 19, 2020, on Ordering the Previous Question on H. RES. 1224 and Adoption of the Rule Providing for Consideration of H.R. 8294. Had I been present, I would have voted nay on Roll Call No. 223, and nay on Roll Call No. 224.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I was unable to be present for a recorded vote on November 18, 2020 for Closing Portions of the Conference for H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act. Had I been present, I would have voted YEA on Roll Call No. 222.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to ask my colleagues to join me in congratulating the Sullivan Eagles softball team for winning the 2020 Missouri Class II State Softball Championship. This is Sullivan High School's first state championship win in the history of their softball program. This team and their coach Ashley Crump should be commended for their perseverance and hard work throughout this past season and for bringing home the state championship to their school and community. Madam Speaker, I ask you to join me in congratulating the Sullivan Eagles team for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I was unable to be present for a recorded vote on November 17, 2020 for H.R. 4611, the Ocean Pollution Reduction Act. Had I been present, I would have voted YEA on Roll Call No. 221.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to ask my colleagues to join me in congratulating the Vienna Eagles softball team for winning the 2020 Missouri Class I State Softball Championship. This is Vienna High School's third state championship win in the history of their softball program. They should be commended for their hard work and dedication throughout this past year. Madam Speaker, I ask you to join me in congratulating the Vienna Eagles for a job well done.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to congratulate Cole County, Missouri, on the commemoration of its Bicentennial. Located in the heart of Missouri, Cole County was founded in 1820 and named after the fearless pioneer Captain Stephan Cole. Starting with a small community of nearly 1,028 people, Cole County now has a population of around 80,000. This growth is combined with a rich history that outlines the story of the heartland of Missouri. Shortly after President Monroe signed the Missouri Compromise on March 6, 1820 inducting Missouri into the Union the first Missouri Constitution was written. Alexander McNair was elected Governor, Thomas Hart Benton and David Barton were elected as U.S. Senators and the first Missouri General Assembly comprised of 14 state senators and 43 state representatives was formed. On November 16, 1820 Cole County was established and five years later Jefferson City was founded. In 1826 Jefferson City officially became the capital of Missouri and has been home to the state legislature and governor ever since. Moving forward in history, throughout the 1840s and into the 1890s Cole County saw massive population growth lead by an influx of German immigration to America. Many came seeking religious freedom, independence and fertile land. From their many tightly bound communities began to grow and develop, many centering around their respective churches. This year, Cole County will celebrate by placing a special commemorative monument at the trailhead of Katy trail as well as several other smaller events to commemorate this historic event. In these unprecedented times, it is important now more than ever to come together and celebrate our shared history and roots in this great nation. Madam Speaker, please join me in congratulating Cole County on their 200th Anniversary. May their rich history continue to be the foundation for an undoubtedly bright future.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I was unable to be present for a recorded vote on November 16, 2020 for S. 327, the Wounded Veterans Recreation Act and S. 3147, the Improving Safety and Security for Veterans Act. Had I been present, I would have voted YEA on Roll Call No. 219, and YEA on Roll Call No. 220.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker I rise today to recognize my friend and fellow Missourian, Blake Hurst who will be retiring as president of the Missouri Farm Bureau later this year. Blake raises corn, soybeans and flowers with his family and as a farmer himself, knows firsthand the challenges Missouri farmers face, like devastating floods and changing trade tides. Because of this personal knowledge, Blake has been able to dutifully serve Missouri farmers and ranchers in this post for a decade, and in several other positions at the Missouri Farm Bureau since the 1980's. With two-thirds of Missouri covered in farmland, we are home to a longstanding agricultural tradition that is alive and well today. I am extremely grateful that he has spent the last ten years as one of the lead advocates, supporters and resources for our state's ag industry, both in Missouri and on a national level. The Missouri Farm Bureau is the oldest in the nation and we have been incredibly fortunate to have Blake at the helm for the last ten years. Madam Speaker, on behalf of myself and my fellow Missouri farmers, I thank him for his service and wish him all the best on his future endeavors.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Madam Speaker, I rise today to congratulate long- time Missouri resident, Philip Miller on his upcoming retirement from Bayer. After 26 years of service, mainly in the crop science field, Philip is the inventor of over 20 patents, has authored 17 scientific papers and book chapters, and has spoken in numerous global and societal policy forums. Since 2012, he has served on the boards of the Biotechnology Industry Organization (BIO) and CropLife International. He also found time to serve on the University of Missouri's Chancellors Advisory Board and the board of the Missouri Make-A-Wish foundation, all while working to raise corporate funds for the United Way of Greater St. Louis. A scientist by training, Philip earned a Ph.D. in biochemistry, a Master of Science in cytogenetics, and a Bachelor of Science in biological sciences. He has utilized his expertise and leadership skills in various roles throughout his career to ensure farmers have the technologies they need to ensure that our nation continues to have affordable supplies of food. Philip began his career as a regional sales director for PepsiCo and as a teacher at the University of Florida and Appalachian State University prior to joining Monsanto. From 2002 until Bayer's acquisition of Monsanto in 2018, Philip served in a variety of roles, including as the site lead at Mystic, Connecticut, a former Monsanto research site. Philip next served as Vice President, U.S. Commercial Technology Development before serving as Vice President, U.S. Product Management and Business Strategy. In 2010, Philip became Vice President, Global Regulatory Affairs and Science adding global government affairs to his responsibilities in 2015. The next year, his role expanded to include corporate affairs and communications and in 2018 he was also asked to lead Monsanto's merger with Bayer. At Bayer, Philip has led engagements with global governments and regulatory bodies as well as with other important stakeholders, critically shaping the industrial landscape for the better. Having grown up farming and continuing to operate our family farm today, I cannot overstate the importance of Philip's contributions to the farming community and agriculture industry. Families across the U.S and around the world can better feed their families thanks to his ingenuity and commitment to the availability of food. Madam Speaker, please join me in thanking Philip Miller for his many years of service and congratulating him on a well-deserved retirement.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, I was unable to be present for a recorded vote on S. 2163, the Commission on the Social Status of Black Men and Boys Act. Had I been present, I would have voted ``yea'' on rollcall No. 167.

Mr. LUETKEMEYER

Mr. LUETKEMEYER. Mr. Speaker, in closing, I would just remind my colleagues of the real purpose of this amendment. It is just to socialize the entire student loan industry. Rather than working to address the underlying causes of the student loan crisis, my colleagues believe the Federal Government should take over the entire program. This is the exact opposite of what we should be doing. We should be analyzing the causes of rising tuition. We should be strengthening the underwriting standards used by the Federal Government. The private sector should be held out as a model, not as a scapegoat. Mr. Speaker, I urge my colleagues to oppose this amendment, and I yield back the balance of my time.

Mr. LUETKEMEYER. Mr. Speaker, on that I demand the yeas and nays.

Mr. LUETKEMEYER. Mr. Speaker, I claim time in opposition. I am opposed to the amendment.

Mr. LUETKEMEYER. Mr. Speaker, this amendment is an attempt by the Democrats to rewrite private contracts and put private lenders out of business, accomplishing their goal of socializing all student loan debt. This amendment authorizes between $45 and $50 billion of taxpayer dollars to cancel or substantially lower private student loans. But it does not require that a student borrower demonstrate a financial need for such support, and the amendment does not credit students that have already paid off their student loans as required. It picks winners and losers at taxpayer expense. The amendment directs Treasury to provide up to $10,000 for every single private borrower to be used toward private education loans, even if there is no demonstrated financial need for support. It wrongly assumes all private student loan borrowers have been impacted by COVID- 19 and creates a situation that is ripe for waste, fraud, and abuse. Every Member of Congress recognizes that student debt is an issue that must be tackled. However, what is often not mentioned is that the Federal Government is the largest consumer lender, owning or guaranteeing $1.4 trillion out of a total of $1.5 trillion in student debt. In 2010, Democrats largely nationalized student debt by eliminating the Federal Family Education Loan Program, where private lenders made federally guaranteed student loans to parents and students. Now, the Department of Education and the Direct Loan Program is basically the only option in the student loan market. Private student loans make up less than 8 percent of all outstanding loans, and because student education loans are subject to strong underwriting standards, those loans from the private sector have a default rate of less than 3 percent, compared to 18 percent in the Federal loan program. I realize that the amendment is attempting to force regulators to work with the borrowers, but private education lenders already have the flexibility to work with borrowers to make accommodations, including under the pandemic-related guidance provided by the Federal financial regulators. When the Federal Government, led by congressional Democrats, took over the student loan market, costs skyrocketed. This amendment continues the Democrats' government takeover of the student loan industry, only making the crisis worse. Democrats continue to push their socialist wish list, rather than providing targeted relief for those most in need. If this program was such a big priority for Democrats, you would think they would fund it, but they didn't fund it in the FY21 appropriations bill, even though they added $250 billion of new emergency spending. I am disappointed to see Democrats pandering to the students for election-year gains, rather than tackling the important issue of college affordability. I would also like to point out that this amendment has no place in the NDAA. A defense authorization bill should be focused on national security, the defense and the industrial base, troop levels and readiness, and the health and safety of our men and women in uniform, not student debt. Mr. Speaker, I include in the Record the following documents. The first is a July 15, 2020, letter from the Consumer Bankers Association to Rules Committee Chairman McGovern, requesting that the Dean amendment not be made in order in H.R. 6395. The second is a document compiled by the Consumer Bankers Association summarizing the steps taken by private student loan lenders to help their customers, as of June 30, 2020. Consumer Bankers Association, Washington, DC, July 15, 2020. Hon. Jim McGovern, Chairman, Committee on Rules, House of Representatives, Washington, DC. Dear Chairman McGovern: On behalf of the Education Funding Committee of the Consumer Bankers Association (CBA), we ask that you oppose making in order Amendment 283 proposed by Representative Dean to H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act (NDAA) for Fiscal Year 2021. This amendment to the CARES Act would make major changes that would significantly impair the entire private student loan market. It is clearly not related to national defense programs and is not germane to the NDAA. The proposal in modified form was considered and included in the HEROES Act, H.R. 6800, as part of measures recommended by the Financial Services Committee. In short, this amendment does not belong in the NDAA. The procedural and jurisdictional questions aside, the text of the Dean Amendment 283 was considered and rejected in its current form as part of the HEROES Act. We would like to point out what we believe are serious flaws in the proposal. First, I wish to note that the members of CBA appreciate the accomplishments of this Congress in passing bi-partisan legislation providing help to Americans suffering from the health and economic effects of the COVID-19 Coronavirus, including passage of the Coronavirus Aid, Response, and Economic Security (CARES) Act. Our members are doing their part with diligence and compassion to help their customers who are impacted by the effects of the pandemic. This includes major steps to assist private student loan borrowers, with thousands helped to date. However, we are concerned that the provisions of this section would, if enacted, dramatically hinder our members' ability to provide financing to our nation's students in the future. CBA is the voice of the retail banking industry whose members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country's total depository assets. CBA members are also the private sector lenders that make the majority of private education loans to help families finance a postsecondary education. At this time of extreme uncertainty, our banks remain in strong financial condition and are stepping up to serve the needs of customers and employees. The CBA Education Funding Committee includes the banks that make most private student loans in order to help American students finance their education. That process has been going extraordinarily well for years, with the vast majority--98 percent--of borrowers successfully repaying their private student loans. Our members are working with current students and their families, many of whom have seen their educations interrupted or transformed due to the pandemic. There is a great deal of uncertainty as to when normal educational processes can resume. Because of that uncertainty, we are working closely with our customers to make sure they will have the financing they need to start or continue their higher educations. Meanwhile, for borrowers who are in repayment on their student loans, CBA member banks continue to offer many options tailored to their needs to make sure they can get through this period of tremendous uncertainty and turmoil. Our members are offering special terms, including allowing expanded forbearance--stopping loan repayment--and other options that meet the needs of borrowers and co-signers. We are also allowing borrowers more time to make decisions about whether to borrow and how much, realizing that families need to evaluate changing economic and individual family conditions. In sum, CBA member banks are doing their best to help our customers through the crisis and emerge with their educational plans intact and their financial situations manageable. Banks are working, as they must, with prudential regulators, including the Consumer Financial Protection Bureau, Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation, as well as state regulatory agencies, on allowable steps that can be taken to help borrowers now. Given the steps being taken by the private sector, we wish to alert you to the fact that some of the proposals contained in the Dean Amendment number 283 would significantly disrupt the private student loan market. We have offered to work with all interested Members on substitute legislation that would help student loan borrowers and avoid steps that will make it impossible for banks and other private lenders to offer their customers the private loan options they can access today. Such proposals should be considered as part of COVID-19 relief legislation, not as part of the NDAA. The Dean amendment would have the Secretary of the Treasury make monthly payments for private education loan borrowers totalling up to $10,000 until September 30, 2021. This step would require extensive, complex coordination and across-the- board servicing system changes at a time when financial institutions, like other parts of the economy, are coping with workplace challenges. However, CBA members would work with their customers and the Treasury Department to implement such a policy, should Congress decide to proceed, through an appropriate legislative vehicle, and set up a process for the payments to be made by the government to lenders on behalf of borrowers. The amendment in the fall of 2021 would give all private student loan borrowers $10,000, less payments previously made on their behalf. CBA is concerned that a lump sum payment made more than a year from now will have little impact on helping our country recover from the emergency. Moreover, this minimum amount provision is untargeted since it would be made after the emergency period and without regard to whether the borrower is actually experiencing any repayment difficulty. Therefore, we believe any relief should be tailored to the government making monthly payments for those in need during the emergency period. We agree that any such payments made on behalf of a borrower should not be counted as income for tax purposes. Most importantly, the amendment includes an unworkable provision that would require private lenders to change millions of contracts with borrowers to include the Revised Pay As You Earn option that the federal government offers some federal loan borrowers. This proposal would require private lenders to offer the same income derived repayment (IDR) plans, including forgiveness after 20 years of payments for undergraduates or 25 years for loans for graduate studies, as are offered by the Department of Education. While an IDR/loan forgiveness program is an appropriate safety net for loans without any meaningful upfront consumer protections, it is not suited to private loans made with the most critical upfront consumer protection: evaluation of ability to repay. The federal government currently dominates student lending, originating 92 percent of new loans made each year. These loans provide access to higher education, but because there is no consideration of ability to repay or credit underwriting, they put some students into excessive indebtedness with unaffordable monthly payments. Private loans play an important role in providing access to higher education, typically supplementing federal aid and always involving a careful assessment of credit capacity and ability to pay. That is why 98 percent of private loans are being successfully repaid, while a quarter of federal loan borrowers are not making any progress towards reducing their loan balance. We strongly oppose applying repayment policies that may address over-lending of federal loans but that are not anchored to safety and soundness principles that consistently assure responsibly underwritten private loans that are being successfully repaid. Importantly, private loan lenders, working closely with their prudential regulators, have developed well-targeted repayment relief options that effectively assist customers experiencing repayment difficulty. Private loan lenders provide short- and long-term forbearances, as well as loan modifications that lead to affordable loan payments. These solutions appropriately balance consumer protection and safety/soundness principles in support of customer repayment success. In this respect, the proposal to require a well- functioning private loan market to function like the vastly different federal loan market is nothing more than a solution in search of a problem. The government keeps non-performing loans--millions of them--on its books for decades before giving up on collection. Banks that engage in such practices would be quickly ordered to stop by their federal regulators and would likely face sanctions. If a loan isn't being repaid, banks must account for it on their balance sheets. Under federal IDR rules, a borrower can make no payments but still be considered current, with their loan cancelled after 20 or 25 years. That is not possible for any private lender under the sensible safety and soundness practices required by their prudential regulator. In short, the proposal to apply repayment policies developed to remediate the absence of an ability to repay evaluation for federal loans to a market that leverages safe and sound underwriting to consistently drive repayment success would not only signifcantly disrupt exisitng contracts with borrowers but would almost certainly force a signficant reduction in access to private loan credit. CBA members recognize the severity of the hardship many Americans are facing in the economic downturn caused by the coronavirus pandemic. All CBA members are working with their customers to help those who are experiencing difficulties or delays in making student loan payments. Banks since the start of the crisis have been enhancing the options available to their customers to help them manage their finances. For many borrowers, it's financially better to keep making payments in order to pay off their loans as soon as possible. Others need more flexibility, and they are getting it. We understand the desire of Congress to help student loan borrowers and to take measures that will stimulate the economic recovery once the emergency concludes. Banks are doing their part in working with our customers individually to help. Unfortunately, the Dean Amendment would force many banks into an impossible position with their prudential regulators and force banks to stop offering student loans to their customers. This is a major change in the law that does not belong as part of the NDAA. Thank you for your consideration of our views. We would be pleased to answer your questions and to work with you on ways to assist our country recover from the effects of the pandemic. Sincerely, Richard Hunt, President and CEO, Consumer Bankers Association.

Mr. LUETKEMEYER. Mr. Speaker, I reserve the balance of my time.