Speaker Nancy Pelosi (Calif.) said that President Biden does not have the legal authority to unilaterally forgive federal student loans, breaking from fellow Democratic leaders, The Hill reported. Pelosi yesterday argued that Biden can only delay or pause student loan debt by executive order, not cancel it entirely. “He can postpone, he can delay, but he does not have that power,” she said. “That would best be an act of Congress.” Biden has faced steady pressure from progressive Democrats to wipe out up to $50,000 per borrower in federally held student debt through an executive order. While it’s not clear if Biden has the legal authority to do so, many prominent Democrats including Senate Majority Leader Charles Schumer (N.Y.) argue that he does. Read more.
The Senate Judiciary Committee will hold a hearing on Tuesday at 10 a.m. EDT titled, "Student Loan Bankruptcy Reform."
