H.R. 4628 (112th): Interest Rate Reduction Act

112th Congress, 2011–2013. Text as of Apr 25, 2012 (Introduced).

Status & Summary | PDF | Source: GPO

I

112th CONGRESS

2d Session

H. R. 4628

IN THE HOUSE OF REPRESENTATIVES

April 25, 2012

introduced the following bill; which was referred to the Committee on Education and the Workforce, and in addition to the Committees on Energy and Commerce and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To extend student loan interest rates for undergraduate Federal Direct Stafford Loans.

1.

Short title

This Act may be cited as the Interest Rate Reduction Act.

2.

Interest rate extension

Subparagraph (D) of section 455(b)(7) of the Higher Education Act of 1965 (20 U.S.C. 1087e(b)(7)(D)) is amended—

(1)

in the matter preceding clause (i), by striking 2012 and inserting 2013; and

(2)

in clause (v), by striking 2012 and inserting 2013.

3.

Repealing prevention and public health fund

(a)

In general

Section 4002 of the Patient Protection and Affordable Care Act (42 U.S.C. 300u–11) is repealed.

(b)

Rescission of unobligated funds

Of the funds made available by such section 4002, the unobligated balance is rescinded.

4.

Compliance with Statutory Pay-As-You-Go Act of 2010

The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.