Amodei votes to extend rate on new Stafford loans

IMMEDIATE RELEASE Contact: Brian Baluta, 202-225-6155

April 27, 2012

WASHINGTON, D.C. -- Congressman Mark Amodei (NV-2) today voted in favor of H.R. 4628, the Interest Rate Reduction Act, which would prevent, for one year, interest rates increasing on July 1, 2012, from 3.4 percent to 6.8 percent on new federally subsidized Stafford loans to undergraduate students. The measure passed the House 215 to 195.

The extension would be offset by repealing the Prevention and Public Health “slush” Fund (PPHF), created in ObamaCare. The Congressional Budget Office estimated that preventing the interest rate increase would cost nearly $6 billion, while repealing the PPHF would save $12 billion. The additional $6 billion in savings would go to deficit reduction.

The PPHF, which this vote would repeal, is administered by the Secretary of Health and Human Services (HHS), who has full discretion on how to spend funds without further congressional action or oversight, including even lobbying activities, which is a clear violation of HHS rules governing the use of federal funds for lobbying and political education.

The House previously voted to repeal the PPHF with H.R. 1217, which passed the House 236 to 183.

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