U.S. Rep. Tom Reed (R-NY) unveiled a new legislative proposal earlier this week to make college education more affordable for middle-class families.
Reed’s proposal would require all colleges and universities with endowments larger than $1 billion to distribute a portion of that money to students in the form of scholarships for students from less-advantaged and middle-class families. Institutions that do not participate would be subject to heavy tax penalties.
“Having student-loan debt myself and being the father of two teenage kids, I understand the burden that paying for college can be on a family,” Reed said. “I care about ensuring anyone with the desire to educate themselves can receive a fair chance at making that happen without being prevented because of the cost.”
Reed’s plan also would call for increased transparency from institutions of higher learning by advocating for the expansion of salary-disclosure requirements. It would mandate that all colleges and universities that participate in federal student-aid programs publicly disclose the salaries of any employee earning $200,000 or more.
“Tuition, fees and room-and-board expenses continue to rise above the rate of inflation year after year,” Reed said. “In the meantime, colleges and universities across the country are harboring stockpiles of money that should be used to help keep these costs in check, and we must hold universities accountable for their spending. In light of record-high student-loan debt, we have to begin turning things around for the sake of the financial stability of our country.”
Reed was first elected to represent the 29th District of New York in a special election in 2010. Reed took office during the “lame duck” session of the 111th Congress and began his own full two-year term in the 112th Congress in 2011. Reed was re-elected in 2012 to represent the new 23rd District.