Boehner: Student Loan Reform Will “Eliminate Every Bank In The Country” (From Student Loans)

Posted by | March 20, 2010 09:19 | Filed under: Top Stories

by Thomas Wellborn

Minority Leader John Boehner (R-OH) said student loan reform, integrated into the health care reform reconciliation package, would “eliminate every bank in the country and all student loan lenders,” replacing them with the government.

BOEHNER: Well, if you look at this student loan provision in there, they eliminate every bank in the country and all private student loan lenders so the government can do it instead.

Likely Boehner fears government expansion into the private banking sector, even though student lending is already by and large a federal program

But his fear-mongering is unfounded, as Think Progress reports:

At the end of the day, the bill doesn’t even cut private lenders completely out of the loop, as they still would be contracted to service the loans (collect payments, etc.). But Boehner has decided that this is his week to go all out for the bankers – telling them to stand up to  “punk staffers” trying to write new regulations – so it’s really not surprising that he’s willing to distort student loan reform to argue for his bank-friendly policies.

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