Sen. Josh Hawley (R-MO) and Rep. Jim Jordan (R-OH) introduced bills this week that was designed to block the flow of federal aid to wealthy universities. In April, Ivy League institutions like Harvard and Yale came under intense pressure to reject funds from the CARES Act, a coronavirus relief program passed by Congress in March, based on their massive endowments.
According to a report by Fox News, Sen. Josh Hawley and Rep. Josh Jordan introduced companion legislation this week that will prevent wealthy institutions like Harvard University from receiving federal aid. Harvard, which boasts an endowment of almost $41 billion, rejected an allocation of $8.7 million in April after President Donald Trump told the university that they would be asked to return the funds.
Sen. Hawley’s bill, which was was co-sponsored by Senators Martha McNally, Marco Rubio, and Marsha Blackburn, would prohibit universities with an endowment of more than $10 billion from receiving federal aid.
Rep. Jordan argued that his bill ensures that wealthy institutions are accountable to taxpayers. “This bill shouldn’t be controversial or partisan. If universities have large endowments, they should spend some of that endowment on their students first, before seeking a federal bailout,” Jordan said in a comment to Fox News.
“This legislation ensures that large universities are held accountable to taxpayers in the future, while at the same time directing funds to those actually in need. I’m proud to stand behind this important legislation with Senator Hawley and Congressman Cline,” Jordan added.
Secretary of Education Betsy DeVos argued that it is “common sense” to block wealthy institutions like Harvard and Columbia from “taxpayer funds.”
“Wealthy institutions that do not primarily serve low-income students do not need or deserve additional taxpayer funds. This is common sense,” DeVos said in a short statement. “Schools with large endowments should not apply for funds so more can be given to students who need support the most. It’s also important for Congress to change the law to make sure no more taxpayer funds go to elite, wealthy institutions.”
Breitbart News reported in April that Hawley and Jordan announced planned to draft legislation that would prevent wealthy institutions from receiving federal funding.
Breitbart News reported this week that Columbia University has accepted $12.8 million in CARES Act funding. Other Ivy League institutions, including Harvard, Yale, and Princeton, rejected CARES Act funding in April after immense public pressure.
Stay tuned to Breitbart News for more updates on this story.