For years, the U.S. Senate has investigated the recruiting practices of for-profit colleges. The businesses that run so-called career schools depend heavily on federal student aid, cater to low-income learners, and offer flexibility to those who must work while going to class. …

While scrutinizing the industry, senators discovered a funding loophole that, for the sake of students and taxpayers, deserves to be closed by legislation introduced by Democratic Sen. Dick Durbin of Illinois.

Federal law says that for-profit colleges and universities may not receive more than 90 percent of their revenue from student aid programs in the U.S. Department of Education. Although the rest must come from sources outside the federal government, not counted toward the 90 percent are education dollars from the post-9/11 GI Bill.

Between 2009 and 2011, eight of the top 10 recipients of GI Bill education benefits were for-profit schools, accounting for $1 billion in such aid. This gaping loophole encourages schools to target military veterans as applicants.

That has to stop. One sure way is to enact Senator Durbin’s bill.

The (Youngstown) Vindicator, Feb. 6

 

Insider trading law would have made perfect sense

It appears that the approval rating for Congress had to drop into the single digits until a law that would ban insider trading by members of Congress, their staffs and other Washington insiders could gain momentum.

Last week the Senate, by an overwhelming and bipartisan majority, passed and sent to the House a bill that is so obviously fair in its intent that the surprise is that even three senators voted against it. The bill is also necessary if Congress is to have even a fighting chance of convincing the American people that it exists for the nation’s betterment, not the enrichment of congressmen. …

There are two overriding reasons for Congress to take the need for self-regulation seriously. One is that a nation that can no longer trust its representatives to pursue anything but their own self-interest cannot long survive as a democracy. The other is that investors large and small must have confidence that they are operating on a level playing field, or a nation cannot prosper under capitalism.

There are laws against insider trading by anyone — that is investing based on material, nonpublic information about a security. The new bill would prohibit members of Congress and federal employees from trading stocks based on nonpublic information obtained on the job. …

The (Youngstown) Vindicator, Feb. 6