The Remarks Of Speaker Sheldon Silver

Press Conference: Announcing Introduction Of
"The Student Lending Accountability,
Transparency And Enforcement (Slate) Act"

State Capitol, Attorney General's Office, 2nd Floor
Monday, April 16, 2007

Audio Excerpt 1 (18 seconds) Audio Excerpt 2 (25 seconds) View Transcript

First, on behalf of the membership of the State Assembly, let me commend Attorney General Cuomo and his Office for their leadership in uncovering what is already a nation-wide scandal.

We commend the Attorney General as well, for his aggressive pursuit of fairness and accountability in the provision of student loans.

Today, the Assembly will indeed introduce "SLATE" Act legislation that will place into statute the Attorney General's College Lending Code of Conduct.

In fact, the Assembly's Higher Education Committee - which is chaired by my colleague, Assembly Member Deborah Glick - will be holding a public hearing on our legislation one week from today, April 23rd.

We are holding this hearing to ensure that our SLATE legislation is thoughtful and tough without creating any unintended consequences.

Like the vast majority of New Yorkers, my Assembly colleagues and I have been concerned about the ever-rising cost of higher education.

That is why the Assembly Majority - with the leadership of Assembly Member Glick - have fought vigorously over the years to invest in our public institutions of higher learning and to enhance, as much as possible, the amount of tuition assistance available to our students.

No one can deny that this State needs well-educated workers in order to keep our economy growing and competitive. Therefore, our students should have access to the full range of education-funding options and not be steered, like cattle, to a handpicked collection of highly priced "preferred lenders."

As proud as I am that the State of New York, with this legislation, is once again leading the way toward progressive, social justice reform, I am troubled - and frankly, saddened - that anyone, let alone college and university financial aid officers and lenders, would look to benefit from the need and the willingness of working-class families and students to take on enormous debt in order to obtain the higher education they need to compete in this 21st Century, global economy.

The recent spate of settlements have a troubling and distressing impact on the college dreams of millions of students. They instill doubt into a process (that of sending one's child off to college) which is already complex and nerve-wracking for families across this country.

With Attorney General Cuomo's leadership and with the SLATE legislation coming before the Assembly and Senate, we look to put an end to this scandal and restore much-need confidence that this State behind its college students.

I urge all interested parties to offer testimony at the Assembly's public hearing next Monday, April 23rd, so that we can ensure them the smoothest and most affordable path to the future they deserve.