Colleges Have Loads of Cash & a Trump Backer in U.S. House Wants It To Help Students

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Colleges Have Loads of Cash & a Trump Backer in U.S. House Wants It To Help Students

Feb, 10th 2017

Wealthy U.S. colleges must spend more of their endowment gains on aid for middle-class families or lose their prized tax-exempt status, a Republican U.S. House member and a vice chair of President-elect Donald Trump’s transition team proposed Monday.

Rich schools have long been a target of Congressional Republicans who accuse them of skewed spending priorities that are bankrupting families with frivolous amenities while enriching administrators. In little-noticed remarks during the campaign, Trump himself endorsed this view.

Along with new endowment spending rules, U.S. Representative Tom Reed’s proposal would also require all universities receiving federal aid to provide more disclosure about administrative salaries and perks. In addition, colleges would have to file “cost-containment plans” to keep tuition increases below the inflation rate. The federal government would take money away from those...

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