Hawley bill addresses multi-billion-dollar endowments

Wednesday, May 13, 2020
 | 
Bob Kellogg (OneNewsNow.com)

cash 100-dollar billA Republican senator is proposing legislation that prevents colleges and universities, which are sitting on massive endowments, from receiving federal money during the coronavirus crisis.

Sen. Josh Hawley wants to block schools with endowments of $10 billion or more from getting federal funds unless they first commit to spend money to assist students.

In a statement, Hawley said relief funds were intended for schools that need it, not wealthy universities that sit on huge endowments.

Jonathan Butcher of The Heritage Foundation says the senator’s argument is for Congress to create “proper protections” when spending taxpayers' money.

Harvard University, sitting on a $40 billion endowment, received $9 million in federal bailout funds but returned the funds under pressure. 

Stanford University, with a $22 billion endowment, announced it was returning approximately $7 million, ABC News reported in April. 

Reps. Jim Jordan of Ohio and Ben Cline of Virginia will sponsor companion legislation in the House.

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