Richard Cordray, who used to run the Consumer Financial Protection Bureau, will oversee $1.6 trillion in student debts.
Canceling student debt would provide some instant relief for people who could really use it right now.
Democrats have pressured Biden to cancel $50,000 in student debt, though he has previously come out against the idea.
President Biden has clear legal authority to cancel student debt.
Democrats introduced a resolution calling on Biden to use executive authority to cancel $50,000 for each student debtor.
Biden has proposed canceling up to $10,000 of student debt, but lawmakers say that $50,000 would be more impactful.
Taxing every trade made on Wall Street could produce more than $1 trillion in federal revenues.
Former Secretary of Education Betsy DeVos sided with Charles Koch over students at every turn. She won’t be missed.
President-elect Biden will be able to cancel nearly all student debt without congressional approval, if he chooses to.