Monday, November 19, 2007

Let the Sun Shine in--A Bit

Why isn't anyone reading the House Higher Education Act reauthorization bill closely enough? Oh, that's right: Its 700+ pages long. Well, for those following the great endowment debate, here's a cliff notes hint--check out page 658. Congressman John Tierney (D-MA) who has worked for many years to try to make college more affordable, has quietly inserted a section titled "Endowment Report" that could have real consequences for the longstanding practice of higher education endowment hoarding. The section calls on the Secretary of Education to "conduct a study on the amounts, uses, and public purposes of the endowments of institutions of higher education." The study will look not just at endowment size and the last decade of growth, but at the amount of payout and purposes to which those expenditures have gone. The report will be due a year from the day of the bill's reauthorization.

Lynne Munson

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