New legislation introduced by Congressman Ben Cline aims at barring colleges and universities with multibillion-dollar endowments from accessing CARES Act relief funds.
The Use Your Endowment Act would prevent schools with endowments valued at $10 billion or more from accessing CARES Act monies, and require institutions that have already received funds to return them.
The bill was introduced following the revelation that institutions such as Harvard, which has a $40 billion endowment, had received millions of dollars in aid following the passage of the CARES Act.
Cline is introducing the measure along with House Republicans Jim Jordan and Mike Gallagher and Missouri Sen. Josh Hawley.
“Colleges and universities with multibillion-dollar endowments should not be requesting funds from the CARES Act,” said Cline, R-Va. “Money allocated through this legislation should be reserved for businesses and institutions in need, not entities that have virtually unlimited resources through their foundations and endowments. H.R. 6651 ensures that our nation’s wealthiest schools can no longer take advantage of coronavirus relief funding at the expense of the American taxpayer.”
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