75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
 
 
                            Enrolled
 
                     House Joint Memorial 10
 
Sponsored by Representatives GELSER, HUNT
 
 
To the President of the United States and the Senate and the
  House of Representatives of the United States of America, in
  Congress assembled:
  We, your memorialists, the Seventy-fifth Legislative Assembly
of the State of Oregon, in legislative session assembled,
respectfully represent as follows:
  Whereas access to higher education is a vital aspect of
providing social and economic opportunities to millions of
Americans; and
  Whereas the Oregon 529 College Savings Network has assisted
thousands of Oregon families and individuals in gaining access to
higher education; and
  Whereas recent economic and market conditions have adversely
affected the value of Oregonians' 529 college savings accounts;
and
  Whereas such value may be regained over time; and
  Whereas the federal 529 college savings rules prevent a
deferral of higher education costs through student loans,
creating an irrevocable loss of funds to families who access
their accounts in qualified tuition programs in the near future;
and
  Whereas Congress has the opportunity to affect this statute so
that affected account holders have more time and flexibility to
recover lost value; now, therefore,
 
Be It Resolved by the Legislative Assembly of the State of
  Oregon:
 
  (1) The Seventy-fifth Legislative Assembly urges the Congress
of the United States to enact legislation that:
  (a) Amends section 529 of the Internal Revenue Code to allow
accounts in qualified tuition programs to be used for repayment
and security of student loans when the designated beneficiary is
a student entering college between 2004 and 2012;
  (b) Ensures that the current standards regarding qualified
higher education expenses are applied to qualification of student
loan repayment and security; and
  (c) Makes these changes immediately applicable to accounts that
are already open.
  (2) A copy of this resolution shall be sent to the President of
the United States, the Senate Majority Leader, the Speaker of the
House of Representatives, and to each member of the Oregon
Congressional Delegation.
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Enrolled House Joint Memorial 10 (HJM 10-INTRO)            Page 1
 
 
 
 
 
 
                                 Adopted by House March 16, 2009
 
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                                      Chief Clerk of House
 
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                                        Speaker of House
 
 
                                 Adopted by Senate June 3, 2009
 
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                                       President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Joint Memorial 10 (HJM 10-INTRO)            Page 2