(Cameron Pollack / Sun Senior Photographer)

Garrett: University Endowment Bill ‘Misconceived’

President Elizabeth Garrett called a bill proposed in Congress in September that would require schools to use a part of their endowments for financial aid “misconceived,” Bloomberg Businessweek reported. The bill, which is set to be filed this month, would require institutions of higher education with endowments larger than $1 billion to distribute some of that money in the form of need-based scholarships in order to maintain their tax-free status, according to the Bloomberg article. Representative Tom Reed (R-N.Y.), who serves the 23rd district — which includes Ithaca — drafted the bill in order to “make college education more affordable for middle class families,” according to an article in The Lansing Star, written by the congressman’s office. “I care about ensuring [that] anyone with the desire to educate themselves can receive a fair chance at making that happen without being prevented because of the cost,” Reed said in the article. Although those who support the legislation have “their hearts in the right place … their methods won’t succeed for the goals they have in mind,” Garrett said during her interview with Bloomberg.