For-Profit Education Oversight Coordination Committee

Part B of title I (20 U.S.C. 1011 et seq.) is amended by adding at the end the following: 124. For-Profit Education Oversight Coordination Committee (a) Establishment of committee (1) In general There is established in the executive branch a committee to be known as the For-Profit Education Oversight Coordination Committee (referred to in this section as the Committee) and to be composed of the head (or the designee of such head) of each of the following Federal entities: (A) The Department of Education. (B) The Bureau of Consumer Financial Protection. (C) The Department of Justice. (D) The Securities and Exchange Commission. (E) The Department of Defense. (F) The Department of Veterans Affairs. (G) The Federal Trade Commission. (H) The Department of Labor. (I) The Internal Revenue Service. (J) The enforcement unit of the Performance-Based Organization established under section 141(g). (K) At the discretion of the Chairperson of the Committee, any other relevant Federal agency or department. (2) Purposes The Committee shall have the following purposes: (A) Coordinate Federal oversight of for-profit institutions of higher education to— (i) improve enforcement of applicable Federal laws; (ii) increase accountability of for-profit institutions of higher education to students and taxpayers; and (iii) ensure the promotion of quality education programs. (B) Coordinate Federal activities to protect students from unfair, deceptive, abusive, unethical, fraudulent, or predatory practices, policies, or procedures of for-profit institutions of higher education. (C) Encourage information sharing among agencies related to Federal investigations, audits, program reviews, inquiries, complaints, financial statements, and other information relevant to the oversight of for-profit institutions of higher education. (D) Develop binding memoranda of understanding that the Federal entities represented on the Committee will use regarding the sharing of information to exercise the oversight described in this section. (E) Increase coordination and cooperation between Federal and State agencies (including State authorizing agencies, State attorneys general, and State approving agencies designated under section 3671 of title 38, United States Code) with respect to improving oversight and accountability of for-profit institutions of higher education. (F) Develop best practices and consistency among Federal and State agencies in the dissemination of consumer information regarding for-profit institutions of higher education to ensure that students, parents, and other stakeholders have easy access to such information. (3) Chairperson The Secretary of Education or the designee of the Secretary shall serve as the Chairperson of the Committee. (b) Meetings (1) Committee meetings The members of the Committee shall meet regularly, but not less than once during each quarter of each fiscal year, to carry out the purposes described in subsection (a)(2). (2) Meetings with state agencies and stakeholders The Committee shall meet not less than once each fiscal year, and shall otherwise interact regularly, with State authorizing agencies, State attorneys general, State approving agencies designated under section 3671 of title 38, United States Code, veterans service organizations, and consumer advocates to carry out the purposes described in subsection (a)(2). (c) Director The Chairperson shall appoint a full-time executive director to support the Committee and may appoint and fix the pay of additional staff as the Chairperson considers appropriate..