The resolution urges President Biden to take immediate executive action to cancel up to $50,000 in federal student loan debt for each eligible borrower, addressing the significant burden faced by approximately 43 million Americans who collectively owe around $1.6 trillion in student loans. It highlights the detrimental effects of student debt on individuals' ability to purchase homes, start families, and fully participate in the economy, particularly affecting disadvantaged communities, women, minorities, and low-income households. The resolution emphasizes that the ongoing COVID-19 pandemic and economic recession have exacerbated these challenges, making it increasingly difficult for borrowers to repay their loans.

By advocating for broad student loan debt cancellation, the resolution aims to provide essential financial relief to borrowers, stimulate the economy through increased consumer spending, and help close existing racial and gender wealth gaps. It posits that such action would not only alleviate the immediate financial strain on millions of Americans but also contribute to a more robust economic recovery by promoting home ownership, higher education completion rates, and overall economic growth. The resolution calls for copies to be sent to key congressional leaders to garner support for this initiative.