Washington — Sen. Charles E. Grassley, who had been pushing a controversial plan that would require colleges to pay out more of their endowment assets every year, backed off that idea on Tuesday, according to the Reuters news agency.
The recent moves by Harvard University, Yale University, and other wealthy institutions to commit more of their endowment earnings to student aid has “slowed the push” for legislation, Mr. Grassley, the top Republican on the Senate Finance Committee, said at a gathering sponsored by Reuters.
“The possibility of legislation is out there,” Mr. Grassley said. “I haven’t given up on legislation. But I’ve slowed the push.” —Brad Wolverton