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Thank you, Mr. Chairman. As the only other party to the so-called precedent of quot;we don't have a second-round, *?? I asked my staff to actually pull the record from the hearing we had with King and you said -- uh -- when you called on me: quot;I think we have time for a second-round. Senator Warren, you can be the first in the second round.quot; Just turns out I was the only one who stayed and had questions. So I -- Sen Alexander: That's why we had time. Sen Warren: I understood that that precedent meant that anybody who had questions for a second round could stay and ask them. And while we're doing precedents, I also understand that the precedent was that President Obama's nominees that came before this committee had all filled out their ethics forms and that those were available before we had a hearing so that we would have a chance to ask questions about them in public. So I'm a little confused about what quot;precedent” means here. Ms. DeVos, many of my Democratic colleagues have pointed out your lack of experience in k-12 public schools, but I'd like to ask you about your qualifications for leading the nation on higher education. The Department of Education is in charge of making sure that the $150 billion dollars that we invest in students each year gets into the right hands and that students have the support they need to be able to pay back their student loans. The Secretary of Education is essentially responsible for managing a ×1 trillion student loan bank and distributing $30 billion in Well Grants to students each year. The financial futures of an entire generation of young people depend on your department getting that right. Now, Mrs. DeVos, do you have any direct experience running a bank? DeVos: Senator, I do not. Warren: Uh huh. Do you -- have you ever managed or overseen a ×1 trillion loan program? DeVos: I have not. Warren: How about a billion-dollar loan program? DeVos:I have not. Warren: Ok, so no experience in managing a program like this. How about participating in one? I think it's important for the person who is in charge of our financial aid programs to understand what it's like for students and their families who are struggling to pay for college. Mrs. DeVos, have you ever taken out a student loan from the federal government to help pay for college? DeVos: I have not. Warren: Have any of your children had to borrow money in order to go to college? DeVos: They have been fortunate not to. Warren: Uh huh. Have you had any personal experience with a Well Grant? DeVos: Uh, not personal experience, but certainly friends and students with whom I've worked -- Warren: So you have no personal experience with college financial aid or management of higher education. Mrs. DeVos, then let's start with the basics. Do you support protecting federal taxpayer dollars from waste, fraud and abuse? DeVos: Absolutely. Earn: Oh good, so do I. Because now we all know that President-elect Trump's experience with higher education was to create...
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