How to Turn Banking Waste into a Bright Future for All Kids

The New York Times is reporting this week that the banking industry is strangling a Senate student loan reform bill that could save tens of billions of dollars by removing incentives for big banks to play what some say is a superfluous role as middleman between government lenders and college students.

Tragically, the debate on the Senate floor and in the media has largely ignored the fact that savings from student loan reform would buy us an America much better prepared to compete in the future global economy.

Indeed, a major element of the reform bill would use $8 billion in savings from bank subsidies to invest in innovative early childhood education programs for kids age 0 to 5, the time when a child's foundation for learning is established.

While there's little debate in the U.S. about whether banker bonuses are too high, there's not enough debate about our national commitment to early childhood education. And the benefits are astounding. While ninety percent of brain growth occurs before age five, the United States spends about two-thirds of what other developed countries spend per child on Pre-K education. If you're still not convinced, consider this: economists tell us that every dollar we invest in young children produces eight dollars in future economic growth.

The underfunding of early childhood education is the biggest obstacle to ensuring that the billions we already spend on education in this country will keep us competitive in the global economy.

It would be a shame if this bill became a victim of the the political gamesmanship consuming Washington. The student loan reform bill is the best opportunity we have to turn what many consider waste in our education system into opportunity for millions of kids.