With total U.S. student loan debt soaring to a record $1.7 trillion, polling shows two in three Americans support some form of student debt forgiveness — which advocates argue President Joe Biden could do by executive order, bypassing congressional gridlock.
But the effort to convince Biden to forgive student debt took a huge hit when House Speaker Nancy Pelosi came out against such executive action.
What happened? Student debt activists wanted answers.
Before Pelosi announced her opposition, a billionaire power couple who have bankrolled Pelosi and her House Democratic caucus quietly circulated a memo among key Capitol Hill figures making the dubious case that executive action would be illegal.
That memo was not released to the general public — until it was leaked to The Intercept. It’s a classic example of how the ultra-rich dominate policymaking, and uncovering scoops like this is what The Intercept was founded to do.
But following the money and exposing corruption isn’t cheap or easy. It often involves examining line items buried in myriad documents submitted to umpteen different agencies. It means developing strong relationships with sources. It means an unwavering commitment to connecting the dots between big money donations and policy outcomes.
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No billionaire should be able to use their wealth and access behind the scenes to guide policy pronouncements of the third highest-ranking elected official in the United States.
And the work of journalists is to hold the wealthy and powerful accountable regardless of political party.
But in the post-Citizens United era, the Supreme Court has made it incredibly easy for the rich and corporations to hide their political donations and influence-peddling.
The Intercept is committed to exposing the super wealthy and the corporations working behind the scenes to fund dark-money groups and influence public policy. But as transparency laws get weaker, following the money is getting harder and harder.
