The "Promoting Equal Learning and Liberty Act" (PELL Act) aims to reform federal funding for higher education by eliminating financial support for programs designated for minority-serving institutions, arguing that such funding violates the constitutional principle of equal protection under the law. The bill seeks to amend existing laws to ensure that funding decisions are based solely on economic need rather than race or ethnicity, redirecting resources to support low-income students who qualify for Federal Pell Grants.