The Trump administration plans to roll back another major Obama-era rule that was created to police the for-profit college industry, according to a proposal issued by the Education Department on Friday.

Education Secretary Betsy DeVos said the gainful employment regulation should be scrapped entirely, arguing that it wasn't backed up by research and created burdensome reporting requirements for schools. The rule sought to punish for-profit college programs that left graduates with heavy debt compared to their incomes

DeVos' proposal represents the Education Department's second planned rollback...