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    "label": "[Miscellaneous Books, Publications, and Reports] [Folder 1]: [The Omnibus Budget Reconciliation Act of 1993 - Student Loan Provisions [2]",
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    "title": "[Miscellaneous Books, Publications, and Reports] [Folder 1]: [The Omnibus Budget Reconciliation Act of 1993 - Student Loan Provisions [2]",
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    "ocrText": "53\nHOUSE BILL\nSENATE BILL\nCOMMENTS\n1\n(d) STUDENT LOAN MARKETING ASSOCIATION.-\nI\n(d) STUDENT LOAN MARKETING ASSOCIATION.-\n2 Section 439(q) of the Act is amended—\n2\nSection 439(q) of the Act (20 U.S.C. 1087-2(q)) is\n3\n(1) in paragraph (1)(A)-\n3\namended—\n(A) in the first sentence, by striking \"the\n4\n4\n(1) in paragraph (1)(A)-\n5\nAssociation or its designated agency may begin\n5\n(A) in the first sentence, by striking \"the\n6\nmaking loans\" and inserting \"the Association\n6\nAssociation or its designated agent may begin\n7\nor its designated agent shall, subject to the lim-\n7\nmaking loans\" and inserting \"the Association\n8\nitations in section 428(j)(3), begin making\n8\nor its designated agent shall, not later than\n37. Both the House and the Senate bills require Sallie Mae\nto make lender-of-last-resort loans. The House bill stipulates\n9\nloans to such eligible borrowers\"; and\n9\nJuly 1, 1994, begin making loans to such eligi-\nthat Sallie Mae does not have to make these loans to\n10\ninstitutions with high default rates, institutions that have\nble borrowers\"; and\nparticipated in part B less than 18 months, or institutions\n10\n(B) by striking the second sentence;\n11\n(B) by striking the second sentence;\ncurrently subject to an emergency action or an L,S or T\n11\nproceeding. The Senate bill does not include these\n(2) in paragraph (2)(A), by striking \"the Asso-\n12\n(2) in paragraph (2)(A), by striking \"the Asso-\nexceptions and stipulates that Sallie Mae must begin making\n12\nciation or its designated agent may\" and inserting\n13\nthese loans by no later than July 1, 1994.\nciation or its designated agent may\" and inserting\n13\n\"the Association or its designated agent shall, sub-\n14\n\"the Association or its designated agent shall. not\n14\nject to the limitations in section 428(j)(3),\"; and\n15\nlater than July 1, 1994,\"; and\n15\n(3) in paragraph (3), by striking \"that-\"\n16\n(3) in paragraph (3), by striking all beginning\n16\nthrough the end thereof and inserting the following:\n17\nwith \"that-\" through the period at the end of sub-\n17\n\"that the conditions that caused the implementation\n18\nparagraph (B) and inserting \"that the conditions\n18\nof this subsection have ceased to exist.\".\n19\nthat caused the implementation of this subsection\n19\nSEC. 4022. GUARANTY AGENCY RESERVES.\n20\nhave ceased to exist.\".\n20\nSection 422 of the Act is amended by adding at the\n21 SEC. 12042. GUARANTY AGENCY RESERVES.\n21\nend thereof the following new subsection:\n22\nSection 422 of the Act (20 U.S.C. 1072) is amended\n22\n\"ig) PRESERVATION OF GUARANTY AGENCY RE-\n23 by adding at the end the following new subsection:\n23 SERVES.-\n24\n\"(g) PRESERVATION OF GUARANTY AGENCY RE-\n24\n\"(1) AUTHORITY TO RECOVER FUNDS.-Not-\n25 SERVES.-\n26\n\"(1) AUTHORITY TO RECOVER FUNDS.-Not-"
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