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    "ocrText": "54\nHOUSE BILL\nSENATE BILL\nCOMMENTS\nI\nwithstanding any other provision of law, the reserve\n1\nwithstanding any other provision of law, the reserve\n2\nfunds of the guaranty agencies, and any assets pur-\n2\nfunds of the guaranty agencies, and any assets pur-\n3\nchased with such reserve funds, regardless of who\n3\nchased with such reserve funds, regardless of who\n4\nholds or controls the reserves or assets, shall be con-\n4\nholds or controls the reserves or assets, shall be con-\n5\nsidered to be the property of the United States to\n5\nsidered to be the property of the United States to\n6\nbe used in the operation of the program authorized\n6\nbe used in the operation of the program authorized\n7\nby this part or the program authorized by part D of\n7\nby this part or the program authorized by part D of\n8\nthis title. However, the Secretary may not require\n8\nthis title. However, the Secretary may not require\n9\nthe return of all of a guaranty agency reserve funds\n9\nthe return of all reserve funds of a guaranty agency\n10\nto the Secretary unless he or she determines that\n10\nto the Secretary unless the Secretary determines\n11\nsuch return is essential to the operation of the pro-\n11\nthat such return is in the best interest of the oper-\n12\ngram authorized by this part or the program author-\n12\nation of the program authorized by this part or the\n13\nized by part D of this title, or to ensure the orderly\n13\nprogram authorized by part D of this title, or to en-\n14\ntermination of the guaranty agency's operations and\n14\nsure the proper maintenance of such agency's funds\n38. The Senate bill, but not the House bill, allows the\n15\n15\nthe liquidation of its assets. The reserves shall be\nor assets or the orderly termination of the guaranty\nSecretary to require the return of all of the reserve funds of a\n16\nguaranty agency in order to ensure the proper maintenance of\n16\nmaintained by each guaranty agency to pay program\nagency's operations and the liquidation of its assets.\nsuch agency's funds or assets.\n17\n17\nexpenses and contingent liabilities, as authorized by\nThe reserves shall be maintained by each guaranty\n18\n18\nthe Secretary, except that the Secretary may-\nagency to pay program expenses and contingent 11-\n19\n19\n\"(A) direct a guaranty agency to return to\nabilities, as authorized by the Secretary, except that\n20\n20\nthe Secretary a portion of its reserve fund\nthe Secretary may-\n21\n21\nwhich the Secretary determines is unnecessary\n\"(A) direct a guaranty agency to return to\n22\nto pay the program expenses and contingent li-\n22\nthe Secretary a portion of its reserve fund\n23\nabilities of the guaranty agency; and\n23\nwhich the Secretary determines is unnecessary\n24\n\"(B) direct the guaranty agency to require\n24\nto pay the program expenses and contingent li-\n25\nabilities of the guaranty agency:\n26\n\"(B) direct the guaranty agency to require"
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