[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5914 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 5914

  To clarify the authority of the Federal Financing Bank to purchase 
 loans guaranteed under part B of title IV of the Higher Education Act 
                    of 1965, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 29, 2008

Mr. Kanjorski introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To clarify the authority of the Federal Financing Bank to purchase 
 loans guaranteed under part B of title IV of the Higher Education Act 
                    of 1965, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Access Act of 2008''.

SEC. 2. CLARIFICATION OF FEDERAL FINANCING BANK AUTHORITY.

    (a) Clarification of Federal Financing Bank Authority.--
Notwithstanding any other law and subject to subsection (b), the 
Federal Financing Bank may, in accordance with such terms and 
conditions as the Federal Financing Bank may impose--
            (1) purchase, pursuant to its authority under section 6(a) 
        of the Federal Financing Bank Act of 1973, guaranteed loans 
        originated under part B of title IV of the Higher Education Act 
        of 1965, or participation interests in such loans;
            (2) provide advances to eligible lenders, as defined in 
        section 435 of the Higher Education Act of 1965, for purposes 
        of originating or purchasing loans under part B of title IV of 
        the Higher Education Act of 1965; and
            (3) invest in securities collateralized with student loans 
        originated under part B of the title IV of the Higher Education 
        Act of 1965.
    (b) No Net Cost.--Purchases under this section shall not result in 
any net cost to the Federal Government, as determined jointly by the 
Secretary of the Treasury and the Director of the Office of Management 
and Budget.
    (c) Relation to Other Laws.--Section 504(b) of the Congressional 
Budget Act of 1974 (2 U.S.C. 661c(b)) shall not apply to a loan (or 
participation interests therein) purchased pursuant to (a).
    (d) Sunset.--
            (1) In general.--Except as provided in paragraph (2), 
        subsection (c) shall expire on July 1, 2009.
            (2) Extension.--If the Secretary of Treasury in 
        consultation with the Secretary of Education determines that 
        economic circumstances necessitate extending the authority 
        provided under subsection (c) in order to continue to ensure 
        timely, uninterrupted access to student loans, the Secretary 
        may extend the sunset provision under paragraph (1). The 
        Secretary may make multiple extensions under this paragraph, 
        except that each such extension may not be for a period of more 
        than 12 months.
                                 <all>