[Federal Register Volume 73, Number 232 (Tuesday, December 2, 2008)]
[Notices]
[Pages 73263-73311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-28632]


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DEPARTMENT OF EDUCATION

DEPARTMENT OF THE TREASURY

OFFICE OF MANAGEMENT AND BUDGET


Federal Family Education Loan Program (FFELP)

AGENCY: Department of Education, Department of the Treasury, Office of 
Management and Budget.

ACTION: Notice of terms and conditions of additional purchase of loans 
under the Ensuring Continued Access to Student Loans Act of 2008.

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SUMMARY: Under the authority of section 459A of the Higher Education 
Act of 1965, as amended (``HEA''), as enacted by the Ensuring Continued 
Access to Student Loans Act of 2008 (Pub. L. 110-227) and amended by 
Pub. L. 110-315 and Pub. L. 110-350, the Department of Education 
(``Department'') may purchase, or enter into forward commitments to 
purchase, Federal Family Education Loan Program (``FFELP'') loans made 
under sections 428 (subsidized Stafford loans), 428B (PLUS loans), or 
428H (unsubsidized Stafford loans) of the HEA, on such terms as the 
Secretary of Education (``Secretary''), the Secretary of the Treasury, 
and the Director of the Office of Management and Budget (collectively, 
``Secretaries and Director'') jointly determine are ``in the best 
interest of the United States'' and ``shall not result in any net cost 
to the Federal Government (including the cost of servicing the loans 
purchased).''
    The Secretary initially exercised this authority in accordance with 
a notice published in the Federal Register on July 1, 2008 (73 FR 
37422). This notice (a) establishes the terms and conditions that will 
govern certain additional loan purchases made under section 459A of the 
HEA, as extended by Pub. L. 110-350 (Short-term Purchase Program), (b) 
outlines the methodology and factors that have been considered in 
evaluating the price at which the Department will purchase these 
additional FFELP loans, and (c) describes how the use of those factors 
and methodology will ensure that the additional loan purchases do not 
result in any net cost to the Federal Government. The Secretaries and 
Director concur in the publication of this notice and have jointly 
determined that the purchase of additional loans as described in this 
notice is in the best interest of the United States and shall not 
result in any net cost to the Federal Government (including the cost of 
servicing the loans purchased).

DATES: Effective Date: The terms and conditions governing the purchase 
of additional loans under the Short-term Purchase Program are effective 
December 1, 2008.

FOR FURTHER INFORMATION CONTACT: U.S. Department of Education, Office 
of Federal Student Aid, Union Center Plaza, 830 First Street, NE., room 
111G3, Washington, DC 20202. Telephone: (202) 377-4401 or by e-mail: 
[email protected].
    If you use a telecommunications device for the deaf (TDD), call the 
Federal Relay Service (FRS), toll free, at 1-800-877-8339.
    Individuals with disabilities can obtain this document in an 
accessible format (e.g., braille, large print, audiotape, or computer 
diskette) on request to the contact person listed under FOR FURTHER 
INFORMATION CONTACT.

SUPPLEMENTARY INFORMATION:

Introduction

    The Department's purchase of FFELP loans is intended to ensure that 
students and parents continue to have access to FFELP Stafford and PLUS 
loans for the remainder of the 2008-2009 academic year and the 2009-
2010 academic year, including second and subsequent disbursements of 
loans which have already had a first disbursement. The Department 
initially offered lenders the opportunity to participate in a Loan 
Participation Purchase Program (``Participation Program'') and a Loan 
Purchase Commitment Program (``Purchase Program'') (collectively, 
``Programs''). Pursuant to section 459A

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of the HEA, the Secretaries and Director established the terms and 
conditions that govern the Participation Program and the Purchase 
Program in a notice published in the Federal Register on July 1, 2008 
(73 FR 37422). Minor revisions to this notice were published in the 
Federal Register on July 17, 2008 (73 FR 41048).
    Under the Participation Program, the Department has purchased 
participation interests in eligible loans that are held by an eligible 
lender acting as a sponsor under a Master Participation Agreement. To 
participate in the Participation Program, each sponsor entered into a 
Master Participation Agreement with the Department and a third-party 
custodian.
    Under the Purchase Program, the Department has purchased eligible 
loans that are held by eligible lenders. To participate in the Purchase 
Program, each eligible lender entered into a Master Loan Sale Agreement 
with the Department and agreed to deliver to the Department or its 
agent the fully executed master promissory note (or all electronic 
records evidencing the same) evidencing each eligible loan that the 
lender wished to sell to the Department and any and all other documents 
and computerized records relating to all such loans.
    Subsequent to the announcements of the Purchase Program and 
Participation Program in July, the Secretaries of Education and 
Treasury have concluded that additional actions are necessary to ensure 
students and parents have access to FFELP for the remainder of the 
2008-2009 academic year. Specifically, the Secretaries believe some 
lenders may not be able to obtain capital to make second disbursements 
even for the short-term necessary before lenders can utilize the 
existing programs. Through the Short-term Purchase Program, the 
Department is extending the offer to purchase loans to include eligible 
loans made for the 2007-2008 academic year under the terms and 
conditions established in this notice, including the appended Master 
Loan Sale Agreement-2007-2008, dated November 24, 2008. The Department 
plans to purchase these loans on or about December 1, 2008 and will 
continue purchasing them through February 28, 2009 or the date on which 
one or more conforming Asset-Backed Commercial Paper (ABCP) conduit(s) 
for purchasing FFELP loans becomes operational, whichever occurs 
earlier. The Department will expend up to $500 million to purchase 
eligible loans each week during this period, for a potential total 
aggregate amount of up to $6.5 billion. The Department will only accept 
offers from lender requests for the Department to purchase loans under 
the Short-term Purchase Program once each week. Details of how a lender 
must submit such offers will be provided by the Department by postings 
to its official Web site at http://www.federalstudentaid.ed.gov/ffelp.
    The Department will purchase no loans from a lender in a given week 
unless the average outstanding principal balance of the loans offered 
by the lender for that week is at least $3,000. The Department will 
calculate the total amount of the outstanding principal balance of the 
loans offered for sale for the week by lenders that submit offers that 
meet the $3,000 minimum balance requirement, and will purchase all such 
loans if the amount needed to purchase them does not exceed the $500 
million offered amount.
    If the amount needed to purchase all loans in qualifying offers in 
a given week exceeds $500 million, the Department will initially 
designate for purchase from each lender an amount that is the lesser of 
its outstanding balance of loans offered for sale or the total 
outstanding balance of the loans offered by such lender multiplied by a 
percentage that is the ratio of that lender's 2007-2008 loan volume to 
the 2007-2008 loan volume of all lenders that submitted qualifying 
offers to sell loans in the same week. If this process fails to spend 
the entire $500 million in a given week, the Department will determine 
the percentage that the amount of loans offered by each lender that was 
not initially designated for purchase bears to the total amount offered 
but not so designated from all lenders for that week, and it will 
multiply the remainder of the $500 million by this percentage to 
designate for purchase an additional amount of loans from each lender. 
The Department will purchase from each lender an amount that is the sum 
of its initial plus additional designated amounts. In no case will the 
Department purchase an amount that exceeds a lender's offered amount. 
Moreover, no lender shall receive more than 85 percent of the weekly 
offering until all lenders wishing to sell loans to the Department have 
been satisfied.

Terms and Conditions

    Under the Short-term Purchase Program, the Department will purchase 
fully disbursed FFELP loans (subsidized Stafford loans, unsubsidized 
Stafford loans, and PLUS loans) originated for academic year 2007-2008. 
FFELP Consolidation loans are not eligible for purchase by the 
Department under this program. To participate in the Short-term 
Purchase Program, each eligible lender must enter into a separate 
Master Loan Sale Agreement--2007-2008, dated November 24, 2008 
(attached as Appendix A to this notice) with the Department and deliver 
to the Department or its agent the fully executed master promissory 
note (or all electronic records evidencing the same) evidencing each 
eligible loan that the lender wishes to sell to the Department and any 
and all other documents and computerized records relating to that 
eligible loan.
    For the purpose of the Short-term Purchase Program, an otherwise 
eligible FFELP loan must have been first disbursed on or after May 1, 
2007 for a loan period that includes July 1, 2007 or begins on or after 
that date. At the time of purchase by the Department, the loan must be 
free and clear of any encumbrance, lien or security interest or any 
other prior commitment. At the time of purchase by the Department, the 
loan cannot be in a default status, be 210 or more days delinquent, or 
have had a lender claim filed for it. In addition, if the lender wishes 
to sell a loan from a particular borrower, all loans from that 
particular borrower must be offered for sale.
    Under the Short-term Purchase Program, the Department will purchase 
loans with borrower benefits; however, the benefits are limited to 
those that can be implemented by the Department's servicer for these 
loans. The Department will accept loans that provide Eligible Borrower 
benefits as summarized in Exhibit F to the Master Loan Sale Agreement--
2007-2008, dated November 24, 2008, attached as Appendix A to this 
notice. A listing of those specific borrower benefits will be posted to 
the Department's Web site at http://www.federalstudentaid.ed.gov/ffelp. 
The Department will not purchase loans if a cash rebate was promised to 
the borrower.
    The Department will purchase loans for 97 percent of the total of 
the outstanding principal balance plus accrued but unpaid interest as 
of the purchase date. In order to ensure that the loans offered for 
sale represent a fair share of the loans in a lender's 2007-2008 
portfolio, the average outstanding balance of all of the loans included 
in a lender's weekly offer must be at least $3,000. Upon purchase, the 
loans become Federal assets and will be serviced by the Department's 
contracted servicer as FFELP loans. Any lender that wishes to 
participate in the Short-term Purchase Program will be required to 
commit to originate or acquire loans, and continue participation in the 
FFEL program, as set forth in the Master Loan Sale Agreement (Appendix 
A).

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Additional terms and conditions for the Short-term Purchase Program are 
contained in the Master Loan Sale Agreement--2007-2008, dated November 
24, 2008 (Appendix A).

Outline of Methodology and Factors in Determining Prices

    In accordance with Pub. L. No. 110-227, Pub. L. 110-315, and Pub. 
L. 110-350, the goal in structuring the Short-term Purchase Program is 
to maximize student loan availability while ensuring loan purchases 
result in no net cost to the Federal Government. More specifically, 
this Short-term Purchase Program will offer temporary liquidity to 
FFELP lenders to encourage their continued participation in the program 
and ensure that students and parents have access to FFELP Stafford and 
PLUS loans for the 2008-2009 and 2009-2010 academic years, including 
second and subsequent disbursements of loans which have already had a 
first disbursement. This section of the notice responds in particular 
to the statutory requirement for an outline of the methodology and 
factors considered in evaluating the price at which loans may be 
purchased, and describes how the use of such methodology and 
consideration of such factors will ensure no net cost to the Federal 
Government results from the loan purchases under the Short-term 
Purchase Program.
    Price: As noted elsewhere in this notice, the Short-term Purchase 
Program is intended as a temporary, transitional measure to help 
lenders address immediate liquidity shortages until one or more 
conforming Asset-Backed Commercial Paper (ABCP) conduits for purchasing 
FFELP loans become operational.
    To determine the price FFELP loans would be purchased at, the 
Secretary of Education and the Secretary of Treasury took into account 
several factors. These factors included the price that would ensure 
this program resulted in no net cost to the Federal Government; the 
increased liquidity that the rate would offer distressed lenders; 
borrower benefits; and other factors. Based on this analysis, the 
Secretaries determined that 97 percent of outstanding principal and 
accrued interest was an appropriate price for this program.
    Borrower Benefits: The Department will purchase loans with certain 
borrower benefits; however, the Department will only purchase loans 
with benefits that can be implemented by Federal Student Aid's current 
servicing processes. Further, the 97 percent price considers borrower 
benefits for both administrative expediency, cost neutrality, and to 
ensure that student's or parent's expected borrower benefits on 
purchased loans are not compromised.

Analysis of Cost Neutrality

    The cost-neutrality analysis used credit subsidy cost estimation 
procedures established under the Federal Credit Reform Act of 1990 
(Pub. L. No. 101-508) and OMB Circular A-11. These procedures entail 
performing various analyses to project cash flows to and from the 
Government, excluding administrative costs. For changes to outstanding 
FFEL guaranteed loans, the analysis reflects the modification cost, or 
the difference between the estimate of the net present value of the 
remaining cash flows underlying the most recent President's Budget for 
such loan guarantees, and the estimate of the net present value of 
these cash flows after the purchase program, reflecting only the 
effects of the modification. For new loans, cash flows are discounted 
to the point of disbursement, using the Credit Subsidy Calculator 2 
(``OMB calculator''), developed by the Office of Management and Budget 
to estimate credit subsidy costs for all Federal credit programs, as 
the discounting tool.\1\ Costs for new loans can be expressed as 
subsidy rates that reflect the Federal costs associated with a loan; 
these costs are expressed as a percentage of the credit extended by the 
loan. For example, a subsidy rate of 10.0 percent indicates a Federal 
cost of $10 on a $100 loan.
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    \1\ The OMB calculator takes projected future cash flows from 
the Department's student loan cost estimation model and produces 
discounted subsidy rates reflecting the net present value of all 
future Federal costs associated with loans made in a given fiscal 
year. Values are calculated using a ``basket of zeros'' methodology 
under which each cash flow is discounted using the interest rate of 
a zero-coupon Treasury bond with the same maturity as that cash 
flow. To ensure comparability across various Federal credit 
programs, this methodology is incorporated into the calculator and 
used government-wide to develop estimates of the Federal costs of 
credit programs.
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    The metric to determine cost neutrality was that costs under the 
new program should not exceed costs expected under the FFEL program had 
the loan purchase authority in Pub. L. No. 110-227 not been extended in 
this manner. All costs were based on estimates in the 2009 President's 
Budget for the FFEL program, and estimated administrative costs.
    Student loan cost estimates were developed to assess the Federal 
cost incurred for loans financed for students in five categories for 
each loan type: Those attending proprietary schools, two-year schools, 
freshmen/sophomores at four-year schools, juniors/seniors at four-year 
schools, and students in graduate programs. Risk categories have 
separate assumptions based on historical patterns--for example, the 
likelihood of default or the likelihood of exercising statutory 
deferments or discharge benefits--of borrowers in each category. The 
analysis also considered risk factors particular to the Short-term 
Purchase Program, such as the likelihood that lenders would sell only 
their least profitable loans.
    This discussion outlines the analysis of the Short-term Purchase 
Program with respect to the following critical aspects affecting the 
Federal cost:
    [cir] Administrative costs
    [cir] Borrower behavior
    [cir] Lender behavior
    [cir] Risk factors
    Administrative Costs. Federal administrative costs are normally not 
included in subsidy cost calculations. To capture the full cost of the 
Short-term Purchase Program, however, section 459A of the HEA requires 
that the determination of cost neutrality reflect total costs, 
including Federal administrative costs subject to annual appropriation, 
and these costs were included in this analysis. Administrative cash 
flows primarily involve servicing costs associated with loans purchased 
by the Department. These costs can extend for up to 40 years, as 
servicing must continue until the last loan is paid in full. Under the 
base scenario where $6.5 billion in small loans were purchased, 
servicing costs would be $261 million on a present value basis. 
Estimates were developed using the price structure of the Department's 
servicing contract for put loans, with adjustments for start-up costs, 
inflation, and other costs.
    Borrower Behavior. Since the base FFEL program serves as the 
foundation of the Short-term Purchase Program, and the characteristics 
of the base program are unchanged, there is no reason to believe that 
the Short-term Purchase Program will affect borrower behavior. Thus, 
this cost analysis uses borrower behavior assumptions used to prepare 
the FY 2009 President's Budget to gauge the effect on program costs of 
borrower-based activities such as loan repayment, use of statutory 
benefits such as deferments and loan discharges, and default rates and 
timing. These assumptions are based on a wide range of data sources, 
including the National Student Loan Data System, the Department's 
operational and financial systems, and a group of surveys conducted by 
the National Center for Education Statistics such as the 2004 National 
Postsecondary Student Aid Survey, the 1994 National Education

[[Page 73266]]

Longitudinal Study, and the 1996 Beginning Postsecondary Student 
Survey.
    Lender Behavior. A key factor in assessing whether the Short-term 
Purchase Program would operate in a cost-neutral manner was lender 
behavior: Specifically, how lenders would participate in the program, 
including how many and what type of loans would they eventually choose 
to sell to the Department. The Department considered alternative 
scenarios of lender behavior to determine whether the Short-term 
Purchase Program could be considered cost-neutral under each. Because 
the Short-term Purchase Program would allow lenders to sell loans with 
contingent borrower benefits--such as interest rate reductions for a 
specified number of on-time payments--all alternatives include an 
adjustment to reflect the impact of these potential reductions on 
future loan repayments. Consistent with stress tests applied by rating 
agencies in the private securitization market, this adjustment reduces 
the net cash flow to the Government by reducing the principal of sold 
loans by 0.5 percent a year.
    In both scenarios, the Department assumed a ``worst-case'' in which 
lenders sold $6.5 billion of their smallest, least profitable loans. 
Because long-term loan servicing costs are generally charged on an 
account basis independent of loan size, small loans tend to be less 
profitable than larger loans. Under this scenario, it was determined 
that costs for the Short-term Purchase Program were less expensive to 
the Government than baseline subsidy costs for FFELP loans. (Please see 
Table 1 for a summary of the analysis.)
[GRAPHIC] [TIFF OMITTED] TN02DE08.124

    Risk Factors. Analyzing whether the Short-term Purchase Program 
would operate in a cost-neutral manner requires that projected costs 
account for the presence of various risk factors that must be assumed 
since the Short-term Purchase Program will not operate entirely like 
the base FFELP, or without operational risk. As such, the Secretaries' 
and Director's estimates included adjustments for four risk factors: 
That some of the loans purchased by the Department would be those where 
the Department would otherwise reject a reinsurance claim

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under the FFELP (``claim rejects''); that unforeseen problems undermine 
the Department's ability to effectively oversee and administer the 
Short-term Purchase Program (``operational risk''); that costs related 
to servicing purchased loans do not fully reflect possible future 
requirements (``general administrative risk''); and, that the 
composition of loans ultimately sold to the Department may result in 
higher Federal costs than the composition assumed in this analysis 
(``portfolio composition risk'').
    To ensure cost estimates reflect a conservative assessment of 
possible Federal costs, the Secretaries and Director added cost 
adjustments to incorporate each risk factor. The adjustments were based 
on an assessment of private-sector behavior and program data as 
follows:
    Claim Rejects. This risk factor takes into account the costs 
associated with the purchase of loans that would not typically qualify 
for the federal default guarantee in the FFELP due to improper 
origination or servicing. The 12 basis point increase in cost is based 
on a historical rejected claim rate of 1 percent of volume, and assumes 
that these loans would have higher loss rates than the average 
portfolio. This cost assessment is double that which was assessed in 
the analysis of the original Purchase Program. This doubling is 
appropriate given that the 45-day period allotted to the Department, 
under the Terms and Conditions of the original Purchase Program, to 
conduct due diligence on loans to be purchased is much shorter under 
the Short-term Purchase Program. This increased cost assessment is 
intended to take this into account.
    Operational Risk. In the Short-term Purchase Program, operational 
risk might result from servicing errors, technology failures, and the 
risk of fraud. While the Department has made every effort to mitigate 
operational risk, the emergency nature and accelerated implementation 
timeframe for the Short-term Purchase Program make operational risk 
more of a concern than in established Department programs.
    For the low risk scenario, the analysis assumes a 20 basis point 
increase in program cost to reflect this risk. The analysis of the 
original Purchase Program only included a 10 basis point assessment. 
However, given the accelerated implementation timeframe, as compared to 
the original Purchase Program, the doubling of this assessment is 
appropriate in this case.
    For the high risk scenario, the analysis assumes an additional 60 
basis point increase for operational risk, for a total of 80 basis 
points, consistent with the assessment in the high risk scenario of the 
original Purchase Program. In this scenario, the worst-case was 
estimated using survey data from bank regulators implementing an 
overhaul of bank regulations. The largest United States banking 
organizations will be subject to a new system of capital requirements 
that includes an explicit charge for operational risk. Under those 
regulations, banks will be required to develop models generating a 
probability distribution of losses for operational risk, and hold 
capital equal to the 99.9th percentile of that estimated probability 
distribution. Banks were surveyed to measure the anticipated impact of 
the regulations. Using the best available models of operational risk, 
the banks reported that operational risk would account for roughly 10 
percent of their required capital. As banks currently finance on 
average about eight percent of their assets with capital, worst-case 
scenario operational risk losses can thus be estimated at about one 
percent of total assets. Also, while we do not believe that this 
program has, or necessarily will, face such a level of operational 
risk, we developed the high scenario to ensure that the program is 
cost-neutral, even under extreme and unlikely circumstances.
    General Administrative Risk. The analysis of cost neutrality 
examined the Department's current loan servicing contract, and 
assumptions of borrower status over the life of the loan after purchase 
by the Department. The analysis assumed minimal start-up costs as the 
Short-term Purchase Program builds on the current loan purchase program 
infrastructure. In December 2008, the Department plans to extend its 
current loan servicing contract for one year. This will involve the 
renegotiation of payment rates for certain activities which may affect 
long-term servicing costs for the loans purchased under the Short-term 
Purchase Program. Given the future uncertainty surrounding several 
factors, including the assumptions outlined above and the status of 
loans ultimately purchased by the Department, it is possible that 
unforeseen additional costs may be incurred. Accordingly, a General 
Administrative Risk Factor of 100 basis points was added to the 
analysis.
    Portfolio Composition Risk. The cost to the Government of the 
Short-term Purchase Program depends on numerous factors, including loan 
size, default/prepayment risk, borrower benefits, and other 
characteristics of the purchased loans. The cost-neutrality analysis 
accounts for some of these factors, as outlined in this notice, but may 
not incorporate all of the dimensions of lender behavior and the loans 
ultimately purchased by the Department. Given this uncertainty, savings 
may deviate to some degree from the savings estimated in the model. To 
ensure that the potential risk and the potential costs are adequately 
reflected, a Portfolio Composition Risk Factor of 100 basis points was 
added to the analysis. The Department considered a base scenario under 
which lenders sold $6.5 billion in loans, the maximum amount allowable 
under the Short-term Purchase Program. This scenario also assumed 
lenders would sell their smallest, least profitable loans to the 
Department and included cost assessments for claim rejects and 
operational risk. This scenario would result in an average loan balance 
of approximately $3,000. Under this scenario, the Short-term Purchase 
Program is cost-neutral.
    The Department also considered a high operational risk scenario in 
which the cost assessment for operation risk was raised from 20 basis 
points to 80 basis points. Even with this increased assessment, the 
Short-term Purchase Program remains cost-neutral. The Terms and 
Conditions for the Short-term Purchase Program seek to reduce the 
likelihood of lenders exclusively selling low-balance loans. For 
example, a floor would be established under which batches of loans sold 
to the Department must have a minimum average balance of $3,000. This 
would likely ensure that the base scenario considered by the Department 
would reasonably reflect the cost exposure to the Federal Government 
should lenders choose to sell their lowest balance loans. In addition, 
lenders would be required to sell all 2007-08 Stafford loans held for a 
specific borrower. These provisions make it less likely that lenders 
will choose to sell only poorly-performing loans to the Department.
    Conclusion. After taking into account alternative market and lender 
behavior scenarios, the Administration determines that the Short-term 
Purchase Program is in the best interest of the United States and will 
result in no net cost to the Government.
    Applicable Program Regulations: 34 CFR part 682.
    Electronic Access to This Document. You may view this document, as 
well as all other Department of Education documents published in the 
Federal Register, in text or Adobe Portable Document Format (PDF) on 
the Internet at the following site: http://www.ed.gov/news/fedregister/index.html.
    To use PDF you must have Adobe Acrobat Reader, which is available 
free at this site. If you have questions about

[[Page 73268]]

using PDF, call the U.S. Government Printing Office (GPO), toll free, 
at 1-888-293-6498; or in the Washington, DC area at (202) 512-1530. You 
may also view this document in PDF at the following site: http://www.ifap.ed.gov. You may obtain a copy of the Master Loan Sale 
Agreement and direction regarding submission of the Master Loan Sale 
Agreement and offers to sell loans at http://federalstudentaid.ed.gov/ffelp.

    Note: The official version of this document is the document 
published in the Federal Register. Free Internet access to the 
official edition of the Federal Register and the Code of Federal 
Regulations is available on GPO Access at: http://www.gpoaccess.gov/nara/index.html.


(Catalog of Federal Domestic Assistance Number 84.032 Federal Family 
Education Loan Program)

    Program Authority: 20 U.S.C. 1087i-1.

    Dated: November 26, 2008.
Margaret Spellings,
Secretary of Education.
Karthik Ramanathan,
Acting Assistant Secretary of the Treasury.
Jim Nussle,
Director, Office of Management and Budget.
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 [FR Doc. E8-28632 Filed 11-28-08; 11:15 am]
BILLING CODE 4000-01-P