S.Amdt. 4261
What it does: Adds SEC. 3008. AUTHORITY TO PURCHASE FFEL LOANS after section 3007
Sen. Sherrod Brown (D-OH)What it changes
1 change to H.R. 4899
Adds SEC. 3008. AUTHORITY TO PURCHASE FFEL LOANS after section 3007
Adds a sectionInserted: SEC. 3008. AUTHORITY TO PURCHASE FFEL LOANS.
Inserted: (a) In General.--Section 459A of the Higher Education Act of 1965 (20 U.S.C. 1087i-1) is amended--
Inserted: (1) in subsection (a)--
Inserted: (A) in paragraph (1)--
Inserted: (i) in the heading, by striking "; determination required";
Inserted: (ii) by striking "Upon a determination by the Secretary that there is an inadequate availability of loan capital to meet the demand for loans under sections 428, 428B, or 428H, whether as a result of inadequate liquidity for such loans or for other reasons, the" and inserting "The";
Inserted: (iii) by inserting "428C," after "428B,";
Inserted: (iv) by striking "on or after October 1, 2003, and";
Inserted: (v) by striking "terms as the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget jointly" and inserting "terms as the Secretary and the Secretary of the Treasury jointly"; and
Inserted: (vi) by striking "as determined jointly by the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget." and inserting "as determined jointly by the Secretary and the Secretary of the Treasury."; and
Inserted: (B) in paragraph (2)--
Inserted: (i) by striking "The Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget," and inserting "The Secretary and the Secretary of the Treasury";
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Inserted: (ii) in subparagraph (B)--
Inserted: (I) by inserting "428C," after "428B,";
Inserted: (II) by striking "the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget," and inserting "the Secretary and the Secretary of the Treasury"; and
Inserted: (III) by striking "and" after the semicolon;
Inserted: (iii) in subparagraph (C), by striking the period at the end and inserting "; and"; and
Inserted: (iv) by adding at the end the following:
Inserted: "(D) sets forth that the loans available for purchase may be included in the Department of Education's Asset-Backed Commercial Paper Conduit program.";
Inserted: (2) in subsection (b), by inserting "before July 1, 2010" after "under subsection (a)";
Inserted: (3) in subsection (f), by striking "2010" and inserting "2015"; and
Inserted: (4) by adding at the end the following:
Inserted: "(g) Funds for Federal Pell Grants.--The proceeds to the Federal Government from the sale of loans pursuant to this section--
Inserted: "(1) under section 428C that is conducted before July 1, 2010, shall be used to carry out subpart 1 of part A; and
Inserted: "(2) under sections 428, 428B, 428C, or 428H that is conducted on or after July 1, 2010, shall be used to carry out subpart 1 of part A.".
Inserted: (b) Emergency Designation.--Unless otherwise specified, each amount in this section, or an amendment made by this section, is designated as an emergency requirement and necessary to meet emergency needs pursuant to sections 403(a) and 423(b) of S. Con. Res. 13 (111th Congress), the concurrent resolution on the budget for fiscal year 2010.
Original wording
After section 3007 of the bill, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 4261. Mr. BROWN of Ohio submitted an amendment intended to be proposed by him to the bill S. 4899, making emergency supplemental appropriations for disaster relief and summer jobs for the fiscal year ending September 30, 2010, and for other purposes; which was ordered to lie on the table, as follows:
After section 3007 of the bill, insert the following:
SEC. 3008. AUTHORITY TO PURCHASE FFEL LOANS.
(a) In General.--Section 459A of the Higher Education Act of 1965 (20 U.S.C. 1087i-1) is amended--
(1) in subsection (a)--
(A) in paragraph (1)--
(i) in the heading, by striking “; determination required”;
(ii) by striking “Upon a determination by the Secretary that there is an inadequate availability of loan capital to meet the demand for loans under sections 428, 428B, or 428H, whether as a result of inadequate liquidity for such loans or for other reasons, the” and inserting “The”;
(iii) by inserting “428C,” after “428B,”;
(iv) by striking “on or after October 1, 2003, and”;
(v) by striking “terms as the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget jointly” and inserting “terms as the Secretary and the Secretary of the Treasury jointly”; and
(vi) by striking “as determined jointly by the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget.” and inserting “as determined jointly by the Secretary and the Secretary of the Treasury.”; and
(B) in paragraph (2)--
(i) by striking “The Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget,” and inserting “The Secretary and the Secretary of the Treasury”;
(ii) in subparagraph (B)--
(I) by inserting “428C,” after “428B,”;
(II) by striking “the Secretary, the Secretary of the Treasury, and the Director of the Office of Management and Budget,” and inserting “the Secretary and the Secretary of the Treasury”; and
(III) by striking “and” after the semicolon;
(iii) in subparagraph (C), by striking the period at the end and inserting “; and”; and
(iv) by adding at the end the following:
“(D) sets forth that the loans available for purchase may be included in the Department of Education's Asset-Backed Commercial Paper Conduit program.”;
(2) in subsection (b), by inserting “before July 1, 2010” after “under subsection (a)”;
(3) in subsection (f), by striking “2010” and inserting “2015”; and
(4) by adding at the end the following:
“(g) Funds for Federal Pell Grants.--The proceeds to the Federal Government from the sale of loans pursuant to this section--
“(1) under section 428C that is conducted before July 1, 2010, shall be used to carry out subpart 1 of part A; and
“(2) under sections 428, 428B, 428C, or 428H that is conducted on or after July 1, 2010, shall be used to carry out subpart 1 of part A.”.
(b) Emergency Designation.--Unless otherwise specified, each amount in this section, or an amendment made by this section, is designated as an emergency requirement and necessary to meet emergency needs pursuant to sections 403(a) and 423(b) of S. Con. Res. 13 (111th Congress), the concurrent resolution on the budget for fiscal year 2010.
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Senate amendment submitted
May 26, 2010