Page:United States Statutes at Large Volume 110 Part 4.djvu/447

 PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -284 "or the Holding Company of the Student Loan Marketing Association, including any subsidiary of the Holding Company, created pursuant to section 440". (B) EFFECTIVE DATE.— The amendments made by this 20 USC 1078-3 paragraph shall take effect on the reorganization effective ^^ote. date as defined in section 440(h) of the Higher Education Act of 1965 (as added by subsection (a)). (2) ENFORCEMENT OF SAFETY AND SOUNDNESS REQUIRE- MENTS.— nSection 439(r) of the Higher Education Act of 1965 (20 U.S.C. 1087-2(r)) is amended— (A) in the first sentence of paragraph (12), by inserting "or the Association's associated persons" after "by the Association"; (B) by redesignating paragraph (13) as paragraph (15); and (C) by inserting after paragraph (12) the following new paragraph: "(13) ENFORCEMENT OF SAFETY AND SOUNDNESS REQUIRE- MENTS.— The Secretary of Education or the Secretary of the Treasury, as appropriate, may request that the Attorney General bring an action in the United States District Court for the District of Columbia for the enforcement of any provision of this section, or may, under the direction or control of the Attorney General, bring such an action. Such court shall have jurisdiction and power to order and require compliance with this section.". (3) FINANCIAL SAFETY AND SOUNDNESS.— Section 439(r) of the Higher Education Act of 1965 (20 U.S.C. 1087-2(r)) is further amended— (A) in paragraph (1)— (i) by striking "and" at the end of subparagraph (A); (ii) by striking the period at the end of subparagraph (B) and inserting "; and"; and (iii) by adding at the end the following new subparagraph: "(C)(i) financial statements of the Association within 45 days of the end of each fiscal quarter; and "(ii) reports setting forth the calculation of the capital ratio of the Association within 45 days of the end of each fiscal quarter."; (B) in paragraph (2)— (i) by striking clauses (i) and (ii) of subparagraph (A) and inserting the following: "(i) appoint auditors or examiners to conduct audits of the Association from time to time to determine the condition of the Association for the purpose of assessing the Association's financial safety and soundness and to determine whether the requirements of this section and section 440 are being met; and "(ii) obtain the services of such experts as the Secretary of the Treasury determines necessary and appropriate, as authorized by section 3109 of title 5, United States Code, to assist in determining the condition of the Association for the purpose of assessing the Association's financial safety and soundness, and to determine whether the

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