Page:United States Statutes at Large Volume 114 Part 5.djvu/85

 PUBLIC LAW 106-554—APPENDIX A 114 STAT. 2763A-45 "(4) CONFORMING PROVISION.—Members of the Board previously granted 3 year terms, whose terms are in effect on the date of enactment of the Department of Education Appropriations Act, 2001, shall have their terms extended by 1 year.". SEC. 308. (a) Section 435(a)(2) of the Higher Education Act of 1965 (20 U.S.C. 1085(a)(2)) is amended by adding at the end thereof the following new subparagraph: "(D) Notwithstanding the first sentence of subparagraph (A), the Secretary shall restore the eligibility to participate in a program under subpart 1 of part A, part B, or part D of an institution that did not appeal its loss of eligibility within 30 days of receiving notification if the Secretary determines, on a case-by-case basis, that the institution's failure to appeal was substantially justified under the circumstances, and that— "(i) the institution made a timely request that the appropriate guaranty agency correct errors in the draft data used to calculate the institution's cohort default rate; "(ii) the guaranty agency did not correct the erroneous data in a timely fashion; and "(iii) the institution would have been eligible if the erroneous data had been corrected by the guaranty agency.". (b) The amendment made by subsection (a) of this section shall be effective for cohort default rate calculations for fiscal years 1997 and 1998. SEC. 309. Section 439(r)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087-2(r)(2)) is amended— (1) in clause (A)(i), by striking "auditors and examiners" and inserting "and fix the compensation of such auditors and examiners as may be necessary"; and (2) by inserting at the end of subparagraph (E) the following new subparagraph: " (F) COMPENSATION OF AUDITORS AND EXAMINERS. — "(i) RATES OF PAY.— Rates of basic pay for all auditors and examiners appointed pursuant to subparagraph (A) may be set and adjusted by the Secretary of the Treasury without regard to the provisions of chapter 51 or subchapter III of chapter 53 of title 5, United States Code. "(ii) COMPARABILITY.— "(I) IN GENERAL.— Subject to section 5373 of title 5, United States Code, the Secretary of the Treasury may provide additional compensation and benefits to auditors and examiners appointed pursuant to subparagraph (A) if the same type of compensation or benefits are then being provided by any agency referred to in section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b) or, if not then being provided, could be provided by such an agency under applicable provisions of law, rule, or regulation. "(II) CONSULTATION.— In setting and adjusting the total amount of compensation and benefits for auditors and examiners appointed pursuant to ' subparagraph (A), the Secretary of the Treasury ' ^ shall consult with, and seek to maintain comparability with, the agencies referred to in section

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