Page:United States Statutes at Large Volume 94 Part 2.djvu/151

 PUBLIC LAW 96-374—OCT. 3, 1980

94 STAT. 1429

(c) Section 439(e)(A) of the Act is amended by striking out 20 USC 1087-2. "$50,000,000" and inserting in lieu thereof "$75,000,000". (d)(1) Section 439(h)(1) of the Act is amended to read as follows: "(h)(1) The Association is authorized with the approval of the Outstanding Secretary of Education and the Secretary of the Treasury to issue and obligations, have outstanding obligations having such maturities and bearing issuance. such rate or rates of interest as may be determined by the Association. The authority of the Secretary of Education to approve the issuance of such obligations is limited to obligations issued by the Association and guaranteed by the Secretary pursuant to paragraph (2) of this subsection. Such obligations may be redeemable at the option of the Association before maturity in such manner as may be stipulated therein. The Secretary of the Treasury may not direct as a condition of his approval that any such issuance of obligations by the Association be made or sold to the Federal Financing Bank.". (2) Section 439(h)(2) of the Act is amended— (A) by striking out "July 1, 1982" and inserting in lieu thereof "October 1, 1984"; and (B) by adding at the end thereof the following new sentence: "Nothing in this section shall be construed so as to authorize the Secretary of Education or the Secretary of the Treasury to limit, control, or constrain programs of the Association or support of the Guaranteed Student Loan Program by the Association.". (3) Section 439(h) of the Act is amended by adding at the end thereof the following new paragraphs: "(4) Upon receipt of a request from the Association under this subsection requiring approvals by the Secretary of Education or the Secretary of the Treasury, the Secretary of Education or the Secretary of the Treasury shall act promptly either to grant approval or to advise the Association of the reasons for withholding approval. In no case shall such an approval be withheld for a period longer than sixty days unless, prior to the end of such period, the Secretary of Education and the Secretary of the Treasury submit to the Congress a detailed explanation of reasons for doing so. "(5) The Secretary of the Treasury is authorized to purchase any Obligations, obligations issued by the Association pursuant to this subsection as purchase authorization. now or hereafter in force, and for such purpose the Secretary of the Treasury is authorized to use as a public debt transaction the proceeds of the sale of any securities hereafter issued under the Second Liberty Bond Act, as now or hereafter in force, and the 31 USC 774. purposes for which securities may be issued under the Second Liberty Bond Act, as now or hereafter in force are extended to include such purchases. The Secretary of the Treasury shall not at any time purchase any obligations under this subsection if such purchase would increase the aggregate principal amount of his then outstanding holdings of such obligations under this subsection to an amount greater than $1,000,000,000. Each purchase of obligations by the Secretary of the Treasury under this subsection shall be upon such terms and conditions as to yield a return at a rate determined by the Secretary of the Treasury, taking into consideration the current average rate on outstanding marketable obligations of the United States of comparable maturities as of the last day of the month preceding the making of such purchase. The Secretary of the Treasury may, at any time, sell, upon such terms and conditions and at such price or prices as he shall determine, any of the obligations acquired by him under this subsection. All redemptions, purchases, and sales by the Secretary of the Treasury of such obligations under

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