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ERIC Number: ED347872
Record Type: Non-Journal
Publication Date: 1991-Nov-5
Pages: 17
Abstractor: N/A
Reference Count: N/A
Student Loan Marketing Association Financial Safety and Soundness Act of 1991. 102d Congress, 1st Session. Report To Accompany S. 1915.
Congress of the U.S., Washington, DC. Senate Committee on Labor and Human Resources.
This document is a favorable report to the U.S. Senate on a bill that provides for the financial security of the Student Loan Marketing Association, an act which amends the Higher Education Act of 1965. The report urges the passage of this bill which sets forth various capital levels that safeguard the government from the possibility of loss exposure in the future and which establishes procedures for restoring adequate capital levels if capital falls below any of those set forth in the act. Section I, Introduction, describes the origin, construction and rationale for the legislation. Section II provides a summary of the bill. Section III, "Background and Need for the Legislation," describes the failure of many federally insured savings and loans institutions, the requirements of the Omnibus Budget Reconciliation Act of 1990 for legislation ensuring the safety of government sponsored enterprises, and the reported strength of Sallie Mae's operations. Section IV offers the committee's view of the suitability of the bill. Section V on voting in committee, reports that the members voted unanimously for its passage. Section VI provides a cost estimate. Section VII is a regulatory impact statement. Section VIII offers a section-by-section analysis of the bill itself. The final section provides the text of the legislation. (JB)
Publication Type: Legal/Legislative/Regulatory Materials
Education Level: N/A
Audience: Policymakers; Community
Language: English
Sponsor: N/A
Authoring Institution: Congress of the U.S., Washington, DC. Senate Committee on Labor and Human Resources.