,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #aigi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #ad1 #bjac ,mr4  
,ti]ney 7= himself1 ,mr4 ,blum5au]1 ,mr4
 ,cumm+s1 ,mr4 ,holt1 & ,ms4 ,lee (     
,cali=nia7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,education &
 ! ,work=ce  ,a ,,bill  ,to prev5t !    
d\bl+ ( ! int]e/ rate = ,f$]al subsidiz$
 /ud5t loans = ! #bjac-bjad academic ye>
 by provid+ funds = su* loans ?r\gh !   
,f$]al ,res]ve ,sy/em1 to ensure t su*  
loans are available at int]e/ rates t   
are equival5t to ! int]e/ rates at :i* !
 ,f$]al ,gov]nm5t provides loans to     
banks ?r\gh ! disc\nt w9d[ op]at$ by !  
,f$]al ,res]ve ,sy/em1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,bank on ,/ud5ts ,loan ,fairness    
,act4  #b4 ,provision ( funds =         
#bjac-bjad ,f$]al ,direct ,/af=d ,loans 
,section #dea ( ! ,high] ,education ,act
 ( #aife 7#bj ,u4,s4,c4 #ajhg;a7 is     
am5d$ by add+ at ! end ! foll[+3  7c7   
,provision ( funds = #bjac-bjad ,f$]al  

,direct ,/af=d ,loans  7#a7 ,9 g5]al ,! 
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all make available to !         
,secret>y1 f ! comb9$ e>n+s ( ! ,f$]al  
,res]ve ,sy/em1 ! am\nt det]m9$ by !    
,secret>y to be reasonably necess>y to  
aw>d ,f$]al ,direct ,/af=d ,loans dur+ !
 aw>d ye> beg9n+ ,july #a1 #bjac1 to all
 eligible /ud5ts 9 att5dance at         
p>ticipat+ in/itutions ( high] education
 select$ by ! ,secret>y to enable su*   
/ud5ts to pursue _! c\rses ( /udy at su*
 in/itutions4  7#b7 ,adm9i/ration by    
,secret>y & simil> t]ms ,! ,f$]al       
,direct ,/af=d ,loans fund$ "u ?is      
subsection = ! aw>d ye> beg9n+ ,july #a1
 #bjac1 %all be adm9i/]$ by ! ,secret>y 
& %all be made 9 accordance ) !         
requirem5ts1 & be subject to all t]ms & 
conditions1 ( ?is "p1 except t          
appropriations provid$ "u ! fir/ s5t5ce 
( subsection 7a7 %all n be us$ = any    
,f$]al ,direct ,/af=d ,loans made dur+  
su* p]iod4  4  #c4 ,adju/m5t ( ,f$]al   
,direct ,/af=d ,loan int]e/ rates  7a7  

,9 g5]al ,section #dee7;b77#g7 ( !      
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;e7b77#g77 is am5d$ by   
add+ at ! end ! foll[+3  7,e7 ,r$uc$    
rates = fdsl loans disburs$ on or aft]  
,july #a1 #bjac1 & be=e ,july #a1 #bjad 
,not)/&+ ! prec$+ p>agraphs ( ?is       
subsection & subp>agraph 7,a7 ( ?is     
p>agraph1 = ,f$]al ,direct ,/af=d ,loans
 made to und]graduate /ud5ts = :i* !    
fir/ disbursem5t is made on or aft]     
,july #a1 #bjac1 & be=e ,july #a1 #bjad1
 ! applicable rate ( int]e/ %all be !   
prim>y cr$it rate *>g$ by ! ,f$]al      
,res]ve banks on ,july #a1 #bjac1 =     
purposes ( sections #ac & #ac;,a ( !    
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cdb 
et seq474  4  7b7 ,con=m+ am5dm5ts      
,section #dee7;b77#g77;,d7 ( ! ,high]   
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajhg;e7b77#g77;,d77 is am5d$ 9 !       
subp>agraph head+ by /rik+ fdsl & ins]t+
 fdsl issu$ on or aft] ,july #a1 #bjjf1 
& be=e ,july #a1 #bjac4