PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Congressional Research Service
Version 00 · Introduced in House · Oct 12, 1998
Depository Institution-GSE Affiliation Act of 1998 - Amends the Federal Deposit Insurance Act to specify circumstances under which the Secretary of the Treasury may: (1) approve an affiliation between a depository institution and the Student Loan Marketing Association (SALLIE MAE) solely in its reorganized, privatized status as "the Holding Company," not in its status as a government sponsored enterprise (GSE); and (2) impose affiliation terms and conditions, including constraints upon either the issuance of debt obligations by SALLIE MAE in its GSE status, or upon the use of proceeds from such obligations. (Current law prohibits affiliations between depository institutions and GSEs.) Limits the value of the investment portfolio of SALLIE MAE in its GSE status in the event such affiliation should occur to the lesser of: (1) its value upon enactment of this Act; or (2) its value on the date such affiliation is consummated. Grants the Secretary enforcement powers under the Higher Education Act of 1965.
People & committees
Rep. Snowbarger, Vince [R-KS-3] · R–KS
Legislative record
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Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Referred to the House Committee on Banking and Financial Services.
Introduced in House
Introduced in House
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