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tion or guarantee provided by the Corporation under
this Act.
(2) CERTIFICATION.—The Secretary of the
Treasury may purchase obligations of the Corpora-
tion under paragraph (1) only if the Corporation
certifies to the Secretary that—
(A) the requirements of section 12(c) have
been fulfilled; and
(B) the proceeds of the sale of such obliga-
tions are needed to fulfill the obligations of the
Corporation under any guarantee provided by
or security issued by the Corporation under this
Act.
(b) LIMITATION OF AMOUNT OF OUTSTANDING OB-
LIGATIONS.—The aggregate amount of obligations issued
by the Corporation under subsection (a)(1) which may be
held by the Secretary of the Treasury at any time (as de-
termined 
by 
the 
Secretary) 
shall 
not 
exceed
$1,500,000,000.
(c) TERMS OF OBLIGATION.—
(1) INTEREST.—Each obligation purchased by
the Secretary of the Treasury shall bear interest at
a rate determined by the Secretary, taking into con-
sideration the average rate on outstanding market-
able obligations of the United States as of the last
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day of the last calendar month ending before the
date of the purchase of such obligation.
(2) REDEMPTION.—The Secretary of the Treas-
ury 
shall 
require 
that 
such 
obligations 
be
repurchased by the Corporation within a reasonable
time.
(d) COORDINATION WITH TITLE 31, UNITED STATES
CODE.—
(1) AUTHORITY TO USE PROCEEDS FROM SALE
OF TREASURY SECURITIES.—For the purpose of pur-
chasing obligations of the Corporation, the Secretary
of the Treasury may use as a public debt transaction
the proceeds from the sale by the Secretary of any
securities issued under chapter 31 of title 31, United
States Code, and the purposes for which securities
may be issued under such chapter are extended to
include such purchases.
(2) TREATMENT OF TRANSACTIONS.—All pur-
chases and sales by the Secretary of the Treasury of
obligations issued by the Corporation under this sec-
tion shall be treated as public debt transactions of
the United States.
(e) AUTHORIZATION OF APPROPRIATIONS.—There is
authorized to be appropriated to the Secretary of the
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Treasury $1,500,000,000, without fiscal year limitation,
to carry out the purposes of this Act.
SEC. 16. FEDERAL JURISDICTION.
(a) Notwithstanding section 1349 of title 28, United
States Code, or any other provision of law:
(1) The Corporation shall be considered an
agency under sections 1345 and 1442 of such title.
(2) All civil actions to which the Corporation is
a party shall be deemed to arise under the laws of
the United States and, to the extent applicable, shall
be deemed to be governed by Federal common law.
The district courts of the United States shall have
original jurisdiction of all such actions, without re-
gard to the amount of value.
(3) Any civil or other action, case, or con-
troversy in a court of a State or any court, other
than a district court of the United States, to which
the Corporation is a party may at any time before
trial be removed by the Corporation, without the giv-
ing of any bond or security—
(A) to the district court of the United
States for the district and division embracing
the place where the same is pending; or
(B) if there is no such district court, to the
district court of the United States for the dis-
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trict in which the principal office of the Cor-
poration is located;
by following any procedure for removal for causes in
effect at the time of such removal.
(4) No attachment or execution shall be issued
against the Corporation or any of the property of
the Corporation before final judgment in any Fed-
eral, State, or other court.
(b) NATURE
OF CORPORATION.—The Corporation
shall, for the purposes of section 14(b)(2) of the Federal
Reserve Act (12 U.S.C. 355), be deemed to be an agency
of the United States. The obligations of the Corporation
shall be deemed to be obligations of the United States for
purposes of section 3124 of title 31, United States Code.
For the purpose of section 101(41) of title 11, United
States Code, the Corporation shall be deemed to be an
agency of the United States; however, for the purpose of
section 101(35) of title 11, United States Code, the Cor-
poration shall not be deemed to be a governmental unit,
but instead shall be deemed to be a corporation.
(c) FRAUD BY CORPORATE OFFICER.—Section 1006
of title 18, United States Code, is amended by inserting
before ‘‘or any Small Business Investment Company,’’ the
following: ‘‘or the Venture Enhancement and Loan Devel-
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opment Administration for Smaller Undercapitalized En-
terprises,’’.
(d) BANKING AUTHORITY.—The sixth sentence of the
seventh paragraph of section 5136 of the Revised Statutes
of the United States (12 U.S.C. 24) is amended by insert-
ing after ‘‘Student Loan Marketing Association,’’ the fol-
lowing ‘‘or obligations or other instruments or securities
of the Venture Enhancement and Loan Development Ad-
ministration for Smaller Undercapitalized Enterprises,’’.
SEC. 17. GAO AUDIT OF CORPORATION.
(a) AUDITS
AUTHORIZED.—Notwithstanding any
other provision of law and under such regulations as the
Comptroller General may prescribe, the Comptroller Gen-
eral shall perform a financial audit of the Corporation on
whatever basis the Comptroller General determines to be
necessary.
(b) COOPERATION OF CORPORATION REQUIRED.—
The Corporation shall—
(1) make available to the Comptroller General
for audit all records and property of, or used or
managed by, the Corporation which may be nec-
essary for the audit; and
(2) provide the Comptroller General with facili-
ties for verifying transactions with the balances of