TASK DEFINITION: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Depository Institutions Disaster 
Relief Act of 1993''.

SEC. 2. TRUTH IN LENDING ACT; EXPEDITED FUNDS AVAILABILITY ACT.

    (a) Truth in Lending Act.--During the 180-day period beginning on 
the date of enactment of this Act, the Board of Governors of the 
Federal Reserve System may make exceptions to the Truth in Lending Act 
for transactions within an area in which the President, pursuant to 
section 401 of the Robert T. Stafford Disaster Relief and Emergency 
Assistance Act, has determined that a major disaster exists, or within 
an area determined to be eligible for disaster relief under other 
Federal law by reason of damage related to the 1993 flooding of the 
Mississippi River and its tributaries, if the Board determines that the 
exception can reasonably be expected to alleviate hardships to the 
public resulting from such disaster that outweigh possible adverse 
effects.
    (b) Expedited Funds Availability Act.--During the 180-day period 
beginning on the date of enactment of this Act, the Board of Governors 
of the Federal Reserve System may make exceptions to the Expedited 
Funds Availability Act for depository institution offices located 
within any area referred to in subsection (a) of this section if the 
Board determines that the exception can reasonably be expected to 
alleviate hardships to the public resulting from such disaster that 
outweigh possible adverse effects.
    (c) Time Limit on Exceptions.--Any exception made under this 
section shall expire not later than the earlier of--
            (1) 1 year after the date of enactment of this Act; or
            (2) 1 year after the date of any determination referred to 
        in subsection (a).
    (d) Publication Required.--The Board of Governors of the Federal 
Reserve System shall publish in the Federal Register a statement that--
            (1) describes any exception made under this section; and
            (2) explains how the exception can reasonably be expected 
        to produce benefits to the public that outweigh possible 
        adverse effects.

SEC. 3. DEPOSIT OF INSURANCE PROCEEDS.

    (a) In General.--The appropriate Federal banking agency may, by 
order, permit an insured depository institution, during the 18-month 
period beginning on the date of enactment of this Act, to subtract from 
the institution's total assets, in calculating compliance with the 
leverage limit prescribed under section 38 of the Federal Deposit 
Insurance Act, an amount not exceeding the qualifying amount 
attributable to insurance proceeds, if the agency determines that--
            (1) the institution--
                    (A) had its principal place of business within an 
                area in which the President, pursuant to section 401 of 
                the Robert T. Stafford Disaster Relief and Emergency 
                Assistance Act, has determined that a major disaster 
                exists, or within an area determined to be eligible for 
                disaster relief under other Federal law by reason of 
                damage related to the 1993 flooding of the Mississippi 
                River and its tributaries, on the day before the date 
                of any such determination;
                    (B) derives more than 60 percent of its total 
                deposits from persons who normally reside within, or 
                whose principal place of business is normally within, 
                areas of intense devastation caused by the major 
                disaster;
                    (C) was adequately capitalized (as defined in 
                section 38 of the Federal Deposit Insurance Act) before 
                the major disaster; and
                    (D) has an acceptable plan for managing the 
                increase in its total assets and total deposits; and
            (2) the subtraction is consistent with the purpose of 
        section 38 of the Federal Deposit Insurance Act.
    (b) Definitions.--For purposes of this section:
            (1) Appropriate federal banking agency.--The term 
        ``appropriate Federal banking agency'' has the same meaning as 
        in section 3 of the Federal Deposit Insurance Act.
            (2) Insured depository institution.--The term ``insured 
        depository institution'' has the same meaning as in section 3 
        of the Federal Deposit Insurance Act.
            (3) Leverage limit.--The term ``leverage limit'' has the 
        same meaning as in section 38 of the Federal Deposit Insurance 
        Act.
            (4) Qualifying amount attributable to insurance proceeds.--
        The term ``qualifying amount attributable to insurance 
        proceeds'' means the amount (if any) by which the institution's 
        total assets exceed the institution's average total assets 
        during the calendar quarter ending before the date of any 
        determination referred to in subsection (a)(1)(A), because of 
        the deposit of insurance payments or governmental assistance 
        made with respect to damage caused by, or other costs resulting 
        from, the major disaster.

SEC. 4. BANKING AGENCY PUBLICATION REQUIREMENTS.

    (a) In General.--During the 180-day period beginning on the date of 
enactment of this Act, a qualifying regulatory agency may take any of 
the following actions with respect to depository institutions or other 
regulated entities whose principal place of business is within, or with 
respect to transactions or activities within, an area in which the 
President, pursuant to section 401 of the Robert T. Stafford Disaster 
Relief and Emergency Assistance Act, has determined that a major 
disaster exists, or within an area determined to be eligible for 
disaster relief under other Federal law by reason of damage related to 
the 1993 flooding of the Mississippi River and its tributaries, if the 
agency determines that the action would facilitate recovery from the 
major disaster:
            (1) Procedure.--Exercising the agency's authority under 
        provisions of law other than this section without complying 
        with--
                    (A) any requirement of section 553 of title 5, 
                United States Code; or
                    (B) any provision of law that requires notice or 
                opportunity for hearing or sets maximum or minimum time 
                limits with respect to agency action.
            (2) Publication requirements.--Making exceptions, with 
        respect to institutions or other entities for which the agency 
        is the primary Federal regulator, to--
                    (A) any publication requirement with respect to 
                establishing branches or other deposit-taking 
                facilities; or
                    (B) any similar publication requirement.
    (b) Publication Required.--A qualifying regulatory agency shall 
publish in the Federal Register a statement that--
            (1) describes any action taken under this section; and
            (2) explains the need for the action.
    (c) Qualifying Regulatory Agency Defined.--For purposes of this 
section, the term ``qualifying regulatory agency'' means--
            (1) the Board of Governors of the Federal Reserve System;
            (2) the Comptroller of the Currency;
            (3) the Director of the Office of Thrift Supervision;
            (4) the Federal Deposit Insurance Corporation;
            (5) the Financial Institutions Examination Council;
            (6) the National Credit Union Administration; and
            (7) with respect to chapter 53 of title 31, United States 
        Code, the Secretary of the Treasury.

SEC. 5. STUDY; REPORT TO THE CONGRESS.

    (a) Study.--The Comptroller General of the United States shall 
conduct a study that--
            (1) examines how the agencies and entities granted 
        authority by the Depository Institutions Disaster Relief Act of 
        1992 and by this Act have exercised such authority;
            (2) evaluates the utility of such Acts in facilitating 
        recovery from disasters consistent with the safety and 
        soundness of depository institutions; and
            (3) contains recommendations with respect to whether the 
        authority granted by this Act should be made permanent.
    (b) Report to the Congress.--Not later than 18 months after the 
date of the enactment of this Act, the Comptroller General of the 
United States shall submit to the Congress a report on the results of 
the study required by subsection (a).

SEC. 6. SENSE OF THE CONGRESS.

    It is the sense of the Congress that the Board of Governors of the 
Federal Reserve System, the Comptroller of the Currency, the Director 
of the Office of Thrift Supervision, the Federal Deposit Insurance 
Corporation, and the National Credit Union Administration should 
encourage depository institutions meet the financial services needs of 
their communities and customers located in areas affected by the 1993 
flooding of the Mississippi River and its tributaries.

SEC. 7. OTHER AUTHORITY NOT AFFECTED.

    Nothing in this Act limits the authority of any department or 
agency under any other provision of law.

            Passed the House of Representatives August 2, 1993.

            Attest:






                                                                 Clerk.

SOLUTION: Depository Institutions Disaster Relief Act of 1993 - Authorizes the Board of Governors of the Federal Reserve System to make exceptions for a specified period of time to the Truth in Lending Act and to the Expedited Funds Availability Act with respect to transactions and depository institutions located within either a federally declared major disaster area or certain areas damaged by the 1993 flooding of the Mississippi River and its tributaries (disaster areas). 
Cites conditions under which:  (1) an insured depository institution may subtract from its total assets a specified amount attributable to insurance proceeds when it is calculating compliance with prescribed leverage limits; and (2) a qualifying regulatory agency may deviate from certain statutory requirements with respect to regulated entities located in disaster areas. 
Directs the Comptroller General to study and report to the Congress on the efficacy of certain disaster relief Acts with respect to facilitating recovery from major disasters. 
Expresses the sense of the Congress that specified Federal banking regulatory agencies should encourage depository institutions to meet the financial services needs of their communities and customers located in areas affected by the 1993 flooding of the Mississippi River and its tributaries.

PROBLEM: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Student Loan Fairness Consolidation 
Act of 2003''.

SEC. 2. AUTHORITY TO REFINANCE EXISTING CONSOLIDATION LOANS.

    (a) FFEL Consolidation Loans.--Section 428C(a)(3)(B) of the Higher 
Education Act of 1965 (20 U.S.C. 1078-3(a)(3)(B)) is amended by adding 
at the end the following new clause:
            ``(ii) Notwithstanding clause (i) of this subparagraph, a 
        borrower of a consolidation loan on which the interest is 
        established at a fixed rate under section 427A, 428C(c), or 455 
        may obtain a subsequent consolidation loan for the purposes of 
        refinancing such earlier consolidation loan at a variable rate 
        of interest under section 427A(m) or 455(b)(8), except that the 
        authority to refinance a consolidation loan under this clause 
        shall not apply to a consolidation loan that was used 
        exclusively to repay loans made under section 428B or Federal 
        Direct PLUS Loans (or both such loans).''.
    (b) Parallel Terms for Federal Direct Consolidation Loans.--Section 
455(a) of the Higher Education Act of 1965 (20 U.S.C. 1087e(a)) is 
amended--
            (1) in paragraph (1), by inserting ``428C,'' after 
        ``428B,''; and
            (2) in paragraph (2)--
                    (A) by striking ``and'' at the end of subparagraph 
                (B);
                    (B) by redesignating subparagraph (C) as 
                subparagraph (D); and
                    (C) by inserting after subparagraph (B) the 
                following:
                    ``(C) section 428C shall be known as `Federal 
                Direct Consolidation Loans'.''.

SEC. 3. AVAILABILITY OF VARIABLE INTEREST RATE CONSOLIDATION LOANS.

    (a) FFEL Consolidation Loans.--Section 427A of the Higher Education 
Act of 1965 (20 U.S.C. 1077a) is amended--
            (1) by redesignating subsection (m) and (n) as subsections 
        (n) and (o), respectively; and
            (2) by inserting after subsection (l) the following:
    ``(m) Variable Interest Rate Consolidation Loans.--
            ``(1) Variable rate.--Notwithstanding subsections (h), (k), 
        and (l), with respect to any loan made pursuant to section 428C 
        for which the first disbursement is made on or after the date 
        of enactment of the Student Loan Fairness Consolidation Act of 
        2003, the applicable rate of interest shall, during any 12-
        month period beginning on July 1 and ending on June 30, be 
        determined on the preceding June 1 and be equal to--
                    ``(A) the bond equivalent rate of 91-day Treasury 
                bills auctioned at the final auction held prior to such 
                June 1; plus
                    ``(B) 2.3 percent,
        except that such rate shall not exceed 8.25 percent.
            ``(2) Recovery of excess interest.--If, with respect to a 
        consolidation loan on which the applicable interest rate is 
        determined under this subsection, the applicable interest rate 
        for any 3-month period exceeds the special allowance rate 
        applicable to such loan under section 438(b)(2)(I) for such 
        period, then an adjustment shall be made--
                    ``(A) by calculating the excess interest in the 
                amount computed under paragraph (3) of this subsection; 
                and
                    ``(B) by crediting the excess interest to the 
                Government.
            ``(3) Amount of adjustment.--The amount of any adjustment 
        of interest on a loan to be made under this subsection for any 
        quarter shall be equal to--
                    ``(A) the applicable interest rate minus the 
                special allowance rate determined under section 
                438(a)(2)(I); multiplied by
                    ``(B) the average daily principal balance of the 
                loan (not including unearned interest added to 
                principal) during such calendar quarter; divided by
                    ``(C) four.
            ``(4) Inapplicability to consolidation loans used to repay 
        plus loans.--The provisions of paragraph (1) of this subsection 
        shall not apply to a consolidation loan that was used 
        exclusively to repay loans made under section 428B or Federal 
        Direct PLUS Loans (or both such loans).''.
    (b) Federal Direct Consolidation Loans.--Section 455(b) of the 
Higher Education Act of 1965 (20 U.S.C. 1087e(b)) is amended--
            (1) by redesignating paragraphs (8) and (9) as paragraphs 
        (9) and (10), respectively; and
            (2) by inserting after paragraph (7) the following:
            ``(8) Variable interest rate consolidation loans.--
                    ``(A) Variable rate.--Notwithstanding the preceding 
                paragraphs of this subsection, with respect to any 
                Federal Direct Consolidation Loan for which the first 
                disbursement is made on or after the date of enactment 
                of the Student Loan Fairness Consolidation Act of 2003, 
                the applicable rate of interest shall, during any 12-
                month period beginning on July 1 and ending on June 30, 
                be determined on the preceding June 1 and be equal to--
                            ``(i) the bond equivalent rate of 91-day 
                        Treasury bills auctioned at the final auction 
                        held prior to such June 1; plus
                            ``(ii) 2.3 percent,
                except that such rate shall not exceed 8.25 percent.
                    ``(B) Inapplicability to consolidation loans used 
                to repay plus loans.--The provisions of this subsection 
                shall not apply to a consolidation loan that was used 
                exclusively to repay loans made under section 428B or 
                Federal Direct PLUS Loans (or both such loans).''.
    (c) Conforming Amendment.--Section 438(b)(2)(I) is amended by 
striking ``section 427A(k)(4) or (l)(3)'' each place it appears in 
clauses (iv) and (vi) and inserting ``section 427A(k)(4), (l)(3), or 
(m)''.

SOLUTION: Student Loan Fairness Consolidation Act of 2003 - Amends the Higher Education Act of 1965 to revise student aid requirements for Federal consolidation loans under the Federal Family Education Loan program, and establish parallel requirements under a Federal Direct Consolidation Loan program, to: (1) allow borrowers to refinance existing consolidation loans; and (2) make available variable interest rate consolidation loans. Excludes consolidation loans for repaying Federal PLUS loans (taken out by parents of students) from such provisions for refinancing and variable interest rates.

PROBLEM: That section 404 of the 
Food, Agriculture, Conservation, and Trade Act of 1990 (Public Law 101-
624; 7 U.S.C. 1444f(q)) is amended by adding at the end thereof the 
following new paragraph:
            ``(3) Reduced quality of high moisture recourse loan.--(A) 
        Notwithstanding any other provision of law, effective for the 
        1992 through 1995 crops of feed grains, the Secretary shall 
        make available recourse loans to producers on a farm who do not 
        normally harvest their crop of feed grains in a high moisture 
        state (or on that portion of the crop which is not normally 
        harvested in a high moisture state). Such recourse loans shall 
        be made available whenever the crop (or the portion of the crop 
        not normally harvested in a high moisture state) is harvested 
        with a moisture content in excess of Commodity Credit 
        Corporation standards for loans made under paragraphs (1) and 
        (6) of subsection (a) of this section, or whenever the crop has 
        a test weight below the minimum weight required for Commodity 
        Credit Corporation nonrecourse loans made under such 
        paragraphs.
            ``(B) Recourse loans under this paragraph shall be made to 
        producers on a farm who--
                    ``(i) present certified scale tickets from an 
                inspected, certified commercial scale, including 
                licensed warehouses, feedlots, feed mills, 
                distilleries, or other similar entities approved by the 
                Secretary; or
                    ``(ii) present field or other physical measurements 
                of the standing or stored feed grain crop in regions of 
                the country that do not have certified commercial 
                scales from which certified scale tickets may be 
                obtained within reasonable proximity of harvest 
                operation; and
                    ``(iii) certify that the quantity of feed grain to 
                be placed under loan was in fact harvested on the farm; 
                and
                    ``(iv) participate in an acreage limitation program 
                for the crop of feed grains established by the 
                Secretary.
            ``(C) A producer shall not be eligible for a loan under 
        this paragraph unless any prior loans made under the authority 
        of this paragraph have been fully repaid.
            ``(D) Loans made under this paragraph shall bear interest 
        at a rate determined by the Secretary, but in no event shall 
        the rate exceed the rate of interest charged for loans made 
        under paragraphs (1) and (6) of subsection (a) of this section.
            ``(E) Loans under this paragraph shall be made in an amount 
        as determined by the Secretary equal to at least eighty 
        percent, but not greater than ninety percent, of the lowest 
        county adjusted nondiscounted loan rate for the appropriate 
        crop year for loans made to producers of feed grains meeting 
        the Commodity Credit Corporation standards for nonrecourse 
        loans under paragraphs (1) and (6) of subsection (a) of this 
        section.
            ``(F) Loans made under this paragraph shall be repaid in 
        three equal annual installments, with the first such 
        installment being due and payable 365 days following the 
        advance of the loan funds to the producer and consisting of 
        one-third of the principal amount of the outstanding loan and 
        100 percent of the accrued interest thereon. The second 
        installment shall consist of one-half of the principal amount 
        of the outstanding loan balance and 100 percent of the accrued 
        interest thereon, and the third installment shall consist of 
        the remaining principal of the loan and 100 percent of the 
        accrued interest thereon. In the event any installment is not 
        made within 60 days following the date upon which it becomes 
        due and payable, the Secretary shall have the right without 
        further notice to offset the entire balance of the amount owed 
        on the loan, including interest thereon, against any other 
        payments the producer may be entitled to receive under one or 
        more of the annual programs established under the Agricultural 
        Act of 1949 (7 U.S.C. 1421 et seq.) for wheat, feed grains, 
        upland cotton, rice, and oilseeds.
            ``(G) The Secretary may permit a producer who has obtained 
        a loan under this paragraph to repay a part or all of any 
        annual installment required under subparagraph (F) by tendering 
        to the Commodity Credit Corporation a quantity of feed grain 
        which is of acceptable quality to meet the standards for a 
        nonrecourse loan under paragraphs (1) and (6) of subsection (a) 
        of this section. Such tender shall be made by the producer at 
        any facility approved for storage of commodities owned by the 
        Corporation which facility is situated in the same county (or a 
        county adjacent to the county) in which the producer's farm is 
        located, and the producer's loan installment payment shall be 
        credited with an amount equal to the per bushel county adjusted 
        loan rate for the grade and quality of grain tendered times the 
        total number of bushels tendered in payment by the producer as 
        approved by the Secretary.

SOLUTION:
Amends the Food, Agriculture, Conservation, and Trade Act of 1990 to provide recourse loans for the 1992 through 1995 crops of high moisture feed grains.