education authority

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Last week, the Federal Reserve announced that certain securities backed by student loans could be used as collateral for loans from the Fed, and Congress passed legislation giving the secretary of education authority to purchase loans from private lenders in a bid to get money flowing into the market.

'Last Resort' Program 2008
In a letter to Congress Wednesday, Education Secretary Margaret Spellings, Treasury Secretary Henry Paulson and Office of Management and Budget Director Jim Nussle said they intend to work with the Senate to ensure prompt action on a House bill that would give the secretary of education authority to buy student loans made by private lenders.

White House Backs 2008