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Subject: Notice of terms and conditions of additional purchase of loans
under the Ensuring Continued Access to Student Loans Act of 2008

Publication Date: January 15, 2009

Posted Date: January 15, 2009

Subject: Notice of terms and conditions of additional purchase of loans under the Ensuring Continued Access to Student Loans Act of 2008

FR Type: Notice

[Federal Register: January 15, 2009 (Volume 74, Number 10)]
[Notices]
[Page 2518-2564]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr15ja09-78]

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DEPARTMENT OF EDUCATION

DEPARTMENT OF THE TREASURY

OFFICE OF MANAGEMENT AND BUDGET


Federal Family Education Loan Program (FFELP)

AGENCY: Department of Education, Department of the Treasury, Office of
Management and Budget.

ACTION: Notice of terms and conditions of additional purchase of loans
under the Ensuring Continued Access to Student Loans Act of 2008.

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SUMMARY: Under the authority of section 459A of the Higher Education
Act of 1965, as amended (``HEA''), as enacted by the Ensuring Continued
Access to Student Loans Act of 2008 (Pub. L. 110-227) and amended by
Public Law 110-315 and Public Law 110-350, the Department of Education
(``Department'') may purchase, or enter into forward commitments to
purchase, Federal Family Education Loan Program (``FFELP'') loans made
under sections 428 (subsidized Stafford loans), 428B (PLUS loans), or
428H (unsubsidized Stafford loans) of the HEA, on such terms as the
Secretary of Education (``Secretary''), the Secretary of the Treasury,
and the Director of the Office of Management and Budget (collectively,
``Secretaries and Director'') jointly determine are ``in the best
interest of the United States'' and ``shall not result in any net cost
to the Federal Government (including the cost of servicing the loans
purchased).''
    This notice establishes the terms and conditions that will govern
certain loan purchases made under section 459A of the HEA, as extended
by Public Law 110-350, including (a) purchases from an asset-backed
commercial paper vehicle referred to as an ``ABCP Conduit'' or
``Conduit'' (``ABCP Conduit Program'') and (b) replication for the
2009-2010 academic year of the Loan Participation Purchase Program
(``2009-2010 Participation Program'') and Loan Purchase Commitment
Program (``2009-2010 Purchase Program'') (collectively, ``Programs'').
    This notice also outlines the Department's methodology and factors
that have been considered in evaluating the price at which the
Department will purchase these additional FFELP loans; and describes
how the use of those factors and methodology will ensure that the
additional loan purchases do not result in any net cost to the Federal
Government. The Secretaries and Director concur in the publication of
this notice and have jointly determined that, based on the Department's
analysis, the purchase of additional loans as described in this notice
is in the best interest of the United States and shall not result in
any net cost to the Federal Government (including the cost of servicing
the loans purchased).

DATES: Effective Date: The terms and conditions governing the purchase
of loans under the 2009-2010 Participation Program and Purchase
Program, and the ABCP Conduit Program are effective January 16, 2009.

FOR FURTHER INFORMATION CONTACT: U.S. Department of Education, Office
of Federal Student Aid, Union Center Plaza, 830 First Street, NE., room
111G3, Washington, DC 20202. Telephone: (202) 377-4401 or by e-mail:
ffel.agreementprocess@ed.gov.

[[Page 2519]]

    If you use a telecommunications device for the deaf (TDD), call the
Federal Relay Service (FRS), toll free, at 1-800-877-8339. Individuals
with disabilities can obtain this document in an accessible format
(e.g. , braille, large print, audiotape, or computer diskette) on
request to the office listed under FOR FURTHER INFORMATION CONTACT.

SUPPLEMENTARY INFORMATION:

Introduction

    The Department's purchase of FFELP loans is intended primarily to
ensure that students and parents continue to have access to FFELP loans
for the remainder of the 2008-2009 academic year and for the 2009-2010
academic year.
    The Department of Education first exercised its authority under
section 459A of the HEA in July 2008, when the Secretaries and Director
established the Participation Program and Purchase Program for eligible
loans made for academic year 2008-2009.\1\
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    \1\ The Secretaries and Director announced the terms and
conditions governing the Participation Program and the Purchase
Program for academic year 2008-2009 in a notice published in the
Federal Register on July 1, 2008 (73 FR 37422). Minor revisions to
this notice were published in the Federal Register on July 17, 2008
(73 FR 41048).
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    Under the Participation Program, the Department has purchased
participation interests in eligible loans that are held by an eligible
lender acting as a sponsor under a Master Participation Agreement.
Under the Purchase Program, the Department has purchased eligible loans
that are held by eligible lenders. To participate in either the
Participation Program or the Purchase Program, a lender must enter into
an agreement with the Department for that program.
    Subsequent to the announcements of the Purchase Program and
Participation Program in July, the Secretary of Education concluded
that additional action was necessary to ensure students and parents
have access to FFELP for the remainder of the 2008-2009 academic year.
Specifically, the Secretaries and Director acknowledged the possibility
that some lenders would not be able to obtain capital to make second
disbursements of 2008-2009 academic year FFELP loans even for the
short-term necessary before lenders can utilize the ABCP Conduit
Program. To provide needed liquidity to support new lending, the
Department, through the Short-term Purchase Program announced in
December 2008, extended the offer to purchase loans to include eligible
loans made for the 2007-2008 academic year. The Department at that time
gave notice that it would purchase such loans beginning on or about
December 1, 2008 and would continue purchasing them through February
28, 2009 or the date on which one or more conforming Asset-Backed
Commercial Paper (ABCP) Conduits for purchasing FFELP loans become
operational, whichever occurs earlier. Through the Short-term Purchase
Program, the Department will expend up to $500 million to purchase
eligible loans each week during this period, for a potential total
aggregate amount of up to $6.5 billion.
    The Secretaries and the Director believe that, although capital
markets have improved, lenders may continue to have difficulty in
obtaining funding to make loan commitments for the upcoming academic
year, or to make subsequent disbursements on loans, without a
commitment from the Department to purchase those loans. To address this
need, the Secretaries and the Director have concluded that the Purchase
Program and the Participation Program should be replicated for the
2009-2010 academic year. The Secretaries and the Director further
conclude that the Department should enter into forward purchase
commitments with one or more conforming ABCP Conduits that can purchase
FFELP loans, and thereby provide additional liquidity to support new
lending. An entity that wishes to establish an ABCP Conduit must submit
such offers to the Department at www.federalstudentaid.ed.gov/
ffelp.

Terms and Conditions

    Pursuant to section 459A of the HEA, the Secretaries and Director
establish the terms and conditions that will govern these additional
purchase programs. The terms and conditions governing the replication
of the Loan Purchase Program for academic year 2009-2010 (``2009-2010
Loan Purchase Commitment Program Terms and Conditions'') are attached
as Appendix A to this notice; those governing the replication of the
Participation Program for academic year 2009-2010 (``2009-2010 Loan
Participation Program Terms and Conditions'') are attached as Appendix
B to this notice, and those governing the ABCP Conduit Program are
attached as Appendix C to this notice.
    The 2009-2010 Purchase Program and 2009-2010 Participation Program
will operate for the 2009-2010 academic year in substantially the same
way as the Purchase Program and Participation Program did for the 2008-
2009 academic year.
    Under the ABCP Conduit Program, the Department will enter into
forward purchase commitments to purchase FFELP loans (subsidized
Stafford loans, unsubsidized Stafford loans, and PLUS loans) on which
the lender made the first disbursement on or after October 1, 2003, but
no later than June 30, 2009, fully disbursed no later than September
30, 2009, and conveyed to the Conduit no later than June 30, 2010. The
Department will not agree to purchase FFELP Consolidation loans under
this program.
    In order to participate in the ABCP Conduit Program, a sponsoring
entity must enter into a ``Put Agreement'' with the Department
consistent with the terms and conditions stated in Appendix C. The Put
Agreement will establish the nature of the relationship between the
Department and the Conduit and Conduit Manager. The Department will
agree to purchase loans from the Conduit upon demand as needed to
support the issuance of commercial paper by the Conduit. The Conduit is
expected to exercise the Put only after the Conduit has attempted to
obtain funds to meet maturing commercial paper from other resources,
including other financial institutions, and has either been unable to
do so, or, if it has obtained such funding, is unable to issue new
commercial paper sufficient to obtain funds to repay those borrowings.
    As explained in detail in Appendix C, the Department will agree to
purchase loans at either 97 percent or 100 percent of the total of the
outstanding principal balance plus accrued but unpaid interest as of
the purchase date, depending on the characteristics of the loan. The
Conduit may purchase loans as defined in the Put Agreement and the
attached terms and conditions for the ABCP Conduit Program in Appendix
C. Loans purchased by the Conduit must have been selected from the
seller's portfolio in a manner that assures the sale to the Conduit of
loans is fairly representative of the seller's total portfolio of
conduit eligible loans. In addition, a lender that sells the Conduit a
loan owed by a particular borrower must also sell the Conduit all other
eligible loans it holds for that particular borrower.
    Under the 2009-2010 Purchase Program and 2009-2010 Participation
Program, the Department will purchase loans or participation interests
in loans that have ``eligible borrower benefits,'' which are borrower
benefits previously deemed acceptable in the 2008-2009 programs
(upfront fee reductions already consummated or interest reductions not
exceeding .25 percent conditioned on borrower use of an automatic loan
payment process).

[[Page 2520]]

However, under the ABCP Conduit Program, the Department will agree to
purchase loans with a broader range of borrower benefits, as summarized
in the terms and conditions for the ABCP Conduit Program in Appendix C
to this notice. In addition, a list of those specific borrower benefits
will be posted to the Department's Web site at http://
www.federalstudentaid.ed.gov/ffelp.
    While loans that have a direct payment to a borrower as a borrower
benefit--rather than an interest or principal reduction--are eligible
for inclusion in the Conduit, the Department will require the holder of
the loan to make the payment to the borrower prior to sale to the
Department, regardless of whether the borrower actually earned the
benefit. The Department will also require the seller of the loan to
establish a reserve for this purpose.

Outline of Methodology and Factors in Determining Prices for All
Programs

    In accordance with Public Law No. 110-227, Public Law 110-315, and
Public Law 110-350, the goal in structuring the 2009-2010 Purchase
Program, the 2009-2010 Participation Program, and the ABCP Conduit
Program is to maximize student loan availability while ensuring loan
purchases result in no net cost to the Federal Government. The
Secretaries and Director described the basis for determining the cost
neutrality for the Purchase Program and Participation Program in the
Federal Register notice published on July 1, 2008 (73 FR 37422). While
this notice provides updated cost estimates, the methodology remains
essentially the same for the 2009-2010 Purchase Program, the 2009-2010
Participation Program, and the ABCP Conduit Program based on analysis
of the Department of Education. This section of the notice responds in
particular to the statutory requirement for an outline of the
methodology and factors considered in evaluating the price at which
loans may be purchased, and describes how the use of such methodology
and consideration of such factors will ensure no net cost to the
Federal Government results from the loan purchases for the 2009-2010
Purchase Program, the 2009-2010 Participation Program, and the ABCP
Conduit Program.
    Price: To determine the price at which FFELP loans would be
purchased from the Conduit, the Secretary of Education considered
several factors. These factors included the price that would ensure
this program resulted in no net cost to the Federal Government; the
increased liquidity that the rate would offer distressed lenders;
borrower benefits; and other factors. Based on this analysis, the
Secretary of Education determined that 100 percent of outstanding
principal and accrued interest was the appropriate price for those
loans first disbursed on or after May 1, 2008, with no borrower
benefits or only ``eligible borrower benefits,'' and not more than 255
days delinquent at the time of purchase, and 97 percent of principal
and interest for any other loans. For the 2009-2010 Purchase Program
and the 2009-2010 Participation Program, the Secretary of Education
determined that the prices used for the 2008-2009 Programs remained the
appropriate prices for 2009-2010. The Department will pay a purchase
price for a loan for 2009-2010 of 100 percent of outstanding principal
and interest plus one percent fee previously paid on the loan and
$75.00. To purchase a participation interest in 2009-2010 loan, the
Department will pay 100 percent of the amount of the outstanding
principal (including any capitalized interest) of the loan at the time
of purchase of the interest.

Analysis of Cost Neutrality

    The cost-neutrality analysis conducted solely by the Department of
Education used, in part, credit subsidy cost estimation procedures
established under the Federal Credit Reform Act of 1990 (Pub. L. No.
101-508) and OMB Circular A-11. These procedures entail performing
various analyses to project cash flows to and from the Government,
excluding administrative costs. For changes to outstanding FFELP
guaranteed loans, the analysis reflects the modification cost, or the
difference between the estimate of the net present value of the
remaining cash flows underlying the most recent President's Budget for
such loan guarantees, and the estimate of the net present value of
these cash flows after the purchase program, reflecting only the
effects of the modification. For new loans, cash flows are discounted
to the point of disbursement, using the Credit Subsidy Calculator 2
(``OMB calculator''), developed by the Office of Management and Budget
to estimate credit subsidy costs for all Federal credit programs, as
the discounting tool. Costs for new loans can be expressed as subsidy
rates that reflect the Federal costs associated with a loan; these
costs are expressed as a percentage of the credit extended by the loan.
For example, a subsidy rate of 10.0 percent indicates a Federal cost of
$10 on a $100 loan.
    The metric to determine cost neutrality was that costs under the
new programs should not exceed costs expected under the FFELP in the
absence of these programs. All cost estimates were based on economic
and technical assumptions developed for the FY 2009 President's Budget
for the FFELP, updated to reflect the impact of statutory or
administrative actions that have occurred since the budget was
published in February 2008.
    Student loan cost estimates were developed to assess the Federal
cost incurred for loans financed for each loan type. The analysis also
considered risk factors particular to the 2009-2010 Purchase Program,
the 2009-2010 Participation Program and the ABCP Conduit Program, such
as the likelihood that lenders would sell only their least profitable
loans.
    This discussion outlines the Department's analysis of the 2009-2010
Purchase Program, the 2009-2010 Participation Program, and the ABCP
Conduit Program with respect to the following critical aspects
affecting the Federal cost:
      Administrative costs
      Borrower behavior
      Lender behavior
      Risk factors
    Administrative Costs. Federal administrative costs are normally not
included in subsidy cost calculations. To capture the full cost of the
2009-2010 Purchase Program, the 2009-2010 Participation Program, and
the ABCP Conduit Program, however, section 459A of the HEA requires
that the determination of cost neutrality reflect total costs,
including Federal administrative costs subject to annual appropriation,
and these costs were included in this analysis. Administrative cash
flows primarily involve servicing costs associated with loans purchased
by the Department. These costs can extend for up to 40 years, as
servicing must continue until the last loan is paid in full. Under the
base scenario for the 2009-2010 Participation and Purchase Programs,
servicing costs would be $557 million on a present value basis.
Servicing costs associated loans put to the Department from an ABCP
Conduit, weighted across the three loan volume scenarios discussed
below under ``Lender Behavior,'' would be $35 million on a net present
value basis. The Department's estimates were developed using the price
structure of the Department's servicing contract for put loans, with
adjustments for start-up costs, inflation, and other costs.
    Borrower Behavior. Since the base FFELP serves as the foundation of
the 2009-2010 Purchase Program, the 2009-2010 Participation Program,
and the

[[Page 2521]]

ABCP Conduit Program, and the characteristics of the base program are
unchanged, there is no reason to believe that the 2009-2010 Purchase
Program, the 2009-2010 Participation Program, or the ABCP Conduit
Program will affect borrower behavior. Thus, this cost analysis uses
borrower behavior assumptions used to prepare the FY 2009 President's
Budget to gauge the effect on program costs of borrower-based
activities such as loan repayment, use of statutory benefits such as
deferments and loan discharges, and default rates and timing. These
assumptions are based on a wide range of data sources, including the
National Student Loan Data System, the Department's operational and
financial systems, and a group of surveys conducted by the National
Center for Education Statistics such as the 2004 National Postsecondary
Student Aid Survey, the 1994 National Education Longitudinal Study, and
the 1996 Beginning Postsecondary Student Survey.
    Lender Behavior. A key factor in assessing whether the proposed
programs would operate in a cost-neutral manner was lender behavior:
specifically for the ABCP Conduit Program, how many ABCP Conduits would
be created, and for the 2009-2010 Purchase Program and the 2009-2010
Participation Program, how many lenders would participate in the
program, including how many and what type of loans would they
eventually choose to sell to the Department. The Department considered
alternative scenarios of lender behavior to determine whether the 2009-
2010 Purchase Program, the 2009-2010 Participation Program, and ABCP
Conduit Program could be considered cost-neutral under each. Because
the ABCP Conduit Program would allow the Conduit Manager to sell loans
with contingent borrower benefits--such as interest rate reductions for
a specified number of on-time payments--all alternatives include an
adjustment to reflect the impact of these potential reductions on
future loan repayments. Consistent with stress tests applied by rating
agencies in the private securitization market, this adjustment reduces
the net cash flow to the Government by reducing the principal of sold
loans by 0.5 percent a year.
    Based on an analysis of lender and probability data provided by the
Treasury Department and the Department of Education's financial
advisors, it was determined the most likely size of the ABCP Conduit
Program was $25 billion. Within that total, three scenarios were used
to assess the impact of different behavior by participating lenders.
The first assumed the ABCP Conduit Program would be unsuccessful and
100 percent of loans would be put to the Department on October 1, 2009;
the likelihood of this scenario occurring was 2 percent. Under Scenario
2, ongoing minor market disruptions were assumed to result in 20
percent of loans being put, evenly distributed across the five-year
life of the ABCP Conduit; this scenario had a likelihood of 10 percent.
The third and most probable scenario, with an 88 percent likelihood,
assumed that, at the end of the ABCP Conduit, not-for-profit lenders
would put 75 percent of their volume and for-profit lenders would put
10 percent of their volume. Scenarios 2 and 3 both also assume loans
would be put upon becoming more than 210 days delinquent. Consolidated
results were developed weighted by each scenario's relative
probability.
    Two scenarios were examined for the 2009-2010 Participation
Program, one under which lenders would put 100 percent of loans
financed through the program at the end of 2010 and one under which
lenders would put 50 percent of loans financed through participations
and redeem the other 50 percent. For the latter scenario, the
Department assumed a ``worst case'' in which lenders sold their
smallest, least profitable loans. Because long-term loan servicing
costs are generally charged on an account basis independent of loan
size, small loans tend to be less profitable than larger loans.
Considering the probability of the various scenarios, the Department
determined that costs for the 2009-2010 Purchase Program, the 2009-2010
Participation Program, and the ABCP Conduit Program were less expensive
to the Government than baseline subsidy costs for FFELP loans. (Please
see Tables in this notice for a summary of the analysis.)
    Risk Factors. Analyzing whether the 2009-2010 Purchase Program, the
2009-2010 Participation Program, and the ABCP Conduit Program would
operate in a cost-neutral manner requires that projected costs account
for the presence of various risk factors that must be assumed since
these programs will not operate entirely like the base FFELP, or
without operational risk. As such, the Secretary of Education's
estimates for the 2009-2010 Purchase and Participation Programs
included the same adjustments included for the original 2008-2009
programs. For the ABCP Conduit Program, the estimates include five risk
factors: (1) That improvements in the national economy will reduce
lenders' incentives to put loans for the ABCP Conduit; (2) that some of
the loans purchased by the Department would be those on which the
Department would reject a reinsurance claim under the FFELP (``claim
rejects''); (3) that unforeseen problems undermine the Department's
ability to effectively oversee and administer the ABCP Conduit Program
(``operational risk''); (4) that costs related to servicing purchased
loans do not fully reflect possible future requirements (``general
administrative risk''); and (5) that the composition of loans
ultimately sold to the Department may result in higher Federal costs
than the composition assumed in this analysis (``portfolio composition
risk'').
    To ensure cost estimates reflect a conservative assessment of
possible Federal costs, the Secretary of Education added cost
adjustments to incorporate each risk factor. The adjustments were based
on an assessment of private-sector behavior and program data as
follows:
    Economic Factors. While the current estimates assume a general
improvement in the national economy, it also assumes that there will be
some periods wherein it will be in lenders' financial interest to sell
loans in the ABCP Conduit to the Department. Because there is a chance
conditions will be such that lenders will choose to fund these loans
privately rather than sell them to the Department, a risk factor of 50
basis points has been added to the estimate.
    Claim Rejects. This risk factor takes into account the costs
associated with the purchase of loans that would not typically qualify
for the federal reinsurance coverage under the FFELP due to improper
origination or servicing. The 12 basis point increase in cost is based
on a historical rejected claim rate of 1 percent of volume, and assumes
that these loans would have lower loss rates than the average
portfolio.
    Operational Risk. This factor addresses risks that might result
from servicing errors, technology failures, or fraud. The Department
has made every effort to mitigate operational risk. Nonetheless, this
analysis assumes a very conservative 100 basis point risk factor to
reflect reduction in program cost to reflect this risk. This is
consistent with the risk factor used for the original Participation and
Purchase Programs.
    General Administrative Risk. The Department's analysis of cost
neutrality examined the Department's current loan servicing contract
and assumptions of borrower status over the life of the loan after
purchase by the Department. The Department's analysis assumed minimal
start-up costs because the ABCP

[[Page 2522]]

Conduit Program builds on the current previously established
programmatic infrastructure. In December 2008, the Department extended
its current loan servicing contract for one year. This involved the
renegotiation of payment rates for certain activities which may affect
long-term servicing costs for the loans purchased under the original
Purchase Program, the original Participation Program, the 2009-2010
Purchase Program, the 2009-2010 Participation Program, and the ABCP
Conduit Program. Given the future uncertainty surrounding several
factors, including the assumptions outlined in this notice and the
status of loans ultimately purchased by the Department, it is possible
that unforeseen additional costs may be incurred. Accordingly, a
General Administrative Risk Factor of 100 basis points was added to the
analysis.
    Portfolio Composition Risk. The cost to the Government of the ABCP
Conduit Program depends on numerous factors, including loan size,
default/prepayment risk, borrower benefits, and other characteristics
of the purchased loans. The cost-neutrality analysis accounts for some
of these factors, as outlined in this notice, but may not incorporate
all of the dimensions of lender behavior and the loans ultimately
purchased by the Department. Given this uncertainty, savings may
deviate to some degree from the Department's estimate of savings in the
model. To ensure that the potential risk and the potential costs are
adequately reflected, a Portfolio Composition Risk Factor of 100 basis
points was added to the analysis.
    The Department also considered a high operational risk scenario in
which the cost assessment for operation risk was raised from 20 basis
points to 80 basis points. Even with this increased assessment, the
Department estimates that the 2009-2010 Purchase Program, the 2009-2010
Participation Program, and the ABCP Conduit Program remain cost-
neutral. The Terms and Conditions for the 2009-2010 Purchase Program,
the 2009-2010 Participation Program, and the ABCP Conduit Program seek
to reduce the likelihood of lenders exclusively selling low-balance
loans. Lenders will be required to sell all eligible loans they hold
for a specific borrower into the ABCP Conduit, and the Conduit Manager
would be required to select loans for any put to the Department in a
manner that assures that the loans to be put are representative of the
Conduit portfolio. These provisions make it less likely that lenders
will choose to sell only poorly-performing loans to the Department.
    Conclusion. After taking into account alternative market and lender
behavior scenarios, the Administration determines that the 2009-2010
Purchase Program, the 2009-2010 Participation Program, and the ABCP
Conduit Program are in the best interest of the United States and will
result in no net cost to the Government.
    Applicable Program Regulations: 34 CFR part 682.

Electronic Access to This Document

    You may view this document, as well as all other Department of
Education documents published in the Federal Register, in text or Adobe
Portable Document Format (PDF) on the Internet at the following site:
http://www.ed.gov/news/fedregister/index.html.
    To use PDF you must have Adobe Acrobat Reader, which is available
free at this site. If you have questions about using PDF, call the U.S.
Government Printing Office (GPO), toll free, at 1-888-293-6498; or in
the Washington, DC, area at (202) 512-1530. You may also view this
document in PDF at the following site: http://www.ifap.ed.gov.
    You may obtain a copy of the Master Loan Sale Agreement and
direction regarding submission of the Master Loan Sale Agreement and
offers to sell loans at http://federalstudentaid.ed.gov/ffelp.

    Note: The official version of this document is the document
published in the Federal Register. Free Internet access to the
official edition of the Federal Register and the Code of Federal
Regulations is available on GPO Access at: http://www.gpoaccess.gov/
nara/index.html.


(Catalog of Federal Domestic Assistance Number 84.032 Federal Family
Education Loan Program)

    Program Authority: 20 U.S.C. 1087i-1.

    Dated: January 9, 2009.
Margaret Spellings,
Secretary of Education.
    Dated: January 9, 2009.
Henry M. Paulson, Jr.,
Secretary of the Treasury.
    Dated: January 9, 2009.
Stephen S. McMillin,
Deputy Director, Office of Management and Budget.
BILLING CODE 4000-01-P

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[FR Doc. E9-712 Filed 1-14-09; 8:45 am]

BILLING CODE 4000-01-C


Last Modified: 01/14/2009