Student Loan Marketing Association Act
Latest action. Referred to House Committee on Education and Labor.
Student Loan Marketing Association Act - Declares the purpose of this Act to be the establishment of a Government-sponsored private corporation to serve as a secondary market and warehousing facility for insured student loans, to provide that the operations of such facility shall be financed by private capital and provide liquidity for student loan investments. Creates a corporate body known as the Student Loan Marketing Association. Provides that the association shall have a Board of Directors, elected by the common stockholders, which shall be composed of 21 persons. Provides that one of the Board-members shall be designated by the President as Chairman. Authorizes the Association, subject to the approval of the Secretary of Health, Education, and Welfare, to make advances on, make commitments to purchase, service, sell, or otherwise deal in, at prices and on terms and conditions determined by the Association, student loans which are insured under this Act. Provides that any warehousing advance shall not exceed 80 percent of the face amount of an insured loan. Sets forth the rules governing the common and preferred stock of the Association. Sets forth the provisions governing the obligations of the Association and the general powers of the Association. Provides for the periodic audit of the Association's financial transactions. Requires an annual audit report be made to the President and Congress. Provides that the obligations of the Association shall be lawful investments and shall be acceptable as security for all fiduciary, trust, and public funds, the investment or deposit of which shall be under authority or control of the United States. Requires that the Association report annually to the President and to the Congress concerning its operations and activities during the previous year.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on January 3, 1973. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on January 3, 1973: Referred to House Committee on Education and Labor.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the House
- Passage by the Senate
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 93rd Congress (1973-74), 651 of the 23,396 bills and joint resolutions introduced became law, about 2.8 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
WILLIAM SCHERLE (R-IA) introduced it on January 3, 1973. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on January 3, 1973, 19655 days ago. The most recent recorded action was 19655 days ago, on January 3, 1973.
Measures do not carry over. Anything the 93rd Congress has not finished by January 3, 1975 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseIn committee, no floor vote yet
- SenateAwaits House passage
- PresidentAwaits both chambers