April 14, 2008
Spellings Sees Administration as Still Sorting Out Its Authority on Lender-of-Last-Resort Issue
Washington
The Bush administration is unclear on the full extent of its authority to take action in the event of a crisis in student lending and may accept the need for new Congressional action to clarify that role and to assist private loan companies, Education Secretary Margaret Spellings said.
Ms. Spellings, speaking with The Chronicle after meeting with loan-industry officials on Friday, said the administration remained focused on preparing "lender of last resort" procedures in
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