Posted by
Defend America on Thursday, March 18, 2010 6:06:07 PM
There
is a provision in the reconciliation bill that exempts the Bank of
North Dakota from new restrictions on private student loan companies.
The bank is a nonprofit, and the only one in the country owned by a
state. Given the unique status of the bank, it will continue to receive
federal support to make loans to students.
Sen. Kent Conrad (D-ND) defended the provision.
"You come under attack here no matter what," Conrad said. "We've tried
to make case for many months about this to our colleagues. They've
recognized this is a unique situation. But it would apply the state to
every state. Any state that has an institution like this would be
exempt."
Conrad rejected the premise that his choice to move forward with both bills together hinged on the deal for the bank.
http://www.politico.com/livepulse/0310/North_Dakota_bank_gets_a_carve_out.html