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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/23/1997--Introduced. Prohibits a current practice of the Student Loan Marketing Association (Sallie Mae) with respect to tax-exempt municipal bonds issued by various educational institutions and acquired by Sallie Mae, before January 1, 1997, as a government-sponsored enterprise. Prohibits Sallie Mae, or any other entity obtaining securities from Sallie Mae pursuant to a restructuring of the common stock ownership of Sallie Mae under the Higher Education Act of 1965 (HEA), from conditioning its waiver of redemption premiums (otherwise chargeable in connection with refunding such bonds) on the use by such educational institutions of its own investment banking subsidiary (Educational Securities, Inc.). (Such practice is currently allowed under HEA.)