PROMPT PROCESSING OF TELEPHONE LOANS.

SEC. 2358. PROMPT PROCESSING OF TELEPHONE LOANS. Title II (7 U.S.C. 922 et seq.) is amended by adding after the sections added by sections 2355, 2356, and 2357 of this Act the following new section: “SEC. 207. PROMPT PROCESSING OF TELEPHONE LOANS. “Within ten days after the end of the second and fourth calendar quarters of each year, the Administrator shall submit to the Committee on Agriculture and the Committee on Appropriations of the House of Representatives, and to the Committee on Agriculture, Nutrition, and Forestry and the Committee on Appropriations of the Senate, a report— “(1) identifying each completed application for a telephone loan under section 305, a guarantee of a telephone loan under section 306, or a loan under section 408, that has not been finally acted upon within ninety days after the date the completed application is submitted; and “(2) stating the reasons for the failure to finally act upon the completed applications within such ninety-day period.”.