FACILITIES AUTHORITY OF THE STUDENT LOAN MARKETING ASSOCIATION.

SEC. 358. FACILITIES AUTHORITY OF THE STUDENT LOAN MARKETING ASSOCIATION. Section 439 of the Higher Education Act of 1965 (20 U.S.C. 1087–2) is amended— (1) in subparagraph (C) of subsection (d)(1)— (A) in the matter preceding clause (i), by inserting “(including related equipment, instrumentation, and furnishings)” after “materials”; (B) in clause (ii), by striking the semicolon and inserting “, dining halls, student unions, and facilities specifically designed to promote fitness and health for students, faculty, and staff or for physical education courses; and”; (C) in clause (iii), by striking “and” after the semicolon; (D) in the matter following clause (iv)— (i) by striking “15 percent” and inserting “30 percent”; and (ii) by striking “type” and inserting “types”; and (E) by striking clause (iv); and (2) in subsection (n), by striking “a report of its operations and activities during each year” and inserting “a report of the Association’s operations and activities, including a report with respect to all facilities transactions, during each year”.