RECORDS; REDUCTION IN RETENTION REQUIREMENTS.

SEC. 248. RECORDS; REDUCTION IN RETENTION REQUIREMENTS. Section 443 of the Act (as redesignated by section 212(b)(1)) (20 U.S.C. 1232f) is amended— (1) in subsection (a)— (A) by striking “grant, subgrant, contract, subcontract, loan, or other arrangement (other than procurement contracts awarded by an administrative head of an educational agency)” and inserting “grant, subgrant, cooperative agreement, loan, or other arrangement”; (B) by inserting “financial or programmatic” before “audit.”; and (C) in the last sentence, by striking “five” and inserting “three”; and (2) in subsection (b), by striking “to any records of a recipient which may be related, or pertinent to, the grants, subgrants, contracts, subcontracts, loans, or other arrangements” and inserting “to any records maintained by a recipient that may be related, or pertinent to, grants, subgrants, cooperative agreements, loans, or other arrangements”.