TRANSITION PROVISIONS.

SEC. 104. TRANSITION PROVISIONS. (a) Existing Rights, Duties, and Obligations.—This title, including the amendments made by this title, does not affect the validity of any right, duty, or obligation of the United States or any other person arising under any contract, loan, or other instrument or agreement that was in effect on the day before the effective date of this title. (b) Continuation of Suits.—No action or other proceeding commenced by or against any officer or employee of the Economic Development Administration shall abate by reason of the enactment of this title. (c) Liquidating Account.—The Economic Development Revolving Fund established under section 203 of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3143) (as in effect on the day before the effective date of this title) shall continue to be available to the Secretary of Commerce as a liquidating account (as defined in section 502 of the Federal Credit Reform112 STAT. 3618 Act of 1990 (2 U.S.C. 661a)) for payment of obligations and expenses in connection with financial assistance provided under— (1) the Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq.); (2) the Area Redevelopment Act (42 U.S.C. 2501 et seq.); and (3) the Trade Act of 1974 (19 U.S.C. 2101 et seq.). (d) Administration.—The Secretary of Commerce shall take such actions authorized before the effective date of this title as are appropriate to administer and liquidate grants, contracts, agreements, loans, obligations, debentures, or guarantees made by the Secretary under law in effect before the effective date of this title.