REPEAL OF RURAL TELEPHONE BANK.

SEC. 6602. REPEAL OF RURAL TELEPHONE BANK. (a) [7 U.S.C. 941-950b] Repeal.—Title IV of the Rural Electrification Act of 1936 (7 U.S.C. 941-950b) is repealed. (b) Conforming Amendments.— (1) Section 18 of such Act (7 U.S.C. 918) is amended in each of subsections (a) and (b) by striking “and the Governor of the telephone bank”. (2) Section 204 of such Act (7 U.S.C. 925) is amended by striking “and the Governor of the telephone bank”. (3) Section 205(a) of such Act (7 U.S.C. 926) is amended— (A) in the matter preceding paragraph (1), by striking “and the Governor of the telephone bank”; and (B) in paragraph (2), by striking “or the Governor of the telephone bank”. (4) Section 206(a) of such Act (7 U.S.C. 927(a)) is amended— (A) in the matter preceding paragraph (1), by striking “and the Governor of the telephone bank”; (B) by striking paragraph (1); (C) in paragraph (4), by striking “or 408”; and (D) by redesignating paragraphs (2) through (4) as paragraphs (1) through (3), respectively. (5) Section 206(b) of such Act (7 U.S.C. 927(b)) is amended— (A) in the matter preceding paragraph (1), by striking “and the Governor of the telephone bank”; (B) in paragraph (1), by striking “, or a Rural Telephone Bank loan,”; and (C) in paragraph (2), by striking “, the Rural Telephone Bank,”. (6) Section 207(1) of such Act (7 U.S.C. 928(1)) is amended— (A) by striking “305,” and inserting “305 or”; and (B) by striking “, or a loan under section 408,”. (7) Section 301 of such Act (7 U.S.C. 931) is amended— (A) in paragraph (3), by striking “except for net collection proceeds previously appropriated for the purchase of class A stock in the Rural Telephone Bank,”; (B) by adding “or” at the end of paragraph (4); (C) by striking “; and” at the end of paragraph (5) and inserting a period; and (D) by striking paragraph (6). (8) Section 305(d)(2)(B) of such Act (7 U.S.C. 935(d)(2)(B)) is amended— (A) in clause (i), by striking “and a loan under section 408”; and (B) in clause (ii), by striking “and under section 408” each place it appears. (9) Section 305(d)(3)(C) of such Act (7 U.S.C. 935(d)(3)(C)) is amended by striking “and section 408(b)(4)(C), the Secretary and the Governor of the telephone bank” and inserting “the Secretary”. (10) Section 306 of such Act (7 U.S.C. 936) is amended by striking “the Rural Telephone Bank, National Rural Utilities Cooperative Finance Corporation,” and inserting “the National Rural Utilities Cooperative Finance Corporation”. (11) Section 309 of such Act (7 U.S.C. 739) is amended by striking the last sentence. (12) Section 2352(b) of the Food, Agriculture, Conservation, and Trade Act of 1990 (7 U.S.C. 901 note) is amended by striking “the Rural Telephone Bank and”. (13) The first section of Public Law 92-12 (7 U.S.C. 921a) is repealed. (14) The first section of Public Law 92-324 (7 U.S.C. 921b) is repealed. (15) Section 1414 of the Omnibus Budget Reconciliation Act of 1987 (7 U.S.C. 944a) is repealed. (16) Section 1411 of the Omnibus Budget Reconciliation Act of 1987 (7 U.S.C. 948 notes) is amended by striking subsections (a) and (b). (17) Section 3.8(b)(1)(A) of the Farm Credit Act of 1971 (12 U.S.C. 2129(b)(1)(A)) is amended by striking “or a loan or loan commitment from the Rural Telephone Bank,”. (18) Section 105(d) of the National Consumer Cooperative Bank Act (12 U.S.C. 3015(d)) is amended by striking “the Rural Telephone Bank,”. (19) Section 9101 of title 31, United States Code, is amended— (A) in paragraph (2), by striking subparagraph (H) and redesignating subparagraphs (I), (J), and (K) as subparagraphs (H), (I), and (J), respectively; and (B) in paragraph (3), by striking subparagraphs (K) and (O) and redesignating subparagraphs (L) through (N) and (P) through (R) as subparagraphs (K) through (P), respectively. (20) Section 9108(d)(2) of title 31, United States Code, is amended by striking “the Rural Telephone Bank (when the ownership, control, and operation of the Bank are converted under section 410(a) of the Rural Electrification Act of 1936 (7 U.S.C. 950(a))),”.