108 STAT. 3924 PUBLIC LAW 103-382—OCT. 20, 1994 "(d) The exemption for public property, loans, grants and benefits in section 553(a)(2) of title 5, United States Code, shall apply only to regulations— "(1) that govern the first grant competition under a new or substantially revised program authority as determined by the Secretary; or "(2) where the Secretary determines that the requirements of this subsection will cause extreme hardship to the intended beneficiaries of the program affected by such regulations. "(e) Not later than 60 days after the date of enactment of any Act, or any portion of any Act, affecting the administration of any applicable program, the Secretary shall submit to the Committee on Education and Labor of the House of Representatives and the Committee on Labor and Human Resources of the Senate a schedule in accordance with which the Secretary plans to promulgate final regulations that the Secretary determines are necessary to implement such Act or portion of such Act. Such schedule shall provide that all such final regulations shall be promulgated within 360 days after the date of enactment of such Act or portion of such Act. "(f) Concurrently with the publication of any final regulations, the Secretary shall transmit a copy of such final regulations to the Speaker of the House of Representatives and the President pro tempore of the Senate.". 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 arrsmgement"; (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". SEC. 249. PRIVACY RIGHTS. Section 444 of the Act (as redesignated by section 212(b)(1)) (20 U.S.C. 1232g) is amended— (1) in subsection (a)— (A) in paragraph (1)— (i) by redesignating subparagraphs (B) and (C) as subparagraphs (C) and (D), respectively; (ii) by inserting after subparagraph (A) the following new subparagraph: " (B) No funds under any applicable program shall be made available to any State educational agency (whether or not that agency is an educational agency or institution under this section) that has a policy of denying, or effec-
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