113 STAT. 1501A-304 PUBLIC LAW 106-113—APPENDIX E (b) RESTRICTIONS.—In carrying out the rescissions made by subsection (a)— (1) no program, project, or activity of any department, agency, instrumentality, or entity may be reduced by more than 15 percent (with "programs, projects, and activities" as dehneated in the appropriations Act or accompanying report for the relevant account, or for accounts and items not included in appropriations Acts, as delineated in the most recently submitted President's budget); (2) no reduction shall be taken from any military personnel account; and (3) the reduction for the Department of Defense and Department of Energy Defense Activities shall be applied proportionately to all Defense accounts. (c) REPORT.—The Director of the Office of Management and Budget shall include in the President's budget submitted for fiscal year 2001 a report specifying the reductions made to each account pursuant to this section. SEC. 302. Section 7 of the Federal Reserve Act (12 U.S.C. 289) is amended as follows: (1) by striking subsection (a)(3); and (2) by inserting the following new subsection (b): "(b) TRANSFER FOR FISCAL YEAR 2000. — "(1) IN GENERAL.— The Federal reserve banks shall transfer from the surplus funds of such banks to the Board of Governors of the Federal Reserve System for transfer to the Secretary of the Treasury for deposit in the general fund of the Treasury, a total amount of $3,752,000,000 in fiscal year 2000. "(2) ALLOCATED BY FED. —Of the total amount required to be paid by the Federal reserve banks under paragraph (1) for fiscal year 2000, the Board shall determine the amount each such bank shall pay in such fiscal year. " (3) REPLENISHMENT OF SURPLUS FUND PROHIBITED. — During fiscal year 2000, no Federal reserve bank may replenish such bank's surplus fund by the amount of any transfer by such bank under paragraph (1).". SEC. 303. (a) Section 453(j) of the Social Security Act (42 U.S.C. 653(j)) is amended by adding at the end the following: "(6) INFORMATION COMPARISONS AND DISCLOSURE FOR ENFORCEMENT OF OBLIGATIONS ON HIGHER EDUCATION ACT LOANS AND GRANTS. — "(A) FURNISHING OF INFORMATION BY THE SECRETARY OF EDUCATION. —The Secretary of Education shall furnish to the Secretary, on a quarterly basis or at such less frequent intervals as may be determined by the Secretary of Education, information in the custody of the Secretary of Education for comparison with information in the National Directory of New Hires, in order to obtain the information in such directory with respect to individuals who— "(i) are borrowers of loans made under title IV of the Higher Education Act of 1965 that are in default; or "(ii) owe an obligation to refund an overpayment of a grant awarded under such title. "(B) REQUIREMENT TO SEEK MINIMUM INFORMATION NECESSARY. —The Secretary of Education shall seek
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