Washington (CNN) - Sen. Kent Conrad issued a statement Thursday announcing that he has asked for the removal from the House bill of an exemption for the state-owned Bank of North Dakota that would have allowed the bank to continue making federally backed student loans.
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(Read Conrad's full statement after the jump)
“I have asked the House of Representatives to remove this provision. The fact is the Bank of North Dakota is a unique entity – it is the only state-owned bank in the nation. It has not engaged in the abuses that have required the reform legislation that is before us. It not only originates the loans, it services the loans. As a result, the default average is ¼ of the national average. That is a good result for taxpayers, students and the people of North Dakota.
“But often, facts are the first victim in an overly heated partisan environment. And rather than see the excellent reputation of the Bank of North Dakota damaged, I have asked to have the provision removed.”