To repeal the Rural Electrification Act of 1936, require the sale of all loans made under such Act, and authorize the Secretary of Agriculture to make loans to electric generation and transmission cooperatives which are unable to obtain needed financing in the private sector.

Repeals the Rural Electrification Act of 1936.

Requires the cash sale to private investors of outstanding loans made under such Act.

Amends the Consolidated Farm and Rural Development Act to authorize loans to electric power cooperative associations unable to secure credit at reasonable rates elsewhere.