A bill to amend sections 306 and 308 of the Rural Electrification Act of 1936, as amended.

Provides, under the Rural Electrification Act, that guaranteed government loans, including the related quarantee, may be assigned to the extent provided in the contract of guarantee executed by the Administrator of the Rural Electrification Administration under such Act. States that the assignability of such loan and guarantee shall be governed exclusively by the contract of guarantee.