((a)) ** In general** Subject to subsection (b), the authority of the Secretary to carry out this subchapter terminates on the date that is 10 years after .December 22, 20062006-12-22
((b)) ** Exception** The termination of authority under subsection (a) shall have no effect on—
((1)) any loans guaranteed by the United States under this subchapter; or
((2)) the administration of any loan guaranteed under this subchapter before the effective date of the termination of authority.