applicable program.— (b) Applicable program defined.—The term “applicable program” means each program for which the Secretary of Education or the Department of Education has administrative responsibility as provided by law or by delegation of authority pursuant to law as of the day before the date specified in subsection (a), except such term does not include—

1. (1) the Federal Pell Grant program under section 401 of the Higher Education Act (20 U.S.C. 1070a); and
2. (2) the William D. Ford Federal Direct Loan Program under part D of such Act (20 U.S.C. 1087a et seq.).
   1. (c) Transfer of functions.—Effective on the date specified in subsection (a), the authority to carry out the programs described in paragraphs (1) and (2) of subsection (b) is hereby transferred to the Secretary of the Treasury.

applicable program.— (b) Applicable program defined.—The term “applicable program” means each program for which the Secretary of Education or the Department of Education has administrative responsibility as provided by law or by delegation of authority pursuant to law as of the day before the date specified in subsection (a), except such term does not include—

1. (1) the Federal Pell Grant program under section 401 of the Higher Education Act (20 U.S.C. 1070a); and
2. (2) the William D. Ford Federal Direct Loan Program under part D of such Act (20 U.S.C. 1087a et seq.).
   1. (c) Transfer of functions.—Effective on the date specified in subsection (a), the authority to carry out the programs described in paragraphs (1) and (2) of subsection (b) is hereby transferred to the Secretary of the Treasury.