To amend the Rural Electrification Act of 1936 to return the Rural Electrification Administration to its original mission of providing credit to rural electric cooperatives which are unable to obtain needed financing in the private sector.

[AI summary unavailable — showing source text] Amends the Rural Electrification Act of 1936 to restrict loan eligibility to only those persons unable to reasonably obtain sufficient credit elsewhere. Authorizes the Administrator of the Rural Electrification Administration (REA) to determine appropriate interest rates for REA loans and advances. Terminates: (1) rural telephone service loan authority; and (2) rural economic development authority. Establishes loan priorities.…