1. Short title This Act may be cited as the Proprietary Education Oversight Task Force Act . 2. Definitions In this Act: (1) Accrediting agency The term accrediting agency means a private educational association that acts as a reliable authority on the quality of education or training provided by an institution of higher education and is recognized by the Secretary under section 496 of the Higher Education Act of 1965 ( 20 U.S.C. 1099b ). (2) Department Unless otherwise expressly provided, the term Department means the Department of Education. (3) Executive officer The term executive officer , with respect to a proprietary institution of higher education that is a publicly traded corporation, means— (A) the president of the corporation; (B) a vice president of the corporation who is in charge of a principal business unit, division, or function of the corporation, such as sales, administration, or finance; or (C) any other officer or person who performs a policy-making function for the corporation, including an executive officer of a subsidiary of the corporation if the officer performs a policy making function for the corporation. (4) Federal education assistance The term Federal education assistance when used with respect to a proprietary institution of higher education, means Federal funds that are disbursed or delivered by the Department, the Department of Veterans Affairs, or the Department of Defense to, or on behalf of, a student to be used for tuition, fees, instruction, or any other component of the student’s cost of attendance (as defined in section 472 of the Higher Education Act of 1965 ( 20 U.S.C. 1087ll )) to attend the institution. (5) Institutional debt The term institutional debt means any debt owed by a student or the parent of a student to an institution of higher education, including— (A) debt owed through a private loan program, income-share agreement, or other financing product operated by the institution