WASHINGTON — Legislation introduced by a key House lawmaker to require all federally guaranteed student loans to be issued directly by the federal government includes provisions that may impact the market for existing debt backed by student loans, market participants said yesterday.

The legislation, which was introduced Wednesday by Rep. George Miller, D-Calif., chairman of the House Education and Labor Committee, would eliminate the Federal Family Education Loan, or FFEL program, building upon President Obama’s fiscal 2010 budget proposal.

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