I

103D CONGRESS

2D SESSION H. R. 3861

To amend the District of Columbia Self-Government and Governmental Reorganization Act to permit the District of Columbia to subject the income

of the Federal National Mortgage Association, the Federal Home Loan

Mortgage Corporation, and the Student Loan Marketing Association

to taxation by the District of Columbia, to require the Federal National

Mortgage Association to maintain its principal office in the District

of Columbia, and to require the Mayor of the District of Columbia

to submit a report to Congress on the economic impact of such entities

on the District of Columbia.

IN THE HOUSE OF REPRESENTATIVES

FEBRUARY 10, 1994

Mr. STARK introduced the following bill; which was referred to the Committee

on the District of Columbia

A BILL

To amend the District of Columbia Self-Government and

Governmental Reorganization Act to permit the District

of Columbia to subject the income of the Federal National Mortgage Association, the Federal Home Loan

Mortgage Corporation, and the Student Loan Marketing

Association to taxation by the District of Columbia, to

require the Federal National Mortgage Association to

maintain its principal office in the District of Columbia,

and to require the Mayor of the District of Columbia

to submit a report to Congress on the economic impact

of such entities on the District of Columbia.
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1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. PERMITTING DISTRICT OF COLUMBIA TO SUB4 JECT CERTAIN GOVERNMENT-SPONSORED

5 ENTERPRISES TO TAXATION.

6 (a) IN GENERAL.—Section 302 of the District of Co7 lumbia Self-Government and Governmental Reorganiza8 tion Act (sec. 1–204, D.C. Code) is amended—

9 (1) by striking ‘‘Except’’ and inserting ‘‘(a) Ex10 cept’’; and

11 (2) by adding at the end the following new sub12 section:

13 ‘‘(b) Notwithstanding any other provision of Federal

14 law, the legislative power of the District shall include the

15 power to subject the income of the Federal National Mort16 gage Association, the Federal Home Loan Mortgage Cor17 poration, and the Student Loan Marketing Association to

18 taxation for any taxable year.’’.

19 (b) EFFECTIVE DATE.—The amendment made by

20 subsection (a) shall apply to taxable years beginning with

21 1994.
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1 SEC. 2. REQUIRING FEDERAL NATIONAL MORTGAGE ASSO2 CIATION TO MAINTAIN PRINCIPAL OFFICE IN

3 DISTRICT OF COLUMBIA.

4 Title VII of the District of Columbia Self-Govern5 ment and Governmental Reorganization Act is amended

6 by inserting after section 734 the following new section:

7 ‘‘LOCATION OF PRINCIPAL OFFICE OF FEDERAL

8 NATIONAL MORTGAGE ASSOCIATION

9 ‘‘SEC. 735. Notwithstanding any other provision of

10 Federal law, the Federal National Mortgage Association

11 may maintain its principal office only in the District of

12 Columbia.’’.

13 SEC. 3. STUDY OF ECONOMIC IMPACT OF GOVERNMENT14 SPONSORED ENTERPRISES ON THE DISTRICT

15 OF COLUMBIA.

16 (a) STUDY.—The Mayor of the District of Columbia

17 shall conduct a study of the economic impact on the Dis18 trict of Columbia of the activities of the Federal National

19 Mortgage Association, the Federal Home Loan Mortgage

20 Corporation, and the Student Loan Marketing Associa21 tion, and shall include in the study an analysis of the po22 tential effects on the revenues of the District of Columbia

23 of the amendment made by section 1.

24 (b) REPORT.—Not later than 90 days after the date

25 of the enactment of this Act, the Mayor shall submit a

26 report to the Committee on the District of Columbia of
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1 the House of Representatives and the Committee on Gov2 ernmental Affairs of the Senate on the study conducted

3 under subsection (a).

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