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[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3861 Introduced in House (IH)]

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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. PERMITTING DISTRICT OF COLUMBIA TO SUBJECT CERTAIN 
              GOVERNMENT-SPONSORED ENTERPRISES TO TAXATION.

    (a) In General.--Section 302 of the District of Columbia Self-
Government and Governmental Reorganization Act (sec. 1-204, D.C. Code) 
is amended--
            (1) by striking ``Except'' and inserting ``(a) Except''; 
        and
            (2) by adding at the end the following new subsection:
    ``(b) Notwithstanding any other provision of Federal law, the 
legislative power of the District shall include the power to subject 
the income of the Federal National Mortgage Association, the Federal 
Home Loan Mortgage Corporation, and the Student Loan Marketing 
Association to taxation for any taxable year.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning with 1994.

SEC. 2. REQUIRING FEDERAL NATIONAL MORTGAGE ASSOCIATION TO MAINTAIN 
              PRINCIPAL OFFICE IN DISTRICT OF COLUMBIA.

    Title VII of the District of Columbia Self-Government and 
Governmental Reorganization Act is amended by inserting after section 
734 the following new section:

``location of principal office of federal national mortgage association

    ``Sec. 735. Notwithstanding any other provision of Federal law, the 
Federal National Mortgage Association may maintain its principal office 
only in the District of Columbia.''.

SEC. 3. STUDY OF ECONOMIC IMPACT OF GOVERNMENT-SPONSORED ENTERPRISES ON 
              THE DISTRICT OF COLUMBIA.

    (a) Study.--The Mayor of the District of Columbia shall conduct a 
study of the economic impact on the District of Columbia of the 
activities of the Federal National Mortgage Association, the Federal 
Home Loan Mortgage Corporation, and the Student Loan Marketing 
Association, and shall include in the study an analysis of the 
potential effects on the revenues of the District of Columbia of the 
amendment made by section 1.
    (b) Report.--Not later than 90 days after the date of the enactment 
of this Act, the Mayor shall submit a report to the Committee on the 
District of Columbia of the House of Representatives and the Committee 
on Governmental Affairs of the Senate on the study conducted under 
subsection (a).

                                 <all>
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