In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Interstate Transportation of 
Municipal Waste Act of 1993''.

SEC. 2. INTERSTATE TRANSPORTATION OF MUNICIPAL WASTE.

    Subtitle D of the Solid Waste Disposal Act (42 U.S.C. 6941 et seq.) 
is amended by adding at the end the following new section:

             ``interstate transportation of municipal waste

    ``Sec. 4011. (a) Authority To Restrict Out-of-State Municipal Waste 
Imports.--
            ``(1) Authority to prohibit.--(A) Except as provided in 
        subparagraph (B), a Governor may prohibit the disposal of out-
        of-State municipal waste in any landfill or incinerator that is 
        subject to the jurisdiction of the Governor.
            ``(B) The authority to prohibit disposal of out-of-State 
        municipal waste shall not apply to--
                    ``(i) landfills in operation on the date of 
                enactment of this section that--
                            ``(I) received during calendar year 1991 
                        documented shipments of out-of-State municipal 
                        waste; and
                            ``(II) are in compliance with all 
                        applicable Federal and State laws (including 
                        any Federal or State rule or regulation) 
                        relating to design and location standards, 
                        leachate collection, ground water monitoring, 
                        and financial assurance for closure and post-
                        closure and corrective action;
                    ``(ii) proposed landfills that, prior to January 1, 
                1993, received--
                            ``(I) an approval from either the affected 
                        local government or the local solid waste 
                        planning unit to receive municipal waste 
                        generated outside the jurisdiction of the 
                        affected local government, the solid waste 
                        planning unit, or the State in which the 
                        landfill is located; and
                            ``(II) a notice of decision from the State 
                        to grant a construction permit; or
                    ``(iii) incinerators in operation on the date of 
                enactment of this section that--
                            ``(I) received, during calendar year 1991, 
                        documented shipments of out-of-State municipal 
                        waste;
                            ``(II) are in compliance with the 
                        applicable requirements of section 129 of the 
                        Clean Air Act (42 U.S.C. 7429); and
                            ``(III) are in compliance with all 
                        applicable Federal and State laws (including 
                        any Federal or State rule or regulation) 
                        relating to facility design, operations, and 
                        emissions.
            ``(2) Authority to limit.--Beginning with calendar year 
        1993, a Governor may--
                    ``(A) limit the quantity of out-of-State municipal 
                waste received for disposal at each landfill or 
                incinerator in the State to an annual quantity equal to 
                the quantity of out-of-State municipal waste received 
                for disposal at the landfill or incinerator during the 
                calendar year 1991 or 1992, whichever is less; and
                    ``(B) limit the disposal of out-of-State municipal 
                waste at each landfill or incinerator in the State that 
                received, during calendar year 1991 or 1992, documented 
                shipments of more than 50,000 tons of out-of-State 
                municipal waste representing more than 30 percent of 
                all municipal waste received at the landfill or 
                incinerator during the calendar year, by limiting the 
                quantity of out-of-State municipal waste received for 
                disposal at such landfill or incinerator to an annual 
                quantity not greater than 30 percent of all municipal 
                waste received at the landfill or incinerator during 
                calendar year 1991 or 1992, whichever is less;
                    ``(C) prohibit the disposal of out-of-State 
                municipal waste in landfills that do not meet all 
                applicable Federal and State laws (including any 
                Federal or State rule or regulation) relating to design 
                and location standards, leachate collection, ground 
                water monitoring, and financial assurance for closure 
                and post-closure and corrective action; and
                    ``(D) prohibit the disposal of out-of-State 
                municipal waste in incinerators that do not meet all 
                applicable Federal and State laws (including any 
                Federal or State rule or regulation) relating to 
                facility design, operations, and emissions.
            ``(3) Authority to further limit.--Beginning with calendar 
        year 1997, a Governor may further limit the disposal of out-of-
        State municipal waste as provided in paragraph (2)(B) by 
        reducing the 30 percent annual quantity limitation to 20 
        percent in each of calendar years 1998 and 1999, and to 10 
        percent in each succeeding calendar year.
            ``(4) Authority with respect to industrial waste.--A 
        Governor may exercise the authority provided in paragraphs (1), 
        (2), and (3) with respect to any industrial waste that is to be 
        disposed of at a landfill or incinerator that receives 
        municipal solid waste.
            ``(5) Applicability and discrimination provisions.--Any 
        limitation imposed by the Governor under paragraph (2)(A), 
        paragraph (2)(B), or paragraph (3)--
                    ``(A) shall be applicable throughout the State; and
                    ``(B) shall not discriminate against any shipments 
                of out-of-State municipal waste on the basis of State 
                of origin.
            ``(6) Determination of quantity of out-of-state municipal 
        waste received in states exercising authority.--(A) Any 
        Governor who intends to exercise the authority provided in this 
        subsection shall, within 120 days after the date of enactment 
        of this section, submit to the Administrator information 
        documenting the quantity of out-of-State municipal waste 
        received for disposal in the State of the Governor during 
        calendar years 1991 and 1992.
            ``(B) On receipt of the information submitted pursuant to 
        subparagraph (A), the Administrator shall notify the Governor 
        of each State and the public and shall provide a comment period 
        of not less than 30 days.
            ``(C) Not later than 180 days after the date of enactment 
        of this section, the Administrator shall publish a list of the 
        quantity of out-of-State municipal waste that was received 
        during calendar years 1991 and 1992, at each landfill and 
        incinerator in each State in which the Governor intends to 
        exercise the authority provided in this subsection.
    ``(b) Authority To Restrict In-State Municipal Waste Exports.--(1) 
Except as provided in paragraph (2), a Governor of a State may limit or 
prohibit the exportation outside the State of municipal waste generated 
in the State, in accordance with the comprehensive waste management 
plan of the affected local solid waste planning unit, or, if such a 
plan does not exist, in accordance with State law.
    ``(2) A Governor may not limit or prohibit the exportation of 
materials consisting solely of materials that have been separated from 
municipal waste for recycling.
    ``(c) Delegation of Authority to Local Governments.--A Governor may 
delegate authority provided by subsection (a) or (b), or both, to an 
affected local government or to a local solid waste planning unit, if a 
local solid waste planning unit exists under State law.
    ``(d) Designation of Affected Local Government.--Within 90 days 
after the date of the enactment of this section, the Governor shall 
designate which entity listed in subsection (e)(1) shall serve as the 
affected local government for actions taken under subsections (a) and 
(b). If the Governor fails to make a designation, the affected local 
government for actions taken under this section shall be the city, 
town, borough, county, parish, or other political subdivision created 
pursuant to State law with primary jurisdiction over the land or the 
use of the land on which the landfill or incinerator concerned is 
located.
    ``(e) Definitions.--For purposes of this section:
            ``(1) The term `affected local government' means the 
        elected officials of the city, town, borough, county, parish, 
        or other political subdivision in which a landfill or 
        incinerator is located.
            ``(2) The term `affected local solid waste planning unit' 
        means a political subdivision of a State with authority 
        relating to solid waste management planning in accordance with 
        State law.
            ``(3) The term `out-of-State municipal waste' means, with 
        respect to a State, municipal waste generated outside of the 
        State. The term includes municipal waste generated outside of 
        the United States.
            ``(4) The term `municipal waste' means refuse (and refuse-
        derived fuel) generated by the general public or from a 
        residential, commercial, institutional, or industrial source 
        (or any combination thereof), consisting of paper, wood, yard 
        wastes, plastics, leather, rubber, or other combustible or 
        noncombustible materials such as metal or glass (or any 
        combination thereof). The term does not include--
                    ``(A) any solid waste identified or listed as a 
                hazardous waste under section 3001;
                    ``(B) any solid waste, including contaminated soil 
                and debris, resulting from a response action taken 
                under section 104 or 106 of the Comprehensive 
                Environmental Response, Compensation, and Liability Act 
                (42 U.S.C. 9604 or 9606) or a corrective action taken 
                under this Act;
                    ``(C) any metal, pipe, glass, plastic, paper, 
                textile, or other material that has been separated or 
                diverted from municipal waste and has been transported 
                into the State for the purpose of recycling or 
                reclamation;
                    ``(D) any solid or industrial waste that is--
                            ``(i) generated by an industrial facility; 
                        and
                            ``(ii) transported for the purpose of 
                        treatment, storage, or disposal to a facility 
                        that is owned or operated by the generator of 
                        the waste, or is located on property owned by 
                        the generator of a company with which the 
                        generator is affiliated;
                    ``(E) any solid waste generated incident to the 
                provision of service in interstate, intrastate, 
                foreign, or overseas air transportation;
                    ``(F) any medical waste that is segregated from or 
                not mixed with municipal waste; or
                    ``(G) any material or product returned from a 
                dispenser or distributor to the manufacturer for 
                credit, evaluation, or possible reuse.
            ``(5) The term `industrial waste' means waste generated 
        from manufacturing or industrial processing operations that is 
        not identical to municipal waste with respect to the physical 
        and chemical state of the waste and the composition of the 
        waste. The term includes construction and demolition debris.''.

SEC. 3. TABLE OF CONTENTS AMENDMENT.

    The table of contents of the Solid Waste Disposal Act is amended by 
adding at the end of the items relating to subtitle D the following new 
item:

``Sec. 4011. Interstate transportation of municipal waste.''.

Answer: Interstate Transportation of Municipal Waste Act of 1993 - Amends the Solid Waste Disposal Act to authorize a State Governor to prohibit the disposal of out-of-State municipal waste in any landfill or incinerator in the State. 
Exempts from a Governor's authority to prohibit the disposal of out-of-State waste:  (1) landfills that received documented shipments of such waste in 1991 and are in compliance with Federal and State laws relating to design and location standards, leachate collection, groundwater monitoring, and financial assurance for closure and post-closure and corrective action; (2) proposed landfills that, prior to January 1, 1993, received an approval from the affected local government or solid waste planning unit to receive municipal waste generated outside the jurisdiction of the local government, planning unit, or State and a State notice of decision to grant a construction permit; or (3) incinerators that received documented shipments of such waste during 1991 and are in compliance with performance standards under the Clean Air Act and Federal and State laws relating to facility design, operations, and emissions. 
Authorizes State Governors, beginning in 1993, to further limit the quantity of out-of-State waste received for disposal, or the disposal of such waste, at specified landfills and incinerators.  Applies the authorities of this Act to industrial waste to be disposed of at landfills or incinerators that receive municipal solid waste. 
Prohibits discrimination against shipments of out-of-State waste on the basis of State of origin. 
Authorizes a State Governor to limit or prohibit the exportation outside the State of municipal waste generated within the State.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Space Tourism Promotion Act of 
2001''.

SEC. 2. FINDINGS.

    The Congress finds that--
            (1) humans have long had a yearning to travel in space and 
        experience conditions beyond Earth's atmosphere;
            (2) forty years of human space flight experience have 
        demonstrated the feasibility of safe travel to and from space 
        as well as the ability of humans to live and work in space;
            (3) the Nation's human space flight program has developed 
        technologies and operational procedures that the private sector 
        could make use of to enable American citizens to experience 
        space travel;
            (4) space tourism has the potential to become a significant 
        industry and a powerful stimulus for advances in space 
        transportation;
            (5) the Federal Government could play an important role in 
        stimulating the development of space tourism by means of 
        guaranteed loans, tax credits, expeditious establishment of a 
        straightforward and predictable regulatory structure, and 
        research and development in technologies that may enable the 
        private sector to develop operational passenger-carrying space 
        transportation systems and on-orbit habitations;
            (6) as the agency of the Federal Government primarily 
        responsible for the development of America's commercial sector, 
        the Department of Commerce, and in particular its Office of 
        Space Commercialization, should have the lead role in 
        encouraging the growth of space tourism;
            (7) as the agency of the Federal Government currently 
        responsible for regulating America's commercial space 
        transportation industry, the Federal Aviation Administration, 
        and in particular its Office of Commercial Space 
        Transportation, should have the lead role in establishing the 
        regulatory structure necessary to ensure the safety of United 
        States space tourism;
            (8) as the agency of the Federal Government responsible for 
        carrying out the major share of the Nation's civil space 
        activities, the National Aeronautics and Space Administration 
        should continue its traditional role of conducting research and 
        development related to new space technologies and systems and 
        facilitating their transfer to the private sector;
            (9) it is an appropriate role for the Federal Government to 
        undertake measures to encourage the development of space 
        tourism in the United States; and
            (10) at the same time, it is an inappropriate role and a 
        misallocation of taxpayer-provided resources for the Federal 
        Government to compete with the private sector in the provision 
        of transportation vehicles or facilities for space tourism.

SEC. 3. DEFINITIONS.

    In this Act--
            (1) terms that are defined in the Federal Credit Reform Act 
        of 1990 have the meaning given those terms in that Act; and
            (2) the term ``space tourism'' means travel to, from, or 
        within outer space, or to the surface of a body in space other 
        than Earth, or habitation in outer space, for the purpose of 
        recreation.

SEC. 4. LOAN GUARANTEES.

    (a) Authority.--
            (1) In general.--The Secretary of Commerce may guarantee up 
        to 85 percent of the value of loans for the purpose of 
        developing transportation systems, habitation facilities, or 
        other infrastructure required for space tourism.
            (2) Limitation.--The maximum aggregate amount of loan 
        commitments that may be guaranteed under this section by the 
        Secretary of Commerce at any one time shall be $2,000,000,000.
            (3) Administrative fee.--The Secretary of Commerce is 
        authorized to collect from any borrower, and to the extent 
        provided for in advance in appropriations Acts to use, an 
        amount not to exceed 0.5 percent of the amount borrowed, for 
        covering the administrative expenses and other annual costs to 
        the Department of Commerce of the loan guarantee.
    (b) Terms and Conditions.--A loan guaranteed under this section 
shall be on such terms and conditions as the Secretary of Commerce may 
prescribe.
    (c) Term of Loans.--Loans guaranteed under this section shall be 
for a term of not to exceed 20 years, or 100 percent of the useful life 
of the substantial portion of the physical assets to be financed by the 
loans, whichever is shorter, as determined by the Secretary of 
Commerce.
    (d) Lien on Interests in Assets.--Upon providing a loan guarantee 
to a borrower under this section, the Secretary of Commerce shall have 
liens which shall be superior to all other liens on assets of the 
borrower equal to 85 percent of the unpaid balance of the loan subject 
to the guarantee.
    (e) Protection.--No loan shall be guaranteed under this section 
unless the Secretary of Commerce determines that the borrower is 
responsible and that adequate provision is made for servicing the loan 
on reasonable terms and for protecting the interests of the United 
States.
    (f) Validity.--A loan guarantee under this section shall be 
conclusive evidence that such guarantee has been properly obtained, and 
that the underlying loan qualifies for such guarantee. In an action for 
fraud or material misrepresentation by the holder of a loan guaranteed 
under this section, such guarantee shall be presumed to be valid, 
legal, and enforceable.
    (g) Forbearance.--The Secretary of Commerce may approve an 
agreement, between the parties to a loan guaranteed under this section, 
that provides for forbearance for the benefit of the borrower if the 
forbearance will result in no cost to the Federal Government.
    (h) Administration and Oversight Responsibility.--The Office of 
Space Commercialization shall be responsible for the administration and 
oversight of this section on behalf of the Department of Commerce.

SEC. 5. CAPITAL GAINS EXCLUSION.

    (a) In General.--Part I of subchapter P of chapter 1 of the 
Internal Revenue Code of 1986 (relating to items specifically excluded 
from gross income) is amended by adding at the end the following new 
section:

``SEC. 1203. EXCLUSION OF GAINS FOR QUALIFIED SPACE TOURISM 
              CORPORATIONS.

    ``(a) In General.--Gross income shall not include gain on the sale 
or exchange of any stock of a qualified space tourism corporation held 
for more than one year.
    ``(b) Qualified Space Tourism Corporation.--For purposes of 
subsection (a), the term `qualified space tourism corporation' means, 
with respect to any taxable year, a domestic corporation which is a C 
corporation if--
            ``(1) such corporation is organized exclusively for 
        providing to unrelated persons any service of space tourism (as 
        defined in section 3 of the Space Tourism Promotion Act of 
        2001), and
            ``(2) such corporation derives at least 75 percent of its 
        gross receipts from the active conduct of a trade or business 
        of providing a service described in paragraph (1).
    ``(c) Certain Purchases by Corporations of Its Own Stock.--For 
purposes of this section, rules similar to the rules of section 
1202(c)(3) shall apply.
    ``(d) Related Person.--Persons shall be treated as related to each 
other if such persons would be treated as a single employer under the 
regulations prescribed under section 52(b). In the case of a 
corporation which is a member of an affiliated group of corporations 
filing a consolidated return, such corporation shall be treated as 
providing services related to space tourism to an unrelated person if 
such services are provided to such a person by another member of such 
group.
    ``(e) Termination.--This section shall not apply to sales or 
exchanges after December 31, 2011.''.
    (b) Clerical Amendment.--The table of sections for part I of 
subchapter P of such Code is amended by adding at the end the following 
new item:

                              ``Sec. 1203. Exclusion of gains for 
                                        qualified space tourism 
                                        corporations.''
    (c) Effective Date.--The amendments made by this section shall 
apply to sales and exchanges in taxable years beginning after December 
31, 2001.

SEC. 6. ESTABLISHMENT OF REGULATORY STANDARDS.

    (a) In General.--Not later than 2 years after the date of the 
enactment of this Act, the Secretary of Transportation shall issue 
regulations to govern--
            (1) activities necessary to ensure the safe operation of 
        passenger-carrying launch and reentry vehicles and spacecraft 
        for space tourism, to the extent to which regulatory procedures 
        have not previously been established by law; and
            (2) activities related to the provision of and safe 
        operation of habitable facilities in outer space for space 
        tourism purposes.
    (b) Orbital Debris Avoidance.--Not later than 2 years after the 
date of the enactment of this Act, the Secretary of Transportation 
shall issue regulations to prevent, to the extent practicable, the 
growth of orbital debris resulting from activities associated with 
space tourism.
    (c) Legal Regime.--Activities taking place on space tourism 
habitation facilities and passenger-carrying launch and reentry 
vehicles and spacecraft for space tourism licensed or otherwise 
regulated by the Secretary of Transportation shall be governed by the 
laws of the United States.

SEC. 7. USE OF FEDERAL FACILITIES.

    (a) Prohibition Against Certain Uses of Federal Facilities.--
            (1) In general.--Launch, reentry, and space travel vehicles 
        owned by the Federal Government shall not be used for the 
        transport of any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, except in emergency situations.
            (2) International space station.--The United States portion 
        of the International Space Station shall not be visited or 
        occupied by any individuals other than those engaged in or 
        supporting the conduct of official business of the United 
        States or the conduct of scientific or engineering research and 
        development, and those authorized by relevant international 
        agreements, except in emergency situations.
    (b) Use of Other Federal Facilities.--The use of other Federal 
facilities and infrastructure, such as launch ranges and data relay 
satellites, shall be made available to commercial entities engaged in 
space tourism on a cost-reimbursable basis to the extent that excess 
capacity exists at the time the commercial entity requests the use of 
such facilities and infrastructure.

Answer: Space Tourism Promotion Act of 2001 - Authorizes the Secretary of Commerce to guarantee up to 85 percent of the value of loans for developing transportation systems, habitation facilities, or other infrastructure required for space tourism.Amends the Internal Revenue Code of 1986 to exclude from gross income gain on the sale or exchange of any stock of a qualified space tourism corporation held for more than a year.Requires the Secretary of Transportation to issue regulations to: (1) govern activities necessary to ensure the safe operation of passenger-carrying launch and reentry vehicles and spacecraft for space tourism and activities related to the provision and safe operation of habitable facilities in outer space for space tourism; and (2) prevent the growth of orbital debris resulting from activities associated with space tourism.Prohibits: (1) the use of launch, reentry, and space travel vehicles owned by the Government for the transport of any individuals other than those engaged in or supporting the conduct of official business or scientific or engineering research and development (R&D), except in emergencies; and (2) the U.S. portion of the International Space Station from being visited or occupied by any individuals other than those engaged in or supporting the conduct of such business or R&D and those authorized by relevant international agreements, except in emergencies.Requires the use of other Federal facilities and infrastructure, such as launch ranges and data relay satellites, to be made available to commercial entities engaged in space tourism on a cost-reimbursable basis to the extent that excess capacity exists.


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Free Housing Market Enhancement 
Act''.

SEC. 2. PROHIBITION OF FEDERAL FUNDS FOR HOUSING-RELATED GOVERNMENT-
              SPONSORED ENTERPRISES.

    Notwithstanding any other provision of law, no Federal funds may be 
provided, directly or indirectly, to the Federal National Mortgage 
Association, the Federal Home Loan Mortgage Corporation, or any Federal 
Home Loan Bank.

SEC. 3. AMENDMENTS TO FEDERAL NATIONAL MORTGAGE ASSOCIATION CHARTER 
              ACT.

    (a) Exemption From State Taxation.--Section 309(c) of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 1723a(c)) is 
amended--
            (1) by striking paragraph (2); and
            (2) by striking ``(1)''.
    (b) Authority of Treasury To Approve Debt Issues.--Section 304(b) 
of the Federal National Mortgage Association Charter Act (12 U.S.C. 
1719(b)) is amended--
            (1) by striking ``, upon the approval of the Secretary of 
        the Treasury,''; and
            (2) by striking ``with the approval of the Secretary of the 
        Treasury''.
    (c) Authority To Borrow From Treasury.--Section 304 of the Federal 
National Mortgage Association Charter Act (12 U.S.C. 1719) is amended 
by striking subsection (c).
    (d) Depositary Authority.--Section 309(g) of the Federal National 
Mortgage Association Charter Act (12 U.S.C. 1723a(g)) is amended--
            (1) by striking ``each of the bodies corporate named in 
        section 302(a)(2)'' and inserting ``the Association''; and
            (2) by striking ``such bodies corporate'' and inserting 
        ``the bodies corporate named in section 302(a)(2)''.
    (e) Designation of Obligations as Lawful Investments.--The first 
sentence of section 311 of the Federal National Mortgage Association 
Charter Act (12 U.S.C. 1723c) is amended by striking ``either of the 
bodies corporate named in section 302(a)(2)'' and inserting ``the 
Association''.
    (f) Appointment of Members of Board of Directors.--
            (1) In general.--Section 308(b) of the Federal National 
        Mortgage Association Charter Act (12 U.S.C. 1723(b)) is 
        amended--
                    (A) in the first sentence, by striking ``five of 
                whom shall be appointed annually by the President of 
                the United States, and the remainder of whom'' and 
                inserting ``who'';
                    (B) in the second sentence, by striking ``appointed 
                by the President'';
                    (C) in the third sentence--
                            (i) by striking ``appointed or''; and
                            (ii) by striking ``, except that any such 
                        appointed member may be removed from office by 
                        the President for good cause'';
                    (D) in the fourth sentence, by striking 
                ``elective''; and
                    (E) by striking the fifth sentence.
            (2) Applicability.--The amendments made by paragraph (1) 
        shall apply only with respect to the first election of members 
        of the board of directors of the Federal National Mortgage 
        Association occurring after the date of the enactment of this 
        Act, and the board resulting from such election, and to 
        elections and boards thereafter.

SEC. 4. AMENDMENTS TO FEDERAL HOME LOAN MORTGAGE CORPORATION.

    (a) Exemption From State Taxation.--Section 303 of the Federal Home 
Loan Mortgage Corporation Act (12 U.S.C. 1452) is amended by striking 
subsection (e).
    (b) Authority of Treasury To Approve Debt Issues.--Section 306(j) 
of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1455(j)) 
is amended--
            (1) by striking ``(1)'';
            (2) by striking ``be issued upon the approval of the 
        Secretary of the Treasury and shall'';
            (3) by striking ``with the approval of the Secretary of the 
        Treasury''; and
            (4) by striking paragraphs (2) and (3).
    (c) Authority To Borrow From Treasury.--Section 306 of the Federal 
Home Loan Mortgage Corporation Act (12 U.S.C. 1455) is amended by 
striking subsection (c).
    (d) Depositary Authority.--Section 303(d) of the Federal Home Loan 
Mortgage Corporation Act (12 U.S.C. 1452(d)) is amended by striking the 
second and third sentences.
    (e) Designation of Obligations as Lawful Investments.--Section 303 
of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452) is 
amended by striking subsection (g).
    (f) Appointment of Members of Board of Directors.--
            (1) In general.--Section 303(a)(2) of the Federal Home Loan 
        Mortgage Corporation Act (12 U.S.C. 1452(a)(2)) is amended--
                    (A) in subparagraph (A)--
                            (i) in the first sentence, by striking ``5 
                        of whom shall be appointed annually by the 
                        President of the United States and the 
                        remainder of whom'' and inserting ``who''; and
                            (ii) in the second sentence, by striking 
                        ``appointed by the President of the United 
                        States'';
                    (B) in subparagraph (B)--
                            (i) by striking ``such or''; and
                            (ii) by striking ``, except that any 
                        appointed member may be removed from office by 
                        the President for good cause''; and
                    (C) in subparagraph (C)--
                            (i) by striking the first sentence; and
                            (ii) by striking ``elective''.
            (2) Applicability.--The amendments made by paragraph (1) 
        shall apply only with respect to the first election of members 
        of the Board of Directors of the Federal Home Loan Mortgage 
        Corporation occurring after the date of the enactment of this 
        Act, and the Board resulting from such election, and to 
        elections and Boards thereafter.

SEC. 5. AMENDMENTS TO FEDERAL HOME LOAN BANKS.

    (a) Exemption From State Taxation.--
            (1) Notes and obligations.--The first sentence of section 
        13 of the Federal Home Loan Bank Act (12 U.S.C. 1433) is 
        amended by striking ``, by any Territory,'' and all that 
        follows through ``local taxing authority''.
            (2) Banks.--The second sentence of section 13 of the 
        Federal Home Loan Bank Act (12 U.S.C. 1433) is amended by 
        striking ``, by any Territory,'' and all that follows through 
        ``taxed''.
    (b) Authority To Borrow From Treasury.--Section 11 of the Federal 
Home Loan Bank Act (12 U.S.C. 1431) is amended by striking subsection 
(i).
    (c) Depositary Authority.--The Federal Home Loan Bank Act is 
amended--
            (1) by striking section 14 (12 U.S.C. 1434); and
            (2) in section 15 (12 U.S.C. 1435), by striking the second 
        sentence.
    (d) Designation of Obligations as Lawful Investments.--Section 15 
of the Federal Home Loan Bank Act (12 U.S.C. 1435), as amended by 
subsection (c)(2) of this section, is further amended by striking the 
first sentence.

SEC. 6. PROHIBITION OF FEDERAL RESERVE PURCHASE OF GSE DEBT.

    Section 14(b)(2) of the Federal Reserve Act (12 U.S.C. 355(2)) is 
amended--
            (1) by inserting ``(A)'' after ``(2)''; and
            (2) by adding at the end the following new subparagraph:
    ``(B) For purposes of this subsection, the Federal National 
Mortgage Association, the Federal Home Loan Mortgage Corporation, and 
the Federal Home Loan Banks shall not be considered agencies of the 
United States.''.

SEC. 7. REPEAL OF ELIGIBILITY OF GSE OBLIGATIONS FOR UNLIMITED 
              INVESTMENTS.

    (a) National Banks.--Section 5136 of the Revised Statutes of the 
United States (12 U.S.C. 24) is amended in the sixth sentence of the 
paragraph designated ``Seventh''--
            (1) by striking ``or the Federal Home Loan Banks'';
            (2) by striking ``the Federal National Mortgage Association 
        or''; and
            (3) by striking ``or mortgages, obligations, or other 
        securities which are or ever have been sold by the Federal Home 
        Loan Mortgage Corporation pursuant to section 305 or 306 of the 
        Federal Home Loan Mortgage Corporation Act''.
    (b) Federally Chartered Thrifts.--Section 5(c)(1) of the Home 
Owners' Loan Act (12 U.S.C. 1464(c)(1)) is amended--
            (1) by striking subparagraphs (D) and (E);
            (2) in subparagraph (F), by striking ``the Federal National 
        Mortgage Association,'';
            (3) in subparagraph (M), by striking ``or a Federal home 
        loan bank''; and
            (4) by redesignating subparagraphs (F) through (U) as 
        subparagraphs (D) through (S), respectively.
    (c) Credit Unions.--Section 107(7)(E) of the Federal Credit Union 
Act (12 U.S.C. 1757(7)(E)) is amended--
            (1) by striking ``Federal home loan banks, the Federal Home 
        Loan Bank Board,'';
            (2) by striking ``the Federal National Mortgage Association 
        or''; and
            (3) by striking ``or in mortgages, obligations, or other 
        securities which are or ever have been sold by the Federal Home 
        Loan Mortgage Corporation pursuant to section 305 or section 
        306 of the Federal Home Loan Mortgage Corporation Act;''.

Answer:
Free Housing Market Enhancement Act - Prohibits providing Federal funds to the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), or any Federal Home Loan bank (Such entities are referred to as government sponsored enterprises, or GSEs.)Amends the Federal National Mortgage Association Charter Act ( Fannie Mae) and the Federal Home Loan Mortgage Corporation Act (Freddie Mac) to repeal: (1) the State tax exemption; (2) the requirement that the Treasury approve debt issues; (3) Treasury authority to purchase Fannie Mae/Freddie Mac obligations; (4) depositary authority; and (5) the designation of obligations as lawful investments.Amends the Federal Home Loan Bank Act to repeal: (1) the State tax exemption; (2) Treasury authority to purchase bank obligations; (3) depositary authority; and (4) the designation of obligations as lawful investments.Amends the Federal Reserve Act to prohibit Federal Reserve purchase of GSE debt.Repeals the eligibility of GSE obligations for unlimited investment by national banks, federally chartered thrifts, and credit unions.