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H.R.3696 / 103rd Congress

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 State and local governments, 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.

Referred to the Subcommittee on Postsecondary Education and Training.

Official summary

Version 00 · Introduced in House · Nov 22, 1993

Amends the Federal National Mortgage Association Charter Act, the Federal Home Loan Mortgage Corporation Act, and the Higher Education Act of 1965 to subject the Federal Home Loan Mortgage Corporation, the Student Loan Marketing Association, and the Federal National Mortgage Association (including their franchises, capital, reserves, surplus, mortgages or other security holdings, income, and real property) to all taxation imposed by any State, territory, possession, Commonwealth, or dependency of the United States, the District of Columbia, or by any county, municipality, or local taxation authority. Requires the Mayor of the District of Columbia to study and report to specified congressional committees on the economic impact on the District of the Associations' and Corporation's activities, including an analysis of the potential effects on the revenues of the District resulting from the amendments made by this Act.

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Who introduced it

Rep. Stark, Fortney Pete [D-CA-13] · D–CA

Committees

  • Education and Workforce Committee
  • Financial Services Committee
  • District of Columbia Committee
0 cosponsorship records, including any withdrawals

    Actions

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    1. Referred to the Subcommittee on Postsecondary Education and Training.

    2. Referred to the Subcommittee on Housing and Community Development.

    3. Referred to the Subcommittee on Fiscal Affairs and Health.

    4. Sponsor introductory remarks on measure. (CR E3067-3068)

    5. Referred to the House Committee on Education and Labor.

    6. Referred to the House Committee on District of Columbia.

    7. Referred to the House Committee on Banking, Finance + Urban Affrs.

    8. Introduced in House

    9. Introduced in House

    Bill text & related measures

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    Related bills identified by Congress.gov

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    Source last updated: Jul 21, 2025. Consult Congress.gov for the current record.

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    Objective

    Analyze H.R.3696 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.

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    Fairness and public impact

    Progressive lens

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    Conservative lens

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    Individual rights and government power

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