A bill to allow the Interest Rate Modification Act of 1979, passed by the Council of the District of Columbia, to take effect immediately.

Makes the Interest Rate Modification Act of 1979, passed by the District of Columbia Council and signed by the Mayor, effective upon enactment of this Act, notwithstanding any other provision of law.

Amends the District of Columbia Self-Government and Governmental Reorganization Act to extend the period of emergency Acts passed by the D.C. Council from 90 days to 180 days. Provides that such an Act shall terminate on the date provided in such Act or upon the expiration of the 180-day period, whichever occurs first. Sets forth procedures for such Acts when Congress adjourns sine die.

Prohibits the Council from passing any emergency Act covering the same subject matter and purpose of any previously passed emergency Act.