The Metropolitan Washington Airports Authority operates and manages Washington Dulles International and Reagan National Airports. Both Airports were originally operated by the Federal Aviation Administration (FAA) of the U.S. Department of Transportation but on June 7, 1987, the management transferred to the Airports Authority after deregulation.

In recognition of the importance of the Airports to local jurisdictions and the desire to facilitate major capital improvements at both Airports, the Metropolitan Washington Airports Act of 1986 authorized the transfer of the two Airports under a long-term lease to the Authority.

The Authority was formed through an interstate compact between the Commonwealth of Virginia and the District of Columbia. It is an independent political subdivision of both Virginia and the District of Columbia and is governed by a Board of Directors with representation from Virginia, the Distinct of Columbia, Maryland and representatives appointed by the President of the United States.

In March 1987, a 50-year lease was executed between the Authority and the U.S. Government specifying the terms under which the Airports will be operated by the Authority.

Most recently that lease agreement was extended for an additional 50 years.

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