H.R. 1221 (112th): Equity in Government Compensation Act of 2011

Introduced:
Mar 29, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Spencer Bachus III [R-AL6]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced on November 15, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 29, 2011
Referred to Committee Mar 29, 2011
Reported by Committee Mar 29, 2011
Referred to Committee Mar 31, 2011
Reported by Committee Apr 01, 2011
Referred to Committee Apr 04, 2011
Reported by Committee Nov 15, 2011
Cosponsors
19 cosponsors (16R, 3D) (show)
Committees

House Financial Services

House Oversight and Government Reform

The committee chair determines whether a bill will move past the committee stage.

Full Title

To suspend the current compensation packages for the senior executives of Fannie Mae and Freddie Mac and establish compensation for such positions in accordance with rates of pay for senior employees in the Executive Branch of the Federal Government, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 29, 2011.
14 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/17/2012. Requires the Director of the Federal Housing Finance Agency to:
(1) suspend the compensation packages approved for 2011 for the executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); and
(2) establish, in lieu of such packages, a compensation system for such officers in accordance with the schedules of compensation and benefits established and adjusted pursuant to the compensation schedule comparability requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Expresses the sense of Congress that each executive officer of Fannie Mae and Freddie Mac performing services for an enterprise on the date of enactment of this Act whose compensation package is suspended should return to the Secretary of the Treasury (clawback) any compensation earned in 2010 and 2011 that was in excess of the maximum annual rate of basic pay authorized for a position in level I of the Executive Schedule. Instructs the Secretary of the Treasury to transfer any such amounts returned to the Secretary to a specified account in the Treasury for receiving gifts and proceeds from their sale or redemption, and dedicated to reducing the public debt.
Subjects Fannie Mae and Freddie Mac executive officers to the executive compensation requirements of the Emergency Economic Stabilization Act of 2008.
Prohibits the compensation of any executive officer of Fannie Mae or Freddie Mac whose compensation package is suspended under this Act from exceeding the compensation of the highest compensated employee of the Federal Housing Finance Agency. Establishes requirements for determining compensation rates for GSE employees according to the General Schedule for federal civil service employees.
Declares that Fannie Mae and Freddie Mac employees shall not be considered federal employees.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

Slip Laws

Slip laws refer to enacted bills and joint resolutions in their original form as enacted by Congress, that is, before other laws amend them. Slip laws are cited as “Public Law XXX-YYY”, where XXX is the number of the Congress in which the bill or resolution was introduced.

  • Public Law 110-289

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Statutes at Large

The United States Statutes at Large is the compilation of all laws enacted by Congress.

  • 122 Stat. 2678