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S. 2036 (114th): Equity in Government Compensation Act of 2015

The text of the bill below is as of Sep 15, 2015 (Passed the Senate).

Source: GPO

114th CONGRESS

1st Session

S. 2036

IN THE SENATE OF THE UNITED STATES

AN ACT

To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes.

1.

Short title

This Act may be cited as the Equity in Government Compensation Act of 2015.

2.

Definitions

In this Act:

(1)

Director

The term Director means the Director of the Federal Housing Finance Agency.

(2)

Enterprise

The term enterprise means—

(A)

the Federal National Mortgage Association and any affiliate thereof; and

(B)

the Federal Home Loan Mortgage Corporation and any affiliate thereof.

3.

Reasonable pay for chief executive officers

(a)

Suspension of current compensation package and limitation

The Director shall suspend the compensation packages approved for 2015 for the chief executive officers of each enterprise and, in lieu of such packages, subject to the limitation under subsection (b), establish the compensation and benefits for each such chief executive officer at the same level in effect for such officer as of January 1, 2015, and such compensation and benefits may not thereafter be increased.

(b)

Limitation on bonuses

Subsection (a) shall not be construed to affect the applicability of section 16 of the STOCK Act (12 U.S.C. 4518a) to the chief executive officer of each enterprise.

(c)

Applicability

Subsection (a) shall only apply to a chief executive officer of an enterprise if the enterprise is in conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4617).

4.

Fannie and Freddie chief executive officers not Federal employees

Any chief executive officer affected by any provision under section 3 shall not be considered a Federal employee.

Passed the Senate September 15, 2015.

Secretary