[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6907 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 6907

 To prohibit any golden parachute payment for executives and directors 
  of Fannie Mae and Freddie Mac unless specifically authorized by law.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2008

Mr. Welch of Vermont introduced the following bill; which was referred 
                 to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To prohibit any golden parachute payment for executives and directors 
  of Fannie Mae and Freddie Mac unless specifically authorized by law.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``All Bonuses Left Behind Act of 
2008''.

SEC. 2. LIMITATION ON GOLDEN PARACHUTE PAYMENTS.

    Section 1318(e) of the Federal Housing Enterprises Financial Safety 
and Soundness Act of 1992 (12 U.S.C. 4518(e)(1)), as added by section 
1114 of the Federal Housing Finance Regulatory Reform Act of 2008 
(Public Law 110-289), is amended--
            (1) in paragraph (2), by striking ``paragraph (1)'' and 
        inserting ``paragraph (2)'';
            (2) in paragraph (5)(A), by striking ``paragraph (6)'' and 
        inserting ``paragraph (7)'';
            (3) in paragraph (6)--
                    (A) by striking ``paragraph (5)(A)(iii)'' and 
                inserting ``paragraph (6)(A)(iii)''; and
                    (B) by striking by striking ``paragraph (5)(A)'' 
                and inserting ``paragraph (6)(A)''; and
            (4) by redesignating paragraphs (1) through (6) as 
        paragraphs (2) through (7), respectively; and
            (5) by inserting before paragraph (2), as so redesignated, 
        the following new paragraph:
            ``(1) Requirement of specific authorization.--No golden 
        parachute payment or indemnification payment may be made with 
        respect to any executive officer or member of the board of 
        directors of the Federal National Mortgage Association or of 
        the Federal Home Loan Mortgage Corporation, except pursuant to 
        specific authority provided by Federal law to make such payment 
        with respect to the individual officer or member of the board 
        of directors that specifically names the individual with 
        respect to whom the payment is to be made and identifies the 
        payment or payments to be made.''.
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