110 HR 6907 IH: All Bonuses Left Behind Act of U.S. House of Representatives 2008-09-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 6907 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.

1.

Short title

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

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. .