[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2243 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 2243

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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 8, 2015

Mr. Royce (for himself and Mr. Poliquin) introduced the following bill; 
   which was referred to the Committee on Financial Services, and in 
  addition to the Committee on Oversight and Government Reform, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

_______________________________________________________________________

                                 A BILL


 
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.

    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 ``Equity in Government Compensation 
Act of 2015''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Director.--The term ``Director'' means the Director of 
        the Federal Housing Finance Agency.
            (2) Employee.--The term ``employee'' means an employee of 
        an enterprise, except that such term does not include any 
        employee who would be defined as a prevailing rate employee (as 
        defined in section 5342(2) of title 5, United States Code) if 
        such employee were employed by an agency (as defined in 
        paragraph (1) of such section).
            (3) 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.
            (4) Executive officer.--The term ``executive officer'' has 
        the same meaning as is given such term in section 1303(12) of 
        the Federal Housing Enterprises Financial Safety and Soundness 
        Act of 1992 (12 U.S.C. 4502(12)).

SEC. 3. REASONABLE PAY FOR EXECUTIVE OFFICERS.

    (a) Suspension of Current Compensation Packages.--The Director 
shall suspend the compensation packages approved for 2015 for the 
executive officers of an enterprise and, in lieu of such packages, 
subject to the limitation under subsection (c), establish a 
compensation system for the executive officers of such enterprise in 
accordance with the schedules of compensation and benefits established 
and adjusted pursuant to section 1206 of the Financial Institutions 
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b).
    (b) Additional Requirement.--An executive officer of an enterprise 
shall be subject to section 111 of the Emergency Economic Stabilization 
Act of 2008 (12 U.S.C. 5221), which relates to executive compensation 
and corporate governance.
    (c) Limitation on Compensation.--An executive officer of an 
enterprise whose compensation package is suspended under subsection (a) 
shall not be compensated more than the highest compensated employee of 
the Federal Housing Finance Agency.

SEC. 4. COMPENSATION RATE OF EMPLOYEES OF FANNIE MAE AND FREDDIE MAC.

    (a) In General.--During any period that an enterprise is federally 
chartered under the Federal National Mortgage Association Charter Act 
(12 U.S.C. 1716 et seq.) or the Federal Home Loan Mortgage Corporation 
Act (12 U.S.C. 1451 et seq.), the compensation of the positions held by 
employees shall be in accordance with this section.
    (b) Conversion of Compensation Rate for Current Employees.--
            (1) In general.--Except for as provided in section 3, 
        effective for pay periods beginning after the date of the 
        enactment of this Act, the Director shall fix the rate of basic 
        compensation of positions held by employees performing services 
        for an enterprise as of the date of the enactment of this Act 
        in accordance with the General Schedule set forth in section 
        5332 of title 5, United States Code. In fixing such rate--
                    (A) if the employee is receiving a rate of basic 
                compensation that is less than the minimum rate of 
                basic compensation of the appropriate grade of the 
                General Schedule in which his or her position is 
                placed, such employee's rate of basic compensation 
                shall be increased to such minimum rate;
                    (B) if the employee is receiving a rate of basic 
                compensation that is equal to a rate of basic 
                compensation of the appropriate grade of the General 
                Schedule in which his or her position is placed, such 
                employee's rate of basic compensation shall be equal to 
                that rate of basic compensation of the appropriate 
                grade of the General Schedule;
                    (C) if the employee is receiving a rate of basic 
                compensation that is between 2 rates of basic 
                compensation of the appropriate grade of the General 
                Schedule in which his or her position is placed, such 
                employee's rate of basic compensation shall be at the 
                higher of those 2 rates under the General Schedule; and
                    (D) if the employee is receiving a rate of basic 
                compensation that is in excess of the maximum rate of 
                basic compensation of the appropriate grade of the 
                General Schedule in which his or her position is 
                placed, such employee's rate of basic compensation 
                shall be reduced to such maximum rate.
            (2) Not considered transfers or promotions.--The conversion 
        of positions and employees to the appropriate grades of the 
        General Schedule and the initial adjustment of rates of basic 
        compensation of those positions and employees provided for by 
        this subsection, shall not be considered to be transfers or 
        promotions within the meaning of section 5334(b) of title 5, 
        United States Code, and the regulations issued thereunder.
            (3) Credit for increase in compensation before 
        adjustment.--Each employee performing services for an 
        enterprise on the date of the enactment of this Act whose 
        position is converted under this subsection to the General 
        Schedule and who prior to the initial adjustment of his or her 
        rate of basic compensation under paragraph (1) has earned, but 
        has not been credited with, an increase in that rate, shall be 
        granted credit for such increase before his or her rate of 
        basic compensation is initially adjusted under such paragraph.
            (4) Service performed since last compensation increase.--
        Each employee performing services for an enterprise on the date 
        of the enactment of this Act whose position is converted under 
        this subsection to the General Schedule shall be granted 
        credit, for purposes of his or her first step increase under 
        the General Schedule, for all satisfactory service performed 
        since his or her last increase in compensation prior to the 
        initial adjustment of his or her rate of basic compensation 
        under paragraph (1).
            (5) Compensation increase under this section.--An increase 
        in the rate of basic compensation by reason of the enactment of 
        paragraph (1) shall not be considered to be an equivalent 
        increase with respect to step increases for employees whose 
        positions are converted to the General Schedule under authority 
        of this subsection.
    (c) New Employees.--Except for as provided in section 3, the grade 
and rate of basic pay of any individual beginning employment with an 
enterprise after the date of enactment of this Act shall be fixed in 
accordance with the General Schedule set forth in section 5332 of title 
5, United States Code.

SEC. 5. FANNIE AND FREDDIE EMPLOYEES NOT FEDERAL EMPLOYEES.

    Any executive officer or employee affected by any provision under 
sections 3 and 4, respectively, shall not be considered a Federal 
employee.
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