[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2036 Engrossed in Senate (ES)]

114th CONGRESS
  1st Session
                                S. 2036

_______________________________________________________________________

                                 AN ACT


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

SEC. 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).

SEC. 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.

            Attest:

                                                             Secretary.
114th CONGRESS

  1st Session

                                S. 2036

_______________________________________________________________________

                                 AN ACT

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