[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 1171 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 1171

To suspend the current compensation packages for all officers of Fannie 
                          Mae and Freddie Mac.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 11, 2019

Mr. Tillis (for himself and Ms. Warren) introduced the following bill; 
which was read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
To suspend the current compensation packages for all officers of Fannie 
                          Mae and Freddie Mac.

    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 ``Respect the Caps Act''.

SEC. 2. PROHIBITION ON TRANSFER OF FUNCTIONS.

    (a) Federal Home Loan Mortgage Corporation.--Section 303(h) of the 
Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(h)) is 
amended by adding at the end the following:
    ``(5) The Corporation may not transfer or delegate any duty or 
responsibility of the chief executive officer, as of November 25, 2015, 
to any other position.''.
    (b) Federal National Mortgage Association.--Section 309(d) of the 
Federal National Mortgage Association Charter Act (12 U.S.C. 1723a(d)) 
is amended by adding at the end the following:
    ``(5) The corporation may not transfer or delegate any duty or 
responsibility of the chief executive officer, as of November 25, 2015, 
to any other position.''.

SEC. 3. REMOVAL OF DIRECTOR OF FHFA FOR CAUSE.

    Section 1312(b)(2) of the Federal Housing Enterprises Financial 
Safety and Soundness Act of 1992 (12 U.S.C. 4512(b)(2)) is amended by 
inserting ``, including for approving the compensation and benefits of 
any chief executive officer of an enterprise at a level greater than 
the level described in section 3 of the Equity in Government 
Compensation Act of 2015 (12 U.S.C. 4518 note)'' before the period at 
the end.
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