Equity in Government Compensation Act of 2015 Public Law 114–93 Equity in Government Compensation Act of 2015 93 114–93 Statute Compilation United States House of Representatives Office of the Legislative Counsel 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. GPO Statute Compilations USLM converter, version 20210527.1 2021-10-15 Equity in Government Compensation Act of 2015 11758 114 2015-11-25 Equity in Government Compensation Act of 2015 [(Public Law 114–93)] [This law has not been amended] [Currency: This publication is a compilation of the text of Public Law 114-93. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/] [Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
AN ACTTo 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. [12 U.S.C. 4518 note] 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. [12 U.S.C. 4518 note] 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.