[United States Statutes at Large, Volume 129, 114th Congress, 1st Session]
[From the U.S. Government Publishing Office, www.gpo.gov]


Public Law 114-93
114th Congress

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).

[[Page 1311]]

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.

Approved November 25, 2015.

LEGISLATIVE HISTORY--S. 2036 (H.R. 2243):
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HOUSE REPORTS: No. 114-
339, Pt. 1 (Comm. on Financial Services) accompanying H.R. 2243.
CONGRESSIONAL RECORD, Vol. 161 (2015):
Sept. 15, considered and passed Senate.
Nov. 16, considered and passed House.