S. 2036 — Considered and Passed (Senate)

II 114th CONGRESS 1st Session S. 2036 IN THE SENATE OF THE UNITED STATES September 15, 2015Mr. Vitter (for himself and Ms. Warren) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes. 1. Short title This Act may be cited as the Equity in Government Compensation Act of 2015. 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. 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). 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.