Public Law 114-93 | Public Law 114–93: To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes.

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PUBLIC LAW 114–93—NOV. 25, 2015

129 STAT. 1310

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.

Nov. 25, 2015

[S. 2036]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Equity in Government Compensation Act of 2015.

12 USC 4518 note.

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).129 STAT. 1311

SEC. 4.

12 USC 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.

Approved November 25, 2015.

LEGISLATIVE HISTORY—S. 2036 (H.R. 2243):

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.

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