Text: H.R.6864 — 110th Congress (2007-2008)All Bill Information (Except Text)

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Introduced in House (09/10/2008)


110th CONGRESS
2d Session
H. R. 6864

To prohibit golden parachute payments for former executives and directors of Fannie Mae and Freddie Mac.


IN THE HOUSE OF REPRESENTATIVES
September 10, 2008

Mr. King of Iowa (for himself, Mr. Walberg, Mr. Fortenberry, Mr. Akin, Ms. Foxx, Mr. Garrett of New Jersey, and Mr. Bachus) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To prohibit golden parachute payments for former executives and directors 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. Prohibition on golden parachutes.

Section 1318(e)(1) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4518(e)(1)), as added by section 1114 of the Federal Housing Finance Regulatory Reform Act of 2008 (Public Law 110–289), is amended by inserting before the period at the end the following: “, and shall prohibit any golden parachute payment on or after the date of enactment of this subsection with respect to any executive officer or member of the board of directors of a regulated entity”.