Text: S.2036 — 114th Congress (2015-2016)All Information (Except Text)

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Public Law No: 114-93 (11/25/2015)

 
[114th Congress Public Law 93]
[From the U.S. Government Publishing Office]



[[Page 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. <<NOTE: Nov. 25, 2015 -  [S. 2036]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: 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).

[[Page 129 STAT. 1311]]

SEC. 4. <<NOTE: 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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