EQUITY IN GOVERNMENT COMPENSATION ACT OF 2015; Congressional Record Vol. 161, No. 132
(Senate - September 15, 2015)

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[Page S6659]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             EQUITY IN GOVERNMENT COMPENSATION ACT OF 2015

  Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate 
proceed to the immediate consideration of S. 2036, introduced earlier 
today.
  The PRESIDING OFFICER. The clerk will report the bill by title.
  The bill clerk read as follows:

       A bill (S. 2036) to suspend the current compensation 
     packages for the chief executive officers of Fannie Mae and 
     Freddie Mac, and for other purposes.

  There being no objection, the Senate proceeded to consider the bill.
  Mr. McCONNELL. I ask unanimous consent that the bill be read a third 
time and passed, and the motion to reconsider be laid upon the table.
  The PRESIDING OFFICER. Without objection, it is so ordered.
  The bill (S. 2036) was ordered to be engrossed for a third reading, 
was read the third time, and passed, as follows:

                                S. 2036

       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).

     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.

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