September 15, 2015 - Issue: Vol. 161, No. 132 — Daily Edition114th Congress (2015 - 2016) - 1st Session
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. ____________________