Equity in Government Compensation Act of 2015

Bill: 114-s-2036
Sponsor: full_name: Sen. Vitter, David [R-LA]
Introduced: 2015-09-15
Policy area: Housing and Community Development
Subjects: Government corporations and government-sponsored enterprises

Government employee pay, benefits, personnel management

Housing finance and home ownership

Wages and earnings
Latest action: action_date: 2015-11-25
text: Became Public Law No: 114-93.

Summaries:
action_date: 2015-09-15
action_desc: Introduced in Senate
text: <p><b>Equity in Government Compensation Act of 2015</b></p> <p>This bill requires the Director of the Federal Housing Finance Agency to suspend the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (government sponsored enterprises or GSEs), and any affiliates, and in lieu of such packages establish the compensation and benefits for each such chief executive officer at the same level in effect for that officer as of January 1, 2015. Such compensation and benefits may not thereafter be increased.</p> <p>This suspension shall not be construed to affect the prohibition of the STOCK Act against receipt of bonuses by the chief executive officer of each GSE during any period of conservatorship. It shall only apply to such a chief executive officer if the GSE is in conservatorship or receivership as a critically undercapitalized regulated entity pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.</p> <p>Any chief executive officer affected by this compensation package suspension shall not be considered a federal employee.</p>

action_date: 2015-09-15
action_desc: Passed Senate without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>Equity in Government Compensation Act of 2015</b></p> <p>(Sec. 3) This bill requires the Director of the Federal Housing Finance Agency to suspend the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (government sponsored enterprises or GSEs), and any affiliates, and in lieu of such packages establish the compensation and benefits for each such chief executive officer at the same level in effect for that officer as of January 1, 2015. Such compensation and benefits may not thereafter be increased.</p> <p>This suspension shall not be construed to affect the prohibition of the STOCK Act against receipt of bonuses by the chief executive officer of each GSE during any period of conservatorship. It shall only apply to such a chief executive officer if the GSE is in conservatorship or receivership as a critically undercapitalized regulated entity pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.</p> <p>(Sec. 4) Any chief executive officer affected by this compensation package suspension shall not be considered a federal employee.</p>

action_date: 2015-11-16
action_desc: Passed House without amendment
text: <p>(This measure has not been amended since it was introduced. The expanded summary of the Senate passed version is repeated here.)</p> <p><b>Equity in Government Compensation Act of 2015</b></p> <p>(Sec. 3) This bill requires the Director of the Federal Housing Finance Agency to suspend the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (government sponsored enterprises or GSEs), and any affiliates, and in lieu of such packages establish the compensation and benefits for each such chief executive officer at the same level in effect for that officer as of January 1, 2015. Such compensation and benefits may not thereafter be increased.</p> <p>This suspension shall not be construed to affect the prohibition of the STOCK Act against receipt of bonuses by the chief executive officer of each GSE during any period of conservatorship. It shall only apply to such a chief executive officer if the GSE is in conservatorship or receivership as a critically undercapitalized regulated entity pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.</p> <p>(Sec. 4) Any chief executive officer affected by this compensation package suspension shall not be considered a federal employee.</p>

action_date: 2015-11-25
action_desc: Public Law
text: <p />(This measure has not been amended since it was introduced. The expanded summary of the Senate passed version is repeated here.) <p /><b>Equity in Government Compensation Act of 2015</b> <p>(Sec. 3) This bill requires the Director of the Federal Housing Finance Agency to suspend the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (government sponsored enterprises or GSEs), and any affiliates, and in lieu of such packages establish the compensation and benefits for each such chief executive officer at the same level in effect for that officer as of January 1, 2015. Such compensation and benefits may not thereafter be increased.</p> <p>This suspension shall not be construed to affect the prohibition of the STOCK Act against receipt of bonuses by the chief executive officer of each GSE during any period of conservatorship. It shall only apply to such a chief executive officer if the GSE is in conservatorship or receivership as a critically undercapitalized regulated entity pursuant to the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.</p> <p>(Sec. 4) Any chief executive officer affected by this compensation package suspension shall not be considered a federal employee.</p>

tv_txt: II 114th CONGRESS 1st Session S. 2036 IN THE SENATE OF THE UNITED STATES September 15, 2015 Mr. Vitter (for himself and Ms. Warren ) introduced the following bill; which was read twice, considered, read the third time, and passed A BILL To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes.

1. Short title This Act may be cited as the Equity in Government Compensation Act of 2015 . 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. 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 ). 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.

tv_txt: 114th CONGRESS 1st Session S. 2036 IN THE SENATE OF THE UNITED STATES AN ACT To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes.

1. Short title This Act may be cited as the Equity in Government Compensation Act of 2015 . 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. 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 ). 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.

Passed the Senate September 15, 2015. Secretary

tv_txt: One Hundred Fourteenth Congress of the United States of America 1st Session Begun and held at the City of Washington on Tuesday, the sixth day of January, two thousand and fifteen S. 2036 IN THE SENATE OF THE UNITED STATES AN ACT To suspend the current compensation packages for the chief executive officers of Fannie Mae and Freddie Mac, and for other purposes.

1. Short title This Act may be cited as the Equity in Government Compensation Act of 2015 . 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. 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 ). 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.

Speaker of the House of Representatives Vice President of the United States and President of the Senate