Respect the Caps Act

Bill: 116-s-1171
Sponsor: full_name: Sen. Tillis, Thomas [R-NC]
Introduced: 2019-04-11
Policy area: Finance and Financial Sector
Subjects: Corporate finance and management

Government corporations and government-sponsored enterprises

Housing finance and home ownership

Securities
Latest action: action_date: 2019-04-11
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2019-04-11
action_desc: Introduced in Senate
text: <p><b>Respect the Caps Act</b></p> <p>This bill prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) from transferring or delegating the duties of the chief executive officer to any other position. The bill also provides for the removal of the director of the Federal Housing Finance Agency if the director approves executive compensation packages in excess of statutory limits. </p>

tv_txt: II 116th CONGRESS 1st Session S. 1171 IN THE SENATE OF THE UNITED STATES April 11, 2019 Mr. Tillis (for himself and Ms. Warren ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To suspend the current compensation packages for all officers of Fannie Mae and Freddie Mac.

1. Short title This Act may be cited as the Respect the Caps Act . 2. Prohibition on transfer of functions (a) Federal Home Loan Mortgage Corporation Section 303(h) of the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1452(h) ) is amended by adding at the end the following: (5) The Corporation may not transfer or delegate any duty or responsibility of the chief executive officer, as of November 25, 2015, to any other position. . (b) Federal National Mortgage Association Section 309(d) of the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1723a(d) ) is amended by adding at the end the following: (5) The corporation may not transfer or delegate any duty or responsibility of the chief executive officer, as of November 25, 2015, to any other position. . 3. Removal of Director of FHFA for cause Section 1312(b)(2) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4512(b)(2) ) is amended by inserting , including for approving the compensation and benefits of any chief executive officer of an enterprise at a level greater than the level described in section 3 of the Equity in Government Compensation Act of 2015 ( 12 U.S.C. 4518 note) before the period at the end.