Section 1 Short title
This Act may be cited as the “Equity in Government Compensation Act of 2015”.
Equity in Government Compensation Act of 2015
A BILL
To suspend the current compensation packages for the senior executives of Fannie Mae and Freddie Mac and establish compensation for such positions in accordance with rates of pay for senior employees in the Executive Branch of the Federal Government, and for other purposes.
Sec. 2 Definitions
In this Act:
Director— The term Director means the Director of the Federal Housing Finance Agency.
Enterprise— The term enterprise means—
the Federal National Mortgage Association and any affiliate thereof; and
the Federal Home Loan Mortgage Corporation and any affiliate thereof.
Executive officer— The term executive officer has the same meaning as is given such term in section 1303(12) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502(12)).
Sec. 3 Reasonable pay for chief executive officers
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.
Limitation on bonuses— Subsection (a) may 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.
Sec. 4 Fannie and Freddie executive officers not Federal employees
Any executive officer affected by any provision under section 3 shall not be considered a Federal employee.