H.R. 2243 — what changed
Equity in Government Compensation Act of 2015
From Introduced in House to Reported in House. 3 sections amended and 1 removed between Introduced in House and Reported in House.
Sec. 2 Definitions
In this Act:
Director— The term Director means the Director of the Federal Housing Finance Agency.
removed
Employee— The term employee means an employee of an enterprise, except that such term does not include any employee who would be defined as a prevailing rate employee (as defined in section 5342(2) of title 5, United States Code) if such employee were employed by an agency (as defined in paragraph (1) of such section).
renumbered
was (5)
Enterprise— The term enterprise means—
renumbered
was (5)(3)
the Federal National Mortgage Association and any affiliate thereof; and
renumbered
was (5)(4)
the Federal Home Loan Mortgage Corporation and any affiliate thereof.
renumbered
was (6)
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
changed
Suspension of Current Compensation Packages—current compensation package and limitation— The Director shall suspend the compensation packages approved for 2015 for the chief executive officers of an each enterprise and, in lieu of such packages, subject to the limitation under subsection (c), (b), establish a the compensation system and benefits for the executive officers of each such enterprise in accordance with chief executive officer at the schedules same level in effect for such officer as of January 1, 2015, and such compensation and benefits established and adjusted pursuant to section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b).may not thereafter be increased.
changed
Additional requirement—Limitation on bonuses— An executive officer of an enterprise shall Subsection (a) may not be subject construed to affect the applicability of section 111 16 of the Emergency Economic Stabilization STOCK Act of 2008 (12 U.S.C. 5221), which relates 4518a) to the chief executive compensation and corporate governance.officer of each enterprise.
removed
Limitation on compensation— An executive officer of an enterprise whose compensation package is suspended under subsection (a) shall not be compensated more than the highest compensated employee of the Federal Housing Finance Agency.
Sec. 4 Fannie and Freddie executive officers not Federal employees
added Any executive officer affected by any provision under section 3 shall not be considered a Federal employee.
removed
In general— During any period that an enterprise is federally chartered under the Federal National Mortgage Association Charter Act (12 U.S.C. 1716 et seq.) or the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1451 et seq.), the compensation of the positions held by employees shall be in accordance with this section.
removed
Conversion of compensation rate for current employees—
removed
In general— Except for as provided in section 3, effective for pay periods beginning after the date of the enactment of this Act, the Director shall fix the rate of basic compensation of positions held by employees performing services for an enterprise as of the date of the enactment of this Act in accordance with the General Schedule set forth in section 5332 of title 5, United States Code. In fixing such rate—
removed
if the employee is receiving a rate of basic compensation that is less than the minimum rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be increased to such minimum rate;
removed
if the employee is receiving a rate of basic compensation that is equal to a rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be equal to that rate of basic compensation of the appropriate grade of the General Schedule;
removed
if the employee is receiving a rate of basic compensation that is between 2 rates of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be at the higher of those 2 rates under the General Schedule; and
removed
if the employee is receiving a rate of basic compensation that is in excess of the maximum rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be reduced to such maximum rate.
removed
Not considered transfers or promotions— The conversion of positions and employees to the appropriate grades of the General Schedule and the initial adjustment of rates of basic compensation of those positions and employees provided for by this subsection, shall not be considered to be transfers or promotions within the meaning of section 5334(b) of title 5, United States Code, and the regulations issued thereunder.
removed
Credit for increase in compensation before adjustment— Each employee performing services for an enterprise on the date of the enactment of this Act whose position is converted under this subsection to the General Schedule and who prior to the initial adjustment of his or her rate of basic compensation under paragraph (1) has earned, but has not been credited with, an increase in that rate, shall be granted credit for such increase before his or her rate of basic compensation is initially adjusted under such paragraph.
removed
Service performed since last compensation increase— Each employee performing services for an enterprise on the date of the enactment of this Act whose position is converted under this subsection to the General Schedule shall be granted credit, for purposes of his or her first step increase under the General Schedule, for all satisfactory service performed since his or her last increase in compensation prior to the initial adjustment of his or her rate of basic compensation under paragraph (1).
removed
Compensation increase under this section— An increase in the rate of basic compensation by reason of the enactment of paragraph (1) shall not be considered to be an equivalent increase with respect to step increases for employees whose positions are converted to the General Schedule under authority of this subsection.
removed
New employees— Except for as provided in section 3, the grade and rate of basic pay of any individual beginning employment with an enterprise after the date of enactment of this Act shall be fixed in accordance with the General Schedule set forth in section 5332 of title 5, United States Code.
Sec. 5 Fannie and Freddie employees not Federal employees
removed
removed
Any executive officer or employee affected by any provision under sections 3 and 4, respectively, shall not be considered a Federal employee.