Summary

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... Read More

Status

This bill was introduced on Nov 15, 2011, in a previous session of Congress, but was not passed.

Bill Text

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.

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 2011''.

SEC. 2. CONGRESSIONAL FINDINGS.

The Congress finds that-- (1) the Federal National Mortgage Association (known as Fannie Mae) and the Federal Home Loan Mortgage Corporation (known as Freddie Mac), which are both privately owned but publicly chartered Government-sponsored enterprises (GSEs), were at the center of the mortgage market meltdown that caused the financial crisis that commenced in 2008; (2) the failures of Fannie Mae and Freddie Mac helped precipitate the deepest economic decline since World War II; (3) in September 2008, the Treasury Department, Federal Reserve Board, and Federal Housing Finance Agency (FHFA) exercised authority granted by the Congress to place the two GSEs in conservatorship, a form of nationalization that puts the regulators firmly in control of the GSEs' daily operations; (4) in September 2008, the Administration established a $200 billion facility to purchase senior preferred stock in the enterprises to backstop their losses; (5) in February 2009, the Obama Administration raised the senior preferred stock purchase commitment to $400 billion; (6) on Christmas Eve 2009, the Obama...

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Bill Summary

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