Respect the Caps Act

II 116TH CONGRESS 1ST SESSION S. 1171 To suspend the current compensation packages for all officers of Fannie Mae and Freddie Mac. 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. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Respect the Caps Act’’. 4 SEC. 2. PROHIBITION ON TRANSFER OF FUNCTIONS. 5 (a) FEDERAL HOME LOAN MORTGAGE CORPORA- 6 TION.—Section 303(h) of the Federal Home Loan Mort- 7 gage Corporation Act (12 U.S.C. 1452(h)) is amended by 8 adding at the end the following: 9 VerDate Sep 11 2014 02:00 Apr 19, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1171.IS S1171 pamtmann on DSKBFK8HB2PROD with BILLS 2 •S 1171 IS ‘‘(5) The Corporation may not transfer or delegate 1 any duty or responsibility of the chief executive officer, 2 as of November 25, 2015, to any other position.’’. 3 (b) FEDERAL NATIONAL MORTGAGE ASSOCIA- 4 TION.—Section 309(d) of the Federal National Mortgage 5 Association Charter Act (12 U.S.C. 1723a(d)) is amended 6 by adding at the end the following: 7 ‘‘(5) The corporation may not transfer or delegate 8 any duty or responsibility of the chief executive officer, 9 as of November 25, 2015, to any other position.’’. 10 SEC. 3. REMOVAL OF DIRECTOR OF FHFA FOR CAUSE. 11 Section 1312(b)(2) of the Federal Housing Enter- 12 prises Financial Safety and Soundness Act of 1992 (12 13 U.S.C. 4512(b)(2)) is amended by inserting ‘‘, including 14 for approving the compensation and benefits of any chief 15 executive officer of an enterprise at a level greater than 16 the level described in section 3 of the Equity in Govern- 17 ment Compensation Act of 2015 (12 U.S.C. 4518 note)’’ 18 before the period at the end. 19 Æ VerDate Sep 11 2014 02:00 Apr 19, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1171.IS S1171 pamtmann on DSKBFK8HB2PROD with BILLS