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HR 1221 112th Congress House Housing and Community Development Banking and financial institutions regulation Budget deficits and national debt Corporate finance and management Federal officials Government corporations and government-sponsored enterprises Government employee pay, benefits, personnel management Housing finance and home ownership Wages and earnings

Equity in Government Compensation Act of 2011

Introduced: March 29, 2011 See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 17, 2012
Placed on the Union Calendar, Calendar No. 247.
Jan 17, 2012
Committee on Oversight and Government discharged.
Jan 17, 2012
Reported (Amended) by the Committee on Financial Services. H. Rept. 112-366, Part I.
Nov 15, 2011
Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 4.
Nov 15, 2011
Committee Consideration and Mark-up Session Held.
Apr 6, 2011
Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 27 - 6 .
Apr 6, 2011
Subcommittee Consideration and Mark-up Session Held.
Apr 5, 2011
Subcommittee Consideration and Mark-up Session Held.
Apr 4, 2011
Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
Apr 1, 2011
Referred to the Subcommittee on Federal Workforce, U.S. Postal Service, and Labor Policy.
Mar 31, 2011
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Mar 29, 2011
Referred to the Committee on Financial Services, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 29, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Equity in Government Compensation Act of 2011 - Requires the Director of the Federal Housing Finance Agency to: (1) suspend the compensation packages approved for 2011 for the executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); and (2) establish, in lieu of such packages, a compensation system for such officers in accordance with the schedules of compensation and benefits established and adjusted pursuant to the compensation schedule comparability requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

Expresses the sense of Congress that each executive officer of Fannie Mae and Freddie Mac performing services for an enterprise on the date of enactment of this Act whose compensation package is suspended should return to the Secretary of the Treasury (clawback) any compensation earned in 2010 and 2011 that was in excess of the maximum annual rate of basic pay authorized for a position in level I of the Executive Schedule.

Instructs the Secretary of the Treasury to transfer any such amounts returned to the Secretary to a specified account in the Treasury for receiving gifts and proceeds from their sale or redemption, and dedicated to reducing the public debt.

Subjects Fannie Mae and Freddie Mac executive officers to the executive compensation requirements of the Emergency Economic Stabilization Act of 2008.

Prohibits the compensation of any executive officer of Fannie Mae or Freddie Mac whose compensation package is suspended under this Act from exceeding the compensation of the highest compensated employee of the Federal Housing Finance Agency.

Establishes requirements for determining compensation rates for GSE employees according to the General Schedule for federal civil service employees.

Declares that Fannie Mae and Freddie Mac employees shall not be considered federal employees.
What's happening now January 17, 2012

Placed on the Union Calendar, Calendar No. 247.

 Committees of jurisdiction 4
 Cosponsors 2
All 2 Republican 2