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Senate Bill 1171
116th Congress(2019-2020)
Respect the Caps Act
Introduced
Introduced
Introduced in Senate on Apr 11, 2019
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Text
Introduced in Senate 
Apr 11, 2019
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Introduced in Senate(Apr 11, 2019)
Apr 11, 2019
Not Scanned for Linkage
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Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 1171 (Introduced-in-Senate)


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 Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Respect the Caps Act”.

SEC. 2. Prohibition on transfer of functions.

(a) Federal Home Loan Mortgage Corporation.—Section 303(h) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1452(h)) is amended by adding at the end the following:

“(5) The Corporation may not transfer or delegate any duty or responsibility of the chief executive officer, as of November 25, 2015, to any other position.”.

(b) Federal National Mortgage Association.—Section 309(d) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1723a(d)) is amended by adding at the end the following:

“(5) The corporation may not transfer or delegate any duty or responsibility of the chief executive officer, as of November 25, 2015, to any other position.”.

SEC. 3. Removal of Director of FHFA for cause.

Section 1312(b)(2) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4512(b)(2)) is amended by inserting “, including for approving the compensation and benefits of any chief executive officer of an enterprise at a level greater than the level described in section 3 of the Equity in Government Compensation Act of 2015 (12 U.S.C. 4518 note)” before the period at the end.