II 116th CONGRESS 1st Session S. 1171 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.

1. Short title This Act may be cited as the Respect the Caps Act . 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. . 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.