Sec. 3. REASONABLE PAY FOR CHIEF EXECUTIVE OFFICERS
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## SEC. 3 REASONABLE PAY FOR CHIEF EXECUTIVE OFFICERS ###
(a)Suspension of Current Compensation Package and Limitation The Director shall suspend the compensation packages approved for 2015 for the chief executive officers of each enterprise and, in lieu of such packages, subject to the limitation under subsection (b), establish the compensation and benefits for each such chief executive officer at the same level in effect for such officer as of January 1, 2015, and such compensation and benefits may not thereafter be increased. ###
(b)Limitation on Bonuses Subsection
(a)shall not be construed to affect the applicability of section 16 of the STOCK Act (12 U.S.C. 4518a) to the chief executive officer of each enterprise. ###
(c)Applicability Subsection
(a)shall only apply to a chief executive officer of an enterprise if the enterprise is in conservatorship or receivership pursuant to section 1367 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (12 U.S.C. 4617).
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