Equity in Government Compensation Act of 2010 - Requires the Director of the Federal Housing Finance Agency to: (1) suspend immediately the compensation packages approved for 2010 for the executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac); and (2) establish, in lieu of such packages, a compensation system for such officers in accordance with the rates of pay for positions in the Executive Schedule and the Senior Executive Service of the federal government.
Expresses the sense of Congress that each executive officer of Fannie Mae and Freddie Mac should return to the Secretary of the Treasury (clawback) any compensation earned in 2009 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.