Protecting Taxpayers from Excessive Compensation Act of 2010 - Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency, in its capacity as conservator or receiver of a government-sponsored enterprise (Federal National Mortgage Association [Fannie Mae] or the Federal Home Loan Mortgage Corporation [Freddie Mac]), to prohibit the provision of compensation to any employee, officer, or executive officer of such enterprise, for any period during such conservatorship or receivership, in an amount exceeding the rate of basic pay at such time for the Chairman of the Joint Chiefs of Staff of the Armed Forces.