Equity in Government Compensation Act of 2011 - Requires the Director of the Federal Housing Finance Agency to: (1) suspend the compensation packages approved for 2011 for the executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); and (2) establish, in lieu of such packages, a compensation system for such officers in accordance with the schedules of compensation and benefits established and adjusted pursuant to the compensation schedule comparability requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Expresses the sense of Congress that each executive officer of Fannie Mae and Freddie Mac performing services for an enterprise on the date of enactment of this Act whose compensation package is suspended should return to the Secretary of the Treasury (clawback) any compensation earned in 2010 and 2011 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.
Subjects Fannie Mae and Freddie Mac executive officers to the executive compensation requirements of the Emergency Economic Stabilization Act of 2008.
Prohibits the compensation of any executive officer of Fannie Mae or Freddie Mac whose compensation package is suspended under this Act from exceeding the compensation of the highest compensated employee of the Federal Housing Finance Agency.
Establishes requirements for determining compensation rates for GSE employees according to the General Schedule for federal civil service employees.
Declares that Fannie Mae and Freddie Mac employees shall not be considered federal employees.