A report detailing the multi-million dollar compensation paid to top executives of bailed out mortgage giants Fannie Mae and Freddie Mac should give Financial Services Committee Chairman Spencer Bachus’s bill to suspend these taxpayer-funded salaries a boost.
Chairman Bachus re-introduced legislation to suspend the compensation packages for executives of Fannie Mae and Freddie Mac on March 29, prior to the report’s release. The bill places the pay of employees at the two government-sponsored enterprises more in line with that of Federal employees. Chairman Bachus proposed a similar measure two years ago.
Chairman Bachus said, “The taxpayer-funded bailout of Fannie Mae and Freddie Mac is the biggest bailout in history. Adding insult to injury, the top executives of these failed companies receive multi-million dollar pay packages, all courtesy of hard-working American taxpayers who are having a difficult time making ends meet these days. It’s unfair and unreasonable to the taxpayers to reward these executives with such high salaries when their companies have received $150 billion in taxpayers’ money.”
A report released on Thursday by the Inspector General for the Federal Housing Finance Agency (FHFA) found that the six top executives of Fannie Mae and Freddie Mac were paid a $35.4 million since the taxpayer bailout.
The Capital Markets and Government Sponsored Enterprises Subcommittee will mark up Chairman Bachus’s proposal, H.R. 1221, on Tuesday, April 5 at 10 a.m. in room 2128 Rayburn.
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