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Subcommittee Will Vote On Chairman Bachus’ Bill To End The Lavish Salaries Of Fannie, Freddie Executives

Washington, Apr 5 -

WASHINGTON: Financial Services Committee Chairman Spencer Bachus released the following information regarding the pay of Fannie Mae and Freddie Mac executives. Later today, the Capital Markets and Government Sponsored Enterprises Subcommittee will vote on a bill introduced by Chairman Bachus to suspend the compensation packages for executives of Fannie Mae and Freddie Mac. H.R. 1221, the Equity In Government Compensation Act, places all employees on the General Schedule pay scale.

The top 11 executives at Fannie Mae and Freddie Mac made almost twice as much as the entire U.S. Senate in 2010.

2010 Compensation for Fannie’s top 6 executives= $15.4 million

2010 Compensation for Freddie Mac’s top 5 executives= $18.5 million

Total:     $33.9 million

 

2010 Compensation for the Entire US Senate= $17.4 million

The CEOs of Fannie Mae and Freddie Mac each made virtually the same amount as the Justices of the Supreme Court, Cabinet Secretaries, the President of the United States, and the Vice President of the United States combined.

2010 Compensation for Fannie Mae CEO=$5.6 million

2010 Compensation for Freddie Mac CEO= $5.5 million

 

2010 Compensation for the 9 Supreme Court Justices= $1.94 million

2010 Compensation for the President’s Cabinet= $2.99 million

2010 Compensation for the President= $400,000

2010 Compensation for the Vice President = $230,400

Total: $5.56 million