The House Financial Services Committee is slated to vote next Tuesday (Nov. 15) on a bill that would suspend the compensation packages of top Fannie Mae and Freddie Mac executives.
Committee chairman Spencer Bachus, D-Ala., scheduled the markup in response to reports the GSE executives are in line to receive bonuses totaling $12.8 million.
The bill, sponsored by Rep. Bachus, also requires other GSE employees to be paid on the same scale as federal government employees.
"The taxpayer-funded bailout of Fannie Mae and Freddie Mac is the biggest bailout in history," said Bachus. "The fact that the top executives of these failed companies are receiving multi-million dollar pay packages, plus millions more in bonuses, is an added insult to the taxpayers who are forced to foot the bill."
Separately, the Senate Banking Committee is holding a hearing on the GSE executive bonuses Nov. 15. Federal Housing Finance Agency acting director Edward DeMarco is scheduled to testify.
