A Bill to Cap Fannie Mae and Freddie Mac CEOs’ Pay Passes in U.S. Senate

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This is a good move on both Senate and will be a super move by the House but this whole fiasco brings to light a grievous error in the appointing of Mel Watt as the director of FHFA. He authorize a $4,000,000.00 a year raise for the 2 heads of Fannie Mae and Freddie Mac funded by taxpayer money.

This shows how far out of touch with reality Watt really is. In fact Watt stated that if their pay was raised to $7,000.000.00 a year he would have no problem with it in fact he would recommend it. This shows Watt is not qualified to run FHFA and should be replaced now.

For a more detailed look at this subject – please read the article below.

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A proposed bi-partisan bill to cap the salaries of the CEOs at both Fannie Mae and Freddie Mac passed in the U.S. Senate by a unanimous vote on Wednesday.

S.236, known as the Equity in Government Compensation Act of 2015, was co-sponsored Sen. David Vitter (R-Louisiana) and Sen. Elizabeth Warren (D-Massachusetts). The bill was modeled after a similar bill in the House, H.R. 2243, also called the Equity in Government Compensation Act of 2015, introduced by Rep. Ed Royce (R-California) earlier this year. Royce’s bill passed in the House Financial Services Committee by a vote of 57-1 on July 29.

“Giving massive taxpayer-funded pay raises to Fannie Mae and Freddie Mac isn’t just out of touch – it’s downright offensive,” Vitter said. “These two companies are wards of the state. They exist in the current form only because folks across the country paid to bail out the mortgage giants during the financial crisis. In fact, they’d still be on the hook if Fannie Mae and Freddie Mac incurred further losses,” Vitter said. “Congressman Royce’s hard work in the House built momentum to pass this important bill, and with last night’s vote, the Senate has unanimously agreed that capping these pay raises is the common-sense, responsible course of action.”

To read the complete article – please use the link below.

CEOs’ Pay 

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