H.R. 1221, the Equity In Government Compensation ActPosted by on April 13, 2011
The legislation, introduced by Chairman Bachus, suspends the compensation packages for executives of Fannie Mae and Freddie Mac and places all other employees on the General Schedule pay scale. Since September 2008 when Fannie Mae and Freddie Mac entered Federal conservatorships, the Federal Housing Finance Authority has approved multi-million dollar compensation packages for the GSEs’ top executives. A report released on Thursday by the Inspector General of the FHFA found that the six top executives at Fannie and Freddie were paid $35.4 million since the taxpayers bailed out the GSEs.
On April 6, 2011, the Capital Markets Subcommittee approved H.R. 1221 on a vote of 27-6.