NTU urges all Representatives to vote “YES” on S. 2036, the “Equity in Government Compensation Act.” This legislation would overturn the recent dramatic salary increases for the CEOs of Fannie Mae and Freddie Mac, despite the substantial risk both institutions pose to taxpayers.
In filings with the Securities and Exchange Commission (SEC), it was revealed that the Federal Housing Finance Agency (FHFA) approved target compensation packages for the CEOs of Fannie and Freddie of $4 million annually beginning July 1, notwithstanding opposition from the White House and the Treasury Department.
S. 2036 would reverse FHFA’s irresponsible decision and return salaries to more responsible levels that were established in 2012.
FHFA’s reckless action is a stark reminder that Fannie and Freddie should be wound down, which would protect taxpayers and jumpstart a nascent secondary mortgage market. Nevertheless, this legislation is an important opportunity to begin to rein in Fannie and Freddie’s failed model of privatized gains and public losses.
Roll call votes on S. 2036 will be included in NTU’s annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.
If you have any questions, please contact NTU Federal Affairs Manager Nan Swift at (703) 683-5700