The United States Senate unanimously passed legislation to cap the salaries of the CEOs of Fannie Mae and Freddie Mac modeled on H.R. 2243, the Equity in Government Compensation Act of 2015, as introduced by U.S. Representative Ed Royce (R-Calif.). U.S. Senator David Vitter (R-La.) and U.S. Senator Elizabeth Warren (D-Mass.) are coauthors of the Senate version of the bill, S. 2036, which is also named the Equity in Government Compensation Act of 2015.
“Near universal support in both the House and Senate for capping GSE CEO pay is proof positive that multi-million dollar raises at taxpayer bailed-out and backed organizations are unconscionable,”said Rep. Royce. “I applaud Senator Vitter for his quick work in getting this bill through the Senate and will work to replicate his success in the House.”
Rep. Royce introduced the Equity in Government Compensation Act of 2015 on May 8, 2015, and it passed out of the House Financial Services Committee by a 57-1 vote on July 29, 2015. The legislation was amended during the Committee markup per negotiations with Ranking Member Maxine Waters (D-Calif.). Both Rep. Royce’s bill as amended and Sen. Vitter’s suspend the recently announced $4 million a year compensation packages for the …read more
Source:: U.S. Rep. Ed Royce