Senator Warren's Statement on Reports of Pay Increases Beyond Salary Caps for Fannie and Freddie Executives
Washington, DC - United States Senator Elizabeth Warren (D-Mass.) today released a statement following reports from the Federal Housing Finance Agency (FHFA) Inspector General that show the agency has allowed compensation for executives at Fannie Mae and Freddie Mac to expand well beyond Congressionally-mandated limits for executive compensation at both institutions. In 2015, the Senate passed Senator Warren's bipartisan legislation with former Louisiana Senator David Vitter to cap pay raises for executives at Fannie Mae and Freddie Mac and limit total compensation for each executive to $600,000 a year.
"Following the financial crisis, Congress passed my bipartisan bill to cap pay raises for executives at Fannie Mae and Freddie Mac. Instead of enforcing the law, the FHFA has allowed executive compensation at Fannie to increase by $3.6 million and at Freddie, by $3.25 million," said Senator Warren. "This needs to stop now."
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