A conservative lawmaker in the U.S. House is promoting legislation that would prevent executives of failed mortgage giants Fannie Mae and Freddie Mac from receiving excessive severance packages.
After learning that the CEOs of Fannie Mae and Freddie Mac were positioned to receive up to a combined $25 million in "golden parachutes," Congressman Steve King (R-Iowa) introduced bipartisan legislation that would block the Federal Housing Finance Agency from granting those hefty severance checks to Fannie and Freddie's CEOs and boards of directors. A companion bill has been introduced by Senator Jim Bunning (R-Kentucky). King argues that Fannie and Freddie "were driven into the poorhouse by the mismanagement of their former executives and board members." "I'm pleased to see that the Federal Housing Finance Agency has been taking a public position that they're not going to allow golden parachute money to go into the pockets of the two CEOs, Daniel Mudd and Richard Syron," he continues. "So, that's a good step -- but we don't yet know where FHFA is on golden parachute money going to the boards of directors." King says the poor decisions made by Fannie Mae and Freddie Mac could add up to as much as $5.5 trillion in potential liability to American taxpayers.
After learning that the CEOs of Fannie Mae and Freddie Mac were positioned to receive up to a combined $25 million in "golden parachutes," Congressman Steve King (R-Iowa) introduced bipartisan legislation that would block the Federal Housing Finance Agency from granting those hefty severance checks to Fannie and Freddie's CEOs and boards of directors. A companion bill has been introduced by Senator Jim Bunning (R-Kentucky).
King argues that Fannie and Freddie "were driven into the poorhouse by the mismanagement of their former executives and board members."
"I'm pleased to see that the Federal Housing Finance Agency has been taking a public position that they're not going to allow golden parachute money to go into the pockets of the two CEOs, Daniel Mudd and Richard Syron," he continues. "So, that's a good step -- but we don't yet know where FHFA is on golden parachute money going to the boards of directors."
King says the poor decisions made by Fannie Mae and Freddie Mac could add up to as much as $5.5 trillion in potential liability to American taxpayers.
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