Tillis and Warren Introduce Bipartisan Legislation to Enforce Salary Caps on Fannie and Freddie CEOs | Eastern North Carolina Now

Senators Thom Tillis (R-NC) and Elizabeth Warren (D-MA) both members of the Senate Banking Committee with jurisdiction over Fannie Mae and Freddie Mac, recently introduced the Respect the Caps Act.

ENCNow
Press Release:


"Hardworking Americans shouldn't see their taxpayer dollars used to give already highly-paid executives at Fannie and Freddie massive raises. The Respect the Caps Act closes the loophole to ensure this doesn't happen again."

    WASHINGTON, D.C.     Senators Thom Tillis (R-NC) and Elizabeth Warren (D-MA) both members of the Senate Banking Committee with jurisdiction over Fannie Mae and Freddie Mac, recently introduced the Respect the Caps Act.

    The bill comes after the Federal Housing Finance Agency (FHFA) Inspector General reported the FHFA has allowed compensation for executives at Fannie Mae and Freddie Mac to expand well beyond Congressionally-mandated limits for chief executive compensation at both institutions by separating the chief executive and president role at those agencies, transferring duties of the chief executive officer to the president, and raising the president's salary by millions.

    The Respect the Caps Act closes this loophole by amending the Federal Home Loan Mortgage Corporation Act and the Federal National Mortgage Association Charter Act to explicitly state that neither Fannie nor Freddie may transfer or delegate any duty or responsibility of the chief executive officer to any other position.

    Respect the Caps Act also says the director of the FHFA may be removed should he or she approve compensation greater than the cap of $600,000 a year.

    "Hardworking Americans shouldn't see their taxpayer dollars used to give already highly-paid executives at Fannie and Freddie massive raises," said Senator Tillis. "The Respect the Caps Act closes a loophole to ensure this doesn't happen again. It's a simple matter of principle and ensuring taxpayer dollars are used wisely."

  • Contact: Daniel Keylin
  •     daniel_keylin@tillis.senate.gov

Go Back


Leave a Guest Comment

Your Name or Alias
Your Email Address ( your email address will not be published)
Enter Your Comment ( no code or urls allowed, text only please )




Gov. Cooper Names Judges to North Carolina Court of Appeals Press Releases: Elected office holders, Op-Ed & Politics, Bloodless Warfare: Politics NCGOP Executive Director Woodhouse Stepping Down After State Convention


HbAD0

Latest Bloodless Warfare: Politics

Vice President Kamala Harris’ husband, Doug Emhoff, admitted that he cheated on his first wife with the couple’s babysitter after a report was published on Saturday that said the marriage ended after he got the babysitter pregnant.
A black Georgia activist became the center of attention at a rally for former president Donald Trump on Saturday when she riled the crowd in support of Trump and how his policies benefit black Americans.
President Joe Biden and Vice President Kamala Harris faced backlash Thursday afternoon over what they told Israeli Prime Minister Benjamin Netanyahu during a call.
RALEIGH: Tropical Storm Debby continues to bring heavy rain and flooding across North Carolina on Thursday.
RALEIGH: North Carolina Gov. Roy Cooper and state leaders urged people to beware of drenching rains and flooded roads as Tropical Storm Debby begins to impact the state.
Kari Lake emerged victorious on Wednesday in her bid to become the GOP nominee in Arizona‘s 2024 U.S. Senate race.
The former lover and mentor of Kamala Harris, Willie Brown, who served as mayor of San Francisco, had an extra-marital affair with Harris, and appointed her to two positions when he was California’s Speaker of the Assembly, has advised her to keep her actual ideology fuzzy
The Kamala Harris campaign reportedly blocked reporters from speaking to voters at an event on Monday featuring Democratic governors Gretchen Whitmer of Michigan and Josh Shapiro of Pennsylvania.
North Carolina Democratic Gov. Roy Cooper, who was reportedly under consideration to run with Vice President Kamala Harris on the Democratic presidential ticket, said on Monday that it “wasn’t the right time” for him to “potentially” run for vice president.

HbAD1

Fox News contributor Guy Benson warned on Tuesday that legacy media was likely to aid the Kamala Harris campaign, turning the last 100 days before the 2024 presidential election into a “three-month honeymoon.”
President Joe Biden called for term limits for Supreme Court justices on Monday after weeks of attacking previous court decisions on presidential immunity and abortion.
Former President Donald Trump said during an interview this week with Fox News host Laura Ingraham that he believes someone convinced Vice President Kamala Harris to get rid of her “crazy laugh” because of how it makes her look to voters.
The Biden-Harris administration is seeking to severely limit Israel’s retaliatory response toward Hezbollah after the Iranian-backed Islamic terrorist group killed 12 children on Saturday in northern Israel.
Vice President Kamala Harris and her surrogates have started to use the attack line that Ohio Sen. JD Vance (R) is “weird.”
Vice President Kamala Harris‘ campaign engaged in promoting conspiracy theories on Tuesday after the Trump Campaign filed a complaint with the Federal Election Commission (FEC) accusing Harris and President Joe Biden of violating campaign finance laws by transferring Biden’s campaign funds to Harris
"The largest deportation effort in American history is going to have one hell of a co-pilot," one organization exclaimed.
Biotech entrepreneur Vivek Ramaswamy told The Daily Wire on Monday that he would “strongly consider” replacing J.D. Vance as U.S. senator from Ohio now that former President Donald Trump has picked Vance to be his running mate for the 2024 election.

HbAD2

 
Back to Top