Senate approves amendment to end Fannie, Freddie bonuses

McCain said the mortgage firms, which hold about half of all home loans, argued that any bonuses should be stopped while they accept taxpayer help — $170 billion so far, and a recent request for $13.8 billion more. 

"The American taxpayer has been the victim of outright corruption and blatant abuse at the hands of Fannie Mae and Freddie Mac for decades — it must stop," he said. 

"It is time to enact fundamental GSE reform, and take Fannie and Freddie off the permanent taxpayer bailout list, returning them to the competitive marketplace before they go from ‘too big to fail’ to ‘too late to fix,’ " he said. 

Co-sponsors of the amendment are Sens/ Mike JohannsMike JohannsTo buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops Revisiting insurance regulatory reform in a post-crisis world MORE (R-Neb.), Claire McCaskillClaire McCaskillMcCaskill offers Trump 'Mean Girls' advice Trump's taxes bump Miss Universe from headlines Dem on NYT report: Trump 'walks away with a golden ticket' MORE (D-Mo.), John BarrassoJohn BarrassoGOP senators avoid Trump questions on rigged election Black ties and french fries mingle at DC's Meridian Ball GOP seeks to block ObamaCare settlements with insurers MORE (R-Wyo.), Lindsey GrahamLindsey GrahamTrump on primary rivals who don't back him: 'I don't know how they live with themselves' The Trail 2016: Who is really winning? Graham: GOP Senate could rein in Clinton White House MORE (R-S.C.), Mike EnziMike EnziGOP senators avoid Trump questions on rigged election Report: Feds spend billions on PR Restive GOP freshmen eye entitlement reform MORE (R-Wyo.), Tom CoburnTom CoburnRyan calls out GOP in anti-poverty fight The Trail 2016: Words matter Ex-Sen. Coburn: I won’t challenge Trump, I’ll vote for him MORE (R-Okla.), John ThuneJohn ThuneWhat will be in Obama’s Presidential Library GOP senators avoid Trump questions on rigged election Republicans question FCC watchdog's 'independence' MORE (R-S.D.), Roy BluntRoy BluntGOP gets chance to run on ObamaCare Republicans make M investment in Senate races GOP groups ride to rescue in 3 key Senate races MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean HellerGOP senators avoid Trump questions on rigged election More Senate Republicans pressure Treasury over debt-equity rules Funding bill rejected as shutdown nears MORE (R-Nev.), Joe ManchinJoe Manchin5 takeaways from the Pa. Senate debate Trump questions hound endangered Republican Dems to McConnell: Pass 'clean' extension of Iran sanctions MORE (D-W.Va.), John HoevenJohn HoevenGOP senators avoid Trump questions on rigged election Overnight Defense: White House threatens to veto Gitmo bill GOP senators fight female draft in defense bill MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseMoney for nothing: Rethinking CO2 Dem takes Exxon fight to GOP chairman's backyard Anti-trade senators say chamber would be crazy to pass TPP MORE (D-R.I.).

The chief executives of both firms will leave their posts when replacements are found. 

Edward DeMarco, acting director of the FHFA, has argued before Congress that the bonuses were needed to attract and retain talented enough employees to manage $5 trillion in mortgage assets. 

The Senate passed the insider trading bill 96-3 on Thursday night, sending it to the House, which is expected to beef it up and pass its version by the end of the month.