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 JohannsMichael (Mike) Owen JohannsMeet the Democratic sleeper candidate gunning for Senate in Nebraska Farmers, tax incentives can ease the pain of a smaller farm bill Lobbying World MORE (R-Neb.), Claire McCaskillClaire Conner McCaskillSenate moderates hunt for compromise on family separation bill Election Countdown: Family separation policy may haunt GOP in November | Why Republican candidates are bracing for surprises | House Dems rake in record May haul | 'Dumpster fire' ad goes viral Hillicon Valley: Verizon, AT&T call off data partnerships after pressure | Tech speaks out against Trump family separation policy | T-Mobile, Sprint make case for B merger MORE (D-Mo.), John BarrassoJohn Anthony BarrassoGOP senators introduce bill to prevent family separations at border Overnight Energy: Senate panel sets Pruitt hearing | Colorado joins California with tougher emissions rules | Court sides with Trump on coal leasing program Pruitt to testify before Senate panel in August MORE (R-Wyo.), Lindsey GrahamLindsey Olin GrahamTrump says he will sign executive order to end family separations Trump backs narrow bill halting family separations: official Overnight Health Care — Presented by the Association of American Medical Colleges — Trump officials move to expand non-ObamaCare health plans | 'Zero tolerance' policy stirs fears in health community | New ObamaCare repeal plan MORE (R-S.C.), Mike EnziMichael (Mike) Bradley EnziHouse panel to mark up 2019 budget Overnight Defense: Top general defends Afghan war progress | VA shuffles leadership | Pacific Command gets new leader, name | Pentagon sued over HIV policy Senate GOP urges Trump administration to work closely with Congress on NAFTA MORE (R-Wyo.), Tom CoburnThomas (Tom) Allen CoburnMr. President, let markets help save Medicare Pension insolvency crisis only grows as Congress sits on its hands Paul Ryan should realize that federal earmarks are the currency of cronyism MORE (R-Okla.), John ThuneJohn Randolph ThuneSenate moving ahead with border bill, despite Trump On The Money — Sponsored by Prudential — Senators hammers Ross on Trump tariffs | EU levies tariffs on US goods | Senate rejects Trump plan to claw back spending Senators hammer Ross over Trump tariffs MORE (R-S.D.), Roy BluntRoy Dean BluntGOP senators introduce bill to prevent family separations at border Ernst, Fischer to square off for leadership post Facebook gives 500 pages of answers to lawmakers' data privacy questions MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean Arthur HellerThe Hill's Morning Report — Sponsored by PhRMA — GOP lawmakers race to find an immigration fix 13 GOP senators ask administration to pause separation of immigrant families The Hill's Morning Report — Sponsored by PhRMA — Defiant Trump meets with House GOP amid border blowback MORE (R-Nev.), Joe ManchinJoseph (Joe) ManchinElection Countdown: Family separation policy may haunt GOP in November | Why Republican candidates are bracing for surprises | House Dems rake in record May haul | 'Dumpster fire' ad goes viral Manchin up 9 points over GOP challenger in W.Va. Senate race Senate moderates push for meeting to discuss border crisis MORE (D-W.Va.), John HoevenJohn Henry HoevenGOP senators introduce bill to prevent family separations at border GOP senators want NAFTA deal from Trump by Labor Day Senate GOP urges Trump administration to work closely with Congress on NAFTA MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseLive coverage: FBI chief, Justice IG testify on critical report GAO to look into Trump's reduction of carbon social costs Overnight Energy: Pruitt used security detail to run errands | Dems want probe into Pruitt's Chick-fil-A dealings | Yellowstone superintendent says he was forced out 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.