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 JohannsLobbying World To buy a Swiss company, ChemChina must pass through Washington Republican senator vows to block nominees over ObamaCare co-ops MORE (R-Neb.), Claire McCaskillClaire McCaskillMcCaskill attended reception at Russian ambassador's residence in 2015 Senators question need for HHS cyber office Overnight Cybersecurity: Obama DHS chief defends Russian hack response | Trump huddles on grid security | Lawmakers warned about cyber threat to election systems MORE (D-Mo.), John BarrassoJohn BarrassoSenate confirms NRC chairwoman to new term A bipartisan consensus against 'big pharma' is growing in Congress McConnell allies confident in healthcare win MORE (R-Wyo.), Lindsey GrahamLindsey GrahamOvernight Cybersecurity: New ransomware attack spreads globally | US pharma giant hit | House intel panel interviews Podesta | US, Kenya deepen cyber partnership Graham gets frustrated in public ‘unmasking’ debate GOP senator: Don't expect Trump to 'have your back' on healthcare vote MORE (R-S.C.), Mike EnziMike EnziRift opens in GOP over budget strategy GOP chairman wants 'robust' tax reform process in the Senate Congress needs to support the COINS Act MORE (R-Wyo.), Tom CoburnTom Coburn'Path of least resistance' problematic for Congress Freedom Caucus saved Paul Ryan's job: GOP has promises to keep Don't be fooled: Carper and Norton don't fight for DC MORE (R-Okla.), John ThuneJohn ThuneBehind closed doors, tensions in the GOP Pro-Trump group pulls ads targeting GOP senator on ObamaCare repeal GOP chairman wants 'robust' tax reform process in the Senate MORE (R-S.D.), Roy BluntRoy BluntOvernight Regulation: Senate Banking panel huddles with regulators on bank relief | FCC proposes 2M fine on robocaller | Yellowstone grizzly loses endangered protection Overnight Finance: Big US banks pass Fed stress tests | Senate bill repeals most ObamaCare taxes | Senate expected to pass Russian sanctions bill for second time GOP senator: 'No reason' to try to work with Dems on healthcare MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean HellerGOP governors could help bring down Senate health bill Trump faces enormous test with healthcare bill Behind closed doors, tensions in the GOP MORE (R-Nev.), Joe ManchinJoe ManchinFood Network star honors veterans with dessert feast Dems face identity crisis This week: Senate races toward ObamaCare repeal vote MORE (D-W.Va.), John HoevenJohn HoevenThe Hill's Whip List: GOP undecided, 'no' votes pile up on ObamaCare repeal bill GOP considers keeping ObamaCare taxes Senators want governors involved in health talks MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseGraham gets frustrated in public ‘unmasking’ debate Senate panel questions Lynch on alleged FBI interference Judiciary Committee to continue Russia probe after Mueller meeting 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.