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 McCaskillFive takeaways from the Georgia special election Picking 2018 candidates pits McConnell vs. GOP groups Potential McCaskill challenger has .7M: report MORE (D-Mo.), John BarrassoJohn BarrassoPoll: Sanders most popular senator in the US The animal advocate Trump climate move risks unraveling Paris commitments MORE (R-Wyo.), Lindsey GrahamLindsey GrahamRussian interference looms over European elections Graham: I’m ‘all in’ for Trump Graham: US on a collision course with North Korea MORE (R-S.C.), Mike EnziMike EnziTrump should work with Congress to block regulations on prepaid cards GOP wrestles with big question: What now? Top Dem: Trump's State Dept. cuts a 'Ponzi scheme' MORE (R-Wyo.), Tom CoburnTom CoburnFreedom Caucus saved Paul Ryan's job: GOP has promises to keep Don't be fooled: Carper and Norton don't fight for DC Coburn: Trump's tweets aren't presidential MORE (R-Okla.), John ThuneJohn ThuneSeven major players in Trump's trillion infrastructure push Trump’s great tech opportunity is in spectrum sharing Norquist warns GOP: Don’t link taxes, infrastructure MORE (R-S.D.), Roy BluntRoy BluntAACR’s march on Washington Five hurdles to avoiding a government shutdown Bipartisan group demands answers on United incident MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean HellerObama-linked group launches ads targeting Republicans on immigration Nevada Dem rep considering Senate run against Heller Vulnerable GOP senator faces rancorous town hall MORE (R-Nev.), Joe ManchinJoe ManchinPicking 2018 candidates pits McConnell vs. GOP groups Manchin: Trump should make his clothes in West Virginia Sanders supporter to run against red-state Democrat MORE (D-W.Va.), John HoevenJohn HoevenHeitkamp raises .6 million for reelection bid: report Combating opioid epidemic, repealing ObamaCare will hurt the cause Senate panel considers how to fund Trump’s T infrastructure package MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseDem senators ask Bannon for more info about Breitbart contact Senate Dems want Trump to release ethics waivers, visitor logs Senators offer bill to boost police training in cyber crime 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.