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 McCaskillTrump rallies in Nevada amid Supreme Court flurry: 'We're gonna get Brett' Trump boosts Heller, hammers 'Wacky Jacky' opponent in Nevada Google says senators' Gmail accounts targeted by foreign hackers MORE (D-Mo.), John BarrassoJohn Anthony BarrassoTrump privately calls Mattis ‘Moderate Dog’: report Push to change wildlife act sparks lobbying blitz House and Senate negotiators reach agreement on water infrastructure bill MORE (R-Wyo.), Lindsey GrahamLindsey Olin GrahamKim, Moon toss ball to Trump in ‘last, best chance’ for Korean peace GOP senator: Kavanaugh accuser 'moving the goalposts' Collins: Kavanaugh accuser should 'reconsider,' testify on Monday MORE (R-S.C.), Mike EnziMichael (Mike) Bradley EnziCruz gets help from Senate GOP in face of serious challenge from O’Rourke Budget chairs press appropriators on veterans spending Forcing faith-based agencies out of the system is a disservice to women MORE (R-Wyo.), Tom CoburnThomas (Tom) Allen CoburnJohn McCain was a taxpayer hero The White House can — and should — bypass Congress to kill Obama-era spending Trump cannot be 'King of Debt' when it comes to government MORE (R-Okla.), John ThuneJohn Randolph ThuneGoogle says it continues to allow apps to access Gmail user data Fight looms over national privacy law Want to improve health care? Get Americans off of their couches MORE (R-S.D.), Roy BluntRoy Dean BluntMurkowski echoes calls for Kavanaugh, accuser to testify Kavanaugh, accuser to testify publicly on Monday Kavanaugh furor intensifies as calls for new testimony grow MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean Arthur HellerTrump rallies in Nevada amid Supreme Court flurry: 'We're gonna get Brett' Trump: 'Good news' that Obama is campaigning again Trump boosts Heller, hammers 'Wacky Jacky' opponent in Nevada MORE (R-Nev.), Joe ManchinJoseph (Joe) ManchinThe Memo: Tide turns on Kavanaugh McCaskill to oppose Kavanaugh nomination The Memo: Kavanaugh firestorm consumes political world MORE (D-W.Va.), John HoevenJohn Henry HoevenOvernight Energy: Trump Cabinet officials head west | Zinke says California fires are not 'a debate about climate change' | Perry tours North Dakota coal mine | EPA chief meets industry leaders in Iowa to discuss ethanol mandate 74 protesters charged at Capitol in protest of Kavanaugh Big Oil’s carbon capture tax credit betrayal MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseDem vows to probe 'why the FBI stood down' on Kavanaugh Senate Democrats increase pressure for FBI investigation of Kavanaugh Senate Dems sue Archives to try to force release of Kavanaugh documents 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.