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 mocked for low attendance at rally Missouri county issues travel advisory for Lake of the Ozarks after Memorial Day parties Senate faces protracted floor fight over judges amid pandemic safety concerns MORE (D-Mo.), John BarrassoJohn Anthony BarrassoCourt upholds protections for Yellowstone grizzly bears OVERNIGHT ENERGY: Trump nominates controversial, longtime acting head of BLM as director | Ernst sinks vote on Trump EPA nominee | Massive dust storm from Africa hits Texas, Louisiana Ernst sinks vote on Trump EPA nominee MORE (R-Wyo.), Lindsey GrahamLindsey Olin GrahamLincoln Project offers list of GOP senators who 'protect' Trump in new ad The Hill's Morning Report - Presented by Facebook - Trump backs another T stimulus, urges governors to reopen schools Democrats awash with cash in battle for Senate MORE (R-S.C.), Mike EnziMichael (Mike) Bradley EnziChamber of Commerce endorses Cornyn for reelection Trump, GOP clash over new round of checks Democrats detail their .5T green infrastructure plan MORE (R-Wyo.), Tom CoburnThomas (Tom) Allen CoburnCongress must protect federal watchdogs Tom Coburn's annual gift to taxpayers Joe Biden still doesn't have a campaign theme MORE (R-Okla.), John ThuneJohn Randolph ThuneClash looms over next coronavirus relief bill Trump second-term plans remain a mystery to GOP Republicans fear backlash over Trump's threatened veto on Confederate names MORE (R-S.D.), Roy BluntRoy Dean BluntState and local officials beg Congress to send more election funds ahead of November Clash looms over next coronavirus relief bill Senate Democrats urge Pompeo to ensure Americans living overseas can vote in November MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean Arthur HellerOn The Trail: Democrats plan to hammer Trump on Social Security, Medicare Lobbying World Democrats spend big to put Senate in play MORE (R-Nev.), Joe ManchinJoseph (Joe) ManchinGeorge Floyd and the upcoming Texas Democratic Senate runoff Energy companies cancel Atlantic Coast Pipeline Trump nominee faces Senate hurdles to securing public lands post MORE (D-W.Va.), John HoevenJohn Henry HoevenBipartisan senators seek funding for pork producers forced to euthanize livestock House Republicans threaten pushback on Saudi Arabia amid oil market slump Overnight Energy: Trump rollback of Obama mileage standards faces court challenges | Court strikes down EPA suspension of Obama greenhouse gas rule | Trump floats cutting domestic oil production MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseDemocrat asks Barr to preserve any records tied to environmental hacking probe Democrats warn Biden against releasing SCOTUS list Key Democrat accuses Labor head of 'misleading' testimony on jobless benefits MORE (D-R.I.).

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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.