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 McCaskillEx-CIA chief worries campaigns falling short on cybersecurity Ocasio-Cortez blasts NYT editor for suggesting Tlaib, Omar aren't representative of Midwest Trump nominees meet fiercest opposition from Warren, Sanders, Gillibrand MORE (D-Mo.), John BarrassoJohn Anthony BarrassoIf Democrats want gun control, they must first concede defeat Conway: Republican concerns about gun reform 'all reconcilable' Five proposals Congress is eyeing after mass shootings MORE (R-Wyo.), Lindsey GrahamLindsey Olin GrahamWhite House won't move forward with billions in foreign aid cuts GOP group calls on Republican senators to stand up to McConnell on election security in new ads Cindy McCain says no one in Republican Party carries 'voice of reason' after husband's death MORE (R-S.C.), Mike EnziMichael (Mike) Bradley EnziThe 23 Republicans who opposed Trump-backed budget deal On The Money: Fed poised to give Trump boost with rate cut | Parties unable to reach deal in Trump tax return lawsuit | New York opens investigation into Capital One data breach Outgoing Senate Budget chair unveils plans to replace Budget Committee MORE (R-Wyo.), Tom CoburnThomas (Tom) Allen CoburnThe Hill's Morning Report — Presented by PhRMA — Worries grow about political violence as midterms approach President Trump’s war on federal waste American patients face too many hurdles in regard to health-care access MORE (R-Okla.), John ThuneJohn Randolph ThuneSchumer blasts 'red flag' gun legislation as 'ineffective cop out' Lawmakers jump-start talks on privacy bill Trump border fight throws curveball into shutdown prospects MORE (R-S.D.), Roy BluntRoy Dean BluntGOP group calls on Republican senators to stand up to McConnell on election security in new ads Ex-CIA chief worries campaigns falling short on cybersecurity GOP group targets McConnell over election security bills in new ad MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean Arthur HellerThis week: Barr back in hot seat over Mueller report Trump suggests Heller lost reelection bid because he was 'hostile' during 2016 presidential campaign Trump picks ex-oil lobbyist David Bernhardt for Interior secretary MORE (R-Nev.), Joe ManchinJoseph (Joe) ManchinTrump awards Medal of Freedom to NBA legend Bob Cousy Overnight Energy: Green groups sue Trump over Endangered Species Act changes | Bureau of Land Management retirees fight plan to relocate agency | Wildfires in Amazon rainforest burn at record rate Bureau of Land Management retirees fight plan to relocate agency out west MORE (D-W.Va.), John HoevenJohn Henry HoevenPoll: McConnell is most unpopular senator McConnell ups pressure on White House to get a budget deal Senators introduce bill to prevent border agency from selling personal data MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseSenate Democrats push Trump to permanently shutter migrant detention facility To cash in on innovation, remove market barriers for advanced energy technologies Democrats give cold shoulder to Warren wealth tax 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.