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 McCaskillLobbying world Dem candidate has Hawley served subpoena at CPAC Annual scorecard ranks GOP environmental efforts far below Dems in 2018 MORE (D-Mo.), John BarrassoJohn Anthony BarrassoTrump: Green New Deal 'the most preposterous thing' and 'easy to beat' This week: Trump set for Senate setback on emergency declaration We should end tax giveaways to electric vehicle owners MORE (R-Wyo.), Lindsey GrahamLindsey Olin GrahamRomney helps GOP look for new path on climate change Dem senator: 'Appropriate' for Barr, Mueller to testify publicly about Russia probe Conservatives wage assault on Mueller report MORE (R-S.C.), Mike EnziMichael (Mike) Bradley EnziSenate GOP budget ignores Trump, cuts defense Progressives seek defense freeze in budget talks Five takeaways from Trump's budget 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 ThuneCongress should take action to stop unfair taxation of the digital economy The fear of colorectal cancer as a springboard for change Senators offer bipartisan bill to fix 'retail glitch' in GOP tax law MORE (R-S.D.), Roy BluntRoy Dean BluntRisk-averse Republicans are failing the republic Senate GOP poised to go 'nuclear' on Trump picks The Hill's Morning Report - Dems contemplate big election and court reforms MORE (R-Mo.), Lindsey Graham (R-S.C.), Dean HellerDean Arthur HellerTrump suggests Heller lost reelection bid because he was 'hostile' during 2016 presidential campaign Trump picks ex-oil lobbyist David Bernhardt for Interior secretary Oregon Dem top recipient of 2018 marijuana industry money, study finds MORE (R-Nev.), Joe ManchinJoseph (Joe) ManchinRomney helps GOP look for new path on climate change Manchin says he won't support LGBTQ protection bill as written Senators offer bipartisan bill to fix 'retail glitch' in GOP tax law MORE (D-W.Va.), John HoevenJohn Henry HoevenDem lawmaker 'confident' bipartisan group will strike deal on border funding Congress in painful start to avoid second shutdown Republicans want Trump to keep out of border talks MORE (R-N.D.), and Sheldon WhitehouseSheldon WhitehouseDems introduce bill requiring disclosure of guest logs from White House, Trump properties Sanders announces first staff hires in Iowa, New Hampshire McConnell works to freeze support for Dem campaign finance effort 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.