According to the Washington Business Journal, the House Committee on Financial Services voted on a measure that could put a serious damper on the holiday gift buying plans of District-based Fannie Mae and McLean-based Freddie Mac employees.
The House Committee on Financial Services voted 52 to 4 on a bill that would align the compensation at the mortgage giants, which have been under government conservatorship since 2008, with that of federal employees. This would slash pay at the companies which, have been known for shelling out Wall Street sized compensation packages in an attempt to lure the brightest minds in finance.
The Equity in Government Compensation Act would, according to a press release from the Financial Services Committee, stop future bonuses and suspend multi-million dollar compensation packages.
Click here for the full Bryant Ruiz Switzky article.
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