Issa on Fannie & Freddie Pay Practices: “It Is Clear Additional Work Remains”
WASHINGTON – Today, Oversight and Government Reform Committee Chairman Darrell Issa made the following statement in response to Federal Housing Finance Agency Office of Inspector General (FHFA-OIG) report finding that FHFA compensation system needs additional improvement:
“The report issued today by the FHFA Inspector General indicates clear progress after the Committee’s calls last year for reform of lavish executive compensation packages at taxpayer-funded Fannie Mae and Freddie Mac,” said Chairman Issa. “Although today’s news shows some meaningful improvements in executive compensation at this taxpayer funded entity, it is clear additional work remains. I commend the FHFA Inspector General for continuing to examine compensation at Fannie and Freddie, and look forward to continue working with Acting Director DeMarco to ensure the implementation of necessary reforms to preserve and conserve taxpayer assets exposed by the Enterprises’ conservatorship.”
Read the IG’s report here.
Nov. 16, 2011 Staff Report, “Government-Sponsored Moguls: Executive Compensation at Fannie Mae and Freddie Mac”: http://1.usa.gov/YV7bKR
Nov. 16, 2011 Hearing, “Pay for Performance: Should Fannie and Freddie Executives Be Receiving Millions In Bonuses?”: http://1.usa.gov/YJZAA5
Nov. 16, 2011 Release on staff report, “Issa Releases Report on Fannie Mae and Freddie Mac Executive Compensation”: http://1.usa.gov/11S0SaS