WASHINGTON (11/10/11)--The House Financial Services Committee is planning to start next week with a discussion of legislation that would suspend pay packages for Fannie Mae and Freddie Mac executives, and will move on to Securities and Exchange Commission-related legislation.
The Fannie/Freddie related legislation, H.R. 1221, will be marked up at 10 a.m. ET on Tuesday. Aside from curbing Fannie and Freddie executive pay, that bill would also subject executives and employees of those government-sponsored enterprises to the federal pay scale.
Committee Chairman Rep. Spencer Bachus (R-Ala.) noted in a release that taxpayers have paid $170 billion to bail out the GSEs, and 10 of their top executives were recently awarded $12.79 million in bonus pay. "The fact that the top executives of these failed companies are receiving multimillion-dollar pay packages, plus millions more in bonuses, is an added insult to the taxpayers who are forced to foot the bill," Bachus said.
The Tuesday GSE-related markup will be followed by another markup session on legislation that would require the Securities and Exchange Commission to conduct cost-benefit analyses of any new proposed rules. This hearing is set to take place in the House Capital Markets and Government Sponsored Enterprises Subcommittee.
Wednesday will see a 2 p.m. House financial institutions subcommittee hearing on the Communities First Act (H.R. 1697), a bill that would loosen some community-bank related regulations. A separate subcommittee hearing on insurance industry regulation is scheduled for earlier in the day.
Finally, the financial institutions and consumer credit subcommittee will mark up the Consumer Rental Purchase Agreement Act (H.R. 1588) and the Common Sense Economic Recovery Act (H.R. 1723) at 10 a.m. ET on Thursday, Nov. 17.
Witness lists for these hearings had not been released as of Wednesday.