Freddie Mac and Fannie Mae Bonus Ban Adopted by Senate

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By Andrew Scoggin

The Senate agreed to a resolution that would stop executive bonuses at Fannie Mae and Freddie Mac, attaching the measure to a larger congressional insider-trading bill.

The resolution, introduced by Sens. John McCain (R-Ariz.) and Jay Rockefeller (D-W.Va.) passed on a voice vote for inclusion in the Stop Trading on Congressional Knowledge Act, colloquially known via its acronym, STOCK.

Senators passed the STOCK Act later Thursday on a 96-3 vote. The McCain-Rockefeller amendment would eliminate bonus pay as long as the government-sponsored enterprises remain in conservatorship.

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