The House of Representatives passed a bill on Monday to limit the compensation packages of Fannie Mae CEO Timothy Mayopoulos and Freddie Mac CEO Donald Layton, reports Brena Swanson of HousingWire.
According to the office of U.S. Representative Ed Royce, R- Calif.,”The House took up and passed the Senate version of the bill, and passed it tonight by voice vote, as no House member requested a roll call vote. Essentially, no Member was willing to go on record with their opposition to the bill.”
As a result, Royce’s office said, “Therefore, it’s accurate to say that the entire OC [Orange County] delegation supported the bill, or at the very least no one opposed it enough to request a recorded vote.”
Now, the bill will go before President Obama to sign into law. Once, signed the salaries of each CEO will be capped at $600,000, Swanson notes.