November 03, 2011


WASHINGTON –This morning at a Senate Banking Committee hearing, Chairman Tim Johnson (D-SD) announced his intention to hold an oversight hearing on the Federal Housing Finance Agency (FHFA) where the recently announced bonuses for executives at Fannie Mae and Freddie Mac will be explored.

Below are Chairman Johnson’s remarks as prepared for delivery.

“Earlier this week, it was reported that 10 executives at Fannie Mae and Freddie Mac were scheduled to receive bonuses totaling more than $12 million. Given the current economic times and continued challenges in the housing market, I want to assure my colleagues that I plan to call Acting FHFA Director Ed DeMarco before the Committee as soon as possible. The details are still being worked out but my staff will be in touch with your staff.

“As conservator of Fannie Mae and Freddie Mac, FHFA, under Mr. DeMarco's leadership, is responsible for approving compensation and maintaining adequate internal controls to oversee the day-to-day operations at Fannie Mae and Freddie Mac. This Committee, the Congress and taxpayers need to be confident that those controls are in place and the conservator is upholding its responsibilities.”