Today, U.S. Representative Ed Royce (R-Calif.) introduced H.R. 2243, the Equity in Government Compensation Act of 2015, to suspend the 2015 compensation packages for executives of Fannie Mae and Freddie Mac in light of Federal Housing Finance Agency (FHFA) Director Mel Watt directing the GSEs to submit proposed executive compensation plans for the position of Chief Executive Officer that may be as high as the 25th percentile of the market, or approximately $7.26 million a year:

“I'm deeply disappointed with Director Watt's decision to open the door to multi-million dollar salaries at the GSEs, which continue to be propped up by taxpayers. It's imperative that we reform and wind down the failed duopoly of Fannie and Freddie before their model of public losses and private gains once again places taxpayers at risk."

Rep. Royce is a senior member of the House Financial Services Committee with membership on both the Capital Markets and Government Sponsored Enterprises Subcommittee and the Housing and Insurance Subcommittee.