Democrats demand DeMarco testify on Fannie, Freddie bonuses - The Hill’s On The Money
Cummings also requested that Issa ask the FHFA to produce all copies of all compensation packages for the top executives at Fannie Mae and Freddie Mac by Nov. 14.
“Without testimony from the head of the agency responsible for approving executive compensation at Fannie Mae and Freddie Mac, and without copies of the compensation packages we are supposed to review at the hearing, the Committee’s oversight efforts will be inadequate and incomplete,” Cummings wrote.
So far, Issa has invited Charles Haldeman Jr. and Michael Williams, chief executives of Freddie Mac and Fannie Mae, respectively, to the hearing, Cummings said.
Fannie and Freddie were taken over by the government in 2008.
In a news release issued on Dec. 24, 2009, DeMarco said “it will be essential that that the Enterprises continue to perform their current role” and explained that executive compensation would consist of three elements: base salary, a performance-based incentive opportunity and deferred salary.