The House Financial Services Committee is set to vote on the suspension of compensation packages of top executives at the two government sponsored enterprises (GSEs) Freddie Mac and Fannie Mae.  Under HR 1221, The Equity in Government Compensation Act of 2011, top executives would have their compensation set in accordance with rates of pay for senior employees in the Executive Branch of the Federal Government.  Other employees of Fannie and Freddie would be paid according to the government's General Schedule pay scale. 

The bill was originally introduced by Committee Chairman Spencer Bachus (R-AL) in the 111th Congress and reintroduced earlier this year.  In addition to the action on compensation, the bill expresses the sense of the Congress that the 2010 and 2011 pay packages of Fannie Mae's and Freddie Mac's senior executives were excessive and that the money should be returned to taxpayers.

According to a press release from the Bachus office, an April report from the inspector general of the Federal Housing Finance Authority revealed that the top six executives at Fannie and Freddie had been paid more than $35 million since the bailout.  Earlier this month, it was reported that 10 executives of the bailed out enterprises were awarded $12.79 million in bonus pay.

Committee action on the bill is scheduled for Tuesday, November 15. Approval seems likely as all seven of the bill's cosponsors are sitting members of the committee.