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Republicans introduce eight bills to wind down Fannie and Freddie
Republicans on the House Financial Services Committee unveiled their plans to reform the government-sponsored enterprises Fannie Mae and Freddie Mac Tuesday with eight bills aimed at ending taxpayer bailouts, adding transparency and reducing costs.
"Today marks the start of a process - a process to begin winding down Fannie Mae and Freddie Mac," said Rep. Scott Garrett (R-N.J.), who serves as chairman of a House Financial Services subcommittee.
"Beginning today, and over the course of the next few months, my colleagues and I on the Financial Services Committee will introduce multiple rounds of very specific, very targeted bills to end the bailouts, protect the taxpayers and get private capital off the sidelines."
Tuesday's proposed legislation is as follows:
The Equity in Government Compensation Act suspends the current compensation packages for all employees at Fannie Mae and Freddie Mac, and establishes a compensation system that is consistent with other senior executives in the federal government.
"The failures of Fannie Mae and Freddie Mac helped precipitate the deepest economic decline since World War II," the bill reads. It then lists all the financial bailouts the GSEs received from the government.
"The director shall suspend the compensation packages approved for 2011 for the executive ... more

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