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Obama signs bill to yank raises of GSE CEOs

President Barack Obama has signed a bill that takes away multimillion pay increases of the chief executive officers of Fannie Mae and Freddie Mac.

Last week, Obama signed the Equity in Government Compensation Act of 2015, which caps the salaries of Fannie’s CEO Tim Mayopoulos and Freddie’s Donald Layton at $600,000 annually each.

Earlier this year, Federal Housing Finance Agency Director Mel Watt set the CEOs' salary at $3 million annually each, a move that he said was needed to retain and recruit top executives, but was widely opposed by members of both parties. Last month, Congress passed the Senate version of bill that reinstated their previous salary levels. 


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