Doing What's Right for America

	In The News Friday, September 12, 2008 KING INTRODUCES BILL TO STOP FANNIE AND FREDDIE GOLDEN PARACHUTES WASHINGTON D.C. – U.S. Congressman Steve King introduced H.R. 6864 earlier this week to stop the outgoing executive officers and board members of Fannie Mae and Freddie Mac from receiving millions of dollars in severance pay. H.R. 3221, the Housing and Economic Recovery Act of 2008, which was signed into law on July 30th, included provisions allowing the Federal Housing Finance Agency regulator to prohibit or limit these “golden parachute” payments, but it did not prohibit them outright. King goes one step further in his bill to require that the regulator prohibit any “golden parachute” payment to any executive officer or member of the board of directors of Fannie or Freddie. King’s bill is a companion to a Senate bill that Senator Bunning introduced earlier this week. Even though the federal government has taken over Freddie Mac and Fannie Mae, their executives and boards of directors could still receive large severance payments as part of a “golden parachute” package. For example, the media has reported that former Freddie Mae Chairman and CEO Richard F. Syron may receive as much as $14.9 million and Daniel H. Mudd, former Fannie Mae CEO, may receive as much as $9.8 million. “Fannie and Freddie were driven into the poorhouse by the mismanagement of their former executives and board members. Now that the taxpayers are on the hook for billions of dollars of liability for the poor decisions made by Freddie and Fannie executives, these bad managers should not be allowed to walk away from the mess they’ve made with millions of dollars in their own pockets,” said King. “Many in the leadership structures of Freddie and Fannie actively worked against every effort made by Congress to rein in their irresponsible business practices. I will not stand idly by and watch as they now look to use their “gold parachute” severance packages to escape from the crumbling institutions they leave behind,” said King.   In The News Thursday, August 26, 2010 King: Vilsack makes false claims to push amnesty Congressman King, Ranking Member of the Subcommittee on Immigration, challenges Agriculture Secretary’s Remarks on Amnesty full story>> Monday, August 23, 2010 King Urges Iowa Medical Board to Halt Congressman King: “The dispensation of RU-486 via telemedicine violates Iowa law and FDA protocols.” full story>> Make a Contribution Support Congressman Steve King Contribute Now>>