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U.S. Senate Adopts Measure to Ban Bonuses at Fannie, Freddie

The U.S. Senate passed a prohibition on executive bonuses at Fannie Mae and Freddie Mac, the government-controlled mortgage companies that are dependent on taxpayer aid.

The Senate voted 96-3 to approve a bill including the ban proposed by Republican John McCain of Arizona and Democrat John Rockefeller of West Virginia, which was added by voice vote earlier today. The measure was introduced after the companies’ regulator, the Federal Housing Finance Agency, approved nearly $13 million in bonuses to 10 executives.