Washington — The U.S. Senate passed a bill Tuesday by David Vitter, R-La., to cap pay raises for executives at the two leading federal home finance agencies, scaling back increases approved earlier by federal administrators.
The bipartisan measure, co-sponsored by Elizabeth Warren, D-Mass., parallels a similar bill making its way through the House. It applies to the agencies known as Fannie Mae and Freddie Mac.
Under the bill, compensation for the executives would be limited to $600,000 a year each, the level before the recent increases.
Vitter is a candidate for governor in the October election.