Senate passes Stock Act with Fannie, Freddie bonus ban
A House-amended version of a congressional insider-trading bill passed the Senate Thursday, leaving in a measure that bans bonus pay at Fannie Mae and Freddie Mac.
The so-called Stock Act passed the Senate on a 96 to 3 vote, with dissent coming from Sens. Chuck Grassley, R-Iowa, Tom Coburn, R-Okla., and Richard Burr, R-N.C.
President Barack Obama said he will sign it into law, according to a White House release.
"It's a good first step," Obama said. "And in the months ahead, Congress should do even more to help fight the destructive influence of money in politics and rebuild the trust between Washington and the American people.
Senate Majority Leader Harry Reid, D-Nev., filed a cloture petition earlier this week to get a vote on the bill, according to Politico. The Thursday cloture vote, in effect, passed the bill out of the upper chamber of Congress.
The Senate originally passed a version of the Stock Act last month, and then the House passed its own version, which included the bonus elimination, but some senators scoffed at other things left out of that bill.
Compensation also still includes deferred payments that boost potential pay to $30.73 million for the top 10 executives in 2012.
The Stock Act, now approved by both chambers, also includes a provision that requires certain federal officials, including legislators, to disclose the terms of their home mortgages.