Executive compensation at Fannie Mae and Freddie Mac

William Emmons and Gregory E. Sierra

No 2004-06, Supervisory Policy Analysis Working Papers from Federal Reserve Bank of St. Louis

Abstract: Corporate governance-and executive-compensation arrangements in particular-should be an important component of the agenda to reform the housing GSEs. The GSEs' safety-and-soundness regulator-who is essentially the debtholders' and taxpayers' representative-must be admitted to the GSEs' boardroom in a way that is atypical of an ordinary publicly held company. This intrusion into the board's oversight of executive-compensation plans is justified given the GSEs' public purposes and their large potential cost to taxpayers. Prudent public policy requires greater supervisory control over executive compensation at the GSEs, which would follow a precedent set in banking.

Keywords: Government-sponsored enterprises; Executives - Salaries (search for similar items in EconPapers)
Date: 2004
New Economics Papers: this item is included in nep-bec and nep-ure
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