WASHINGTON, DC - Montana’s Congressman, Denny Rehberg, today cosponsored legislation to prevent the outgoing executives and board members of Fannie Mae and Freddie Mac from receiving multi-million “golden parachute” severance packages on the taxpayer dime.

          “It is unacceptable that the same executives whose mismanagement of Fannie and Freddie forced a government bailout would feel entitled to multi-million severance packages on the backs of hard-working Montanans,” said Rehberg, a member of the House Appropriations Committee.  “Taxpayers are not saving Fannie and Freddie because they have been run well.  They have been forced to act because the leadership was incompetent.  Uncle Sam should not be in the business of rewarding incompetence.”

          Currently, Dan Mudd, the CEO of Fannie Mae, will receive $9.3 million and Richard Syron, the CEO of Freddie Mac, will receive $14.1 million.  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.  Senator Jim Bunning (R-KY) has introduced identical legislation in the Senate.

          “You can bet your Fannie that this is one golden parachute that won’t fly,” said Rehberg.