Exclusive: Sens. Banks, Cortez Masto to offer FHLB pay bill

WASHINGTON — Sens. Jim Banks, R-Ind., and Catherine Cortez-Masto, D-Nev., are introducing a bill that would allow the Federal Housing Finance Agency director to set limits for executive pay at the Federal Home Loan banks, according to a copy of the legislation seen by American Banker. 

The bill is a rare bipartisan effort in a divided Washington that combines Republicans’ desire to dramatically reduce the federal footprint and spending with Democrats’ complaints that the Federal Home Loan Bank System has drifted away from its initial…