Talk Radio News Service: News, Politics, Media

By Antonia Aguilar - University of New Mexico/Talk Radio News Service

In a hearing on Friday, House Financial Services Committee Chairman Rep. Barney Frank (D-Mass.) proposed eliminating housing lenders Fannie Mae and Freddie Mac.

"The remedy here is...I believe this committee will be recommending, abolishing Fannie Mae and Freddie Mac in their current form in coming up with a whole new system of housing finance," said Frank.

Later during the hearing, a panel of witnesses argued for more government regulation over executive compensation within the private sector.

"Compensation has played and continues to play a significant role in providing perverse incentives and rewarding strategic decisions that are contrary to sustainable growth," said The Corporate Library Founder Nell Minow.

“These executives are taking money that is available to them because of government intervention, and so saying that compensation shouldn’t be regulated because [of] its interference with private companies is ridiculous,” added Frank.