Congressman Michael Oxley, the Ohio Republican who co-authored the landmark Sarbanes-Oxley legislation on financial reporting standards, said the board of Fannie Mae should recoup bonuses paid to former executives who were involved in the accounting scandal at the US government-backed mortgage provider.

In a hearing before a congressional committee on the Fannie Mae report by former US senator Warren Rudman, Oxley said: "I believe it to be within the board's authority to request or demand the repayment of bonuses earned when they in fact are not legitimately earned."