At least 113 staffers at U.S. Fed earn more than Yellen

At least 113 staffers at U.S. Fed earn more than Yellen
By Michael Flaherty

WASHINGTON Fri Oct 17, 2014 10:08am EDT

(Reuters) – The top 113 earners among staff at the Federal Reserve’s Washington headquarters make an average of $246,506 per year, excluding bonuses and other benefits – more than Fed Chair Janet Yellen and nearly double the normal top government rate.

Yellen, whose salary is set by Congress, earns $201,700 a year.

The details on Fed pay were provided to Reuters in response to a Freedom of Information Act request for data on all employees of the U.S. central bank’s board whose salaries outstrip $130,810, which is the top of the government’s pay scale in most areas.

However, the central bank only provided salaries for staff who make at least $225,000 a year, with some exceptions. It is the first time the list has been made public.

Republicans in the U.S. House of Representatives have sponsored a bill that would require the Fed to divulge that information publicly.

Supporters of the Fed say the world’s leading central bank needs top talent, and note that its expenses are not covered by taxpayers, but by the income it earns on securities it holds. Critics, however, think the Fed has too much discretion.

“It certainly bolsters the case for more oversight,” said Maggie Seidel, a spokeswoman for New Jersey Republican Scott Garrett, a co-sponsor of the bill. ( https://1.usa.gov/ZD7VXz )

https://www.reuters.com/article/2014/10/17/us-usa-fed-pay-idUSKCN0I60A420141017