High Pay at the Fed

September 12, 1996

High Pay at the Fed

The Associated Press reports today that the number of employees at the Federal Reserve's headquarters in Washington who make more than $125,000 per year has more than doubled since 1993.

Representative Henry Gonzalez, D-Texas, in a letter to Federal reserve Chairman Alan Greenspan, questioning whether the Fed had too many highly-paid employees. Salary costs for the whole Federal Reserve system rose 44 percent from 1988 to 1994, according to data gathered by Gonzalez's staff.

A dozen employees at the Fed earn $174,000 a year, and its support services director earns $163,800 a year. By way of comparison, Cabinet secretaries earn $148,400 and Federal Reserve chairman Alan Greenspan makes $133,600.

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