THE DAILY FED
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.