Magazine article American Banker

Focus on Federal Reserve Bankers' Pay Rates

Magazine article American Banker

Focus on Federal Reserve Bankers' Pay Rates

Article excerpt

Though it is hard to nail down exactly what they are paid, it is clear that employees of the 12 Federal Reserve Banks are well compensated relative to other financial regulators.

The salaries of the 20 highest-paid employees at each of the 12 banks have increased an average of 19% since 2002. That excludes bonuses, which the Fed banks refused to disclose. New York Fed spokesman Peter Bakstansky did say bonuses generally amount to less than 10% of total pay.

Though eight federal agencies with jurisdiction over financial companies responded to Freedom of Information Act requests for data on the 50 highest-paid employees, the 12 Reserve banks claimed they are not subject to the disclosure law.

The 12 Reserve banks disclosed only salary ranges for top-paid executives and suggested that the midrange be used for all calculations. However, some of the ranges exceeded $100,000. For instance, the Federal Reserve Bank of Richmond pays its medical director between $143,000 and $297,800.

Comparisons with data the Fed banks provided American Banker in 2002 show that some pay scales increased substantially. [The Fed banks provided only titles and a salary range for each position; the names of employees were not released.]

The midpoint of the salary range for a senior vice president at the Richmond Fed increased 57%, to $257,900. The midrange for the three executive vice presidents at the San Francisco Fed soared 50%, to $289,150, and that of the first vice president at the Dallas Fed 48%, to $257,900. …

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