Fed $alaries: It Pays To Be Private

Sudeep Reddy Real Time Economics May 24, 2010

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Federal Reserve Chairman Ben Bernanke earns $199,700 a year, a salary set by law equal to the pay of Cabinet members. The other governors on the Federal Reserve Board — a government institution — earn $179,700 a year, equal to most sub-Cabinet officers such as deputy secretaries. Rank-and-file members of Congress earn $174,000.

The Fed’s annual report, released this morning, showed one of the advantages to not being part of the government. The report lists the salaries for presidents of regional Fed banks, which are private institutions. Some earn more than twice as much as the Fed chairman. The salaries are based in part on the cost of labor in the cities in which the banks are located. (New York and San Francisco are in the top tier.)

Fed District President in December 2009 Salary 1. Boston Eric Rosengren $320,900 2. New York William Dudley $410,780 3. Philadelphia Charles Plosser $344,700 4. Cleveland Sandra Pianalto $341,600 5. Richmond Jeffrey Lacker $339,600 6. Atlanta Dennis Lockhart $302,800 7. Chicago Charles Evans $308,400 8. St. Louis James Bullard $276,800 9. Minneapolis Narayana Kocherlakota $308,400 10. Kansas City Thomas Hoenig $374,400 11. Dallas Richard Fisher $344,700 12. San Francisco Janet Yellen $410,800 « Previous Secondary Sources: Fannie and Freddie, Greece, Cellphones and Polls Next » Economists React: ‘Who Knows Where We Go From Here’ on Housing Real Time Economics HOME PAGE Email Printer Friendly Share:

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Name We welcome thoughtful comments from readers. Please comply with our guidelines. Our blogs do not require the use of your real name. Comment Comments (3 of 3) View all Comments » 2:08 pm May 24, 2010 James wrote:

if only you knew how much other employees at the Fed banks make…there are dozens and dozens of “vice presidents” at each bank, each of whom makes upwards of $200,000/year. Absolutely ridiculous.

1:27 pm May 24, 2010 paofpa wrote:

It's unusual that Regional Managers are paid more. Nice but unexpected. But I still like to see a good waste/investment of money: salaries * 10 and a search for the best, reality and variety. And a field trip to China to see what they are doing right and how to ignore its people and politicians. Also, Washington looking for new rules for Wall Street; I don't think they will ever be able to cut it; send it to the Feds.

12:57 pm May 24, 2010 Greg Feigel wrote:

That seems like too much money for a fairly simple job - telling politicians what they want to hear.

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That seems like too much money for a fairly simple job - telling politicians what they want to hear.

Fed $alaries: It Pays To Be Private

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