Consumer Financial Protection Board's Excessive Pay

July 19, 2013

Employees of the new Consumer Financial Protection Board (CFPB) may be the most lavishly paid of all federal workers. Hundreds of CFPB officials are paid more than Supreme Court Justices, senior White House officials, members of Congress and all 50 state governors, according to a Washington Examiner analysis of salary data for the board's 1,204 workers.

  • The average annual salary paid by CFPB is $118,000, while the median is $113,000.
  • Six-figure salaries go to 741 employees, or 61 percent of the CFPB workforce, with one in four taking home $150,000 or more.
  • Individual median income in the United States is $29,965, according to the U.S. Census, and $69,821 for households.
  • Fifty-six CFPB officers earn more than all presidential cabinet secretaries who earn $199,500.
  • There are 173 agency staffers who earn more than all elected members of Congress and 209 employees who earn more than all 50 U.S. governors.
  • Congressional salaries are set at $174,000 (with a few exceptions for top leaders), while gubernatorial compensation ranges from Maine Gov. Paul LePage's $70,000 to $165,288 for California's Jerry Brown.
  • Fourteen agency staffers are paid more than Vice President Biden, who earns $227,000.
  • Nineteen CFPB staffers earn more than Speaker of the House John Boehner, who is third in line for succession to the presidency and is paid $223,500.
  • Richard Cordray, CFPB's director, is paid $179,700, a compensation level he apparently chose for himself.

Source: Richard Pollock "Fat Paychecks For CFPB Officials, Hundreds Paid More than Fed Chairman, Congressmen, Supreme Court Justices," Washington Examiner, July 18, 2013.

 

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