Federal Reserve Bank pay soars

Friday - 10/22/2010, 2:52pm EDT

As what's perceived as excessive federal pay and benefits get more attention by the public, the conservative Cato Institute said "the compensation policies of the Federal Reserve System also deserve scrutiny."

According to Cato, the average wage of Federal Reserve employees was $84,054 in 2009, while the private sector average was $50,462. The average wage of the 2,000 workers on the Fed's Board of Governors was $116,030.

Cato urges Congress to examine Fed employees' pay.

"As a monopoly immune from competition, the Fed will tend to have a bloated bureaucracy," according to the article.

Cato has also posted blog items arguing that federal pay is double private sector pay. Office of Personnel Management Director John Berry disputed the data, saying Cato compared "apples to oranges."

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