It must be nice to get a gig working in government where you can say you make more than the Speaker of the House and the Senate Majority Leader. For many at Elizabeth Warren’s creation, the Consumer Financial Protection Bureau, they do.
The Daily Caller News Foundation did some digging and came up with a salary analysis for the CFPB, and the results are pretty astonishing:
The Senate majority and minority leaders are paid $193,000 annually. Two hundred and one CFPB employees outdo Sens. Mitch McConnell and Charles Schumer in pay.
Speaker of the House Paul Ryan of Wisconsin receives $223,000 per year, but that’s less than what 54 CFPB employees are paid.
Another 170 CFPB employees earn more than the secretaries of defense and state, the attorney general and the director of national intelligence. All cabinet salaries are capped at $199,700, but not at the bureau. Thirty-nine CFPB employees earn more than the $230,000 paid to Vice President Mike Pence.
A total of 198 CFPB employees also earn more than their ultimate boss, Federal Reserve Chairwoman Janet Yellin, who is paid $201,700.
Overall, 449 CFPB employees get at least $100,000 per year and 228 CFPB are paid more than $200,000, according to publicly available 2016 data.
An obvious question is, “How can government bureaucrats make so much money at a government agency? Like this:
Warren deliberately placed the agency inside the Federal Reserve Board. As a result, the salaries there do not have to conform to the pay scale set for federal workers at all other department and agencies.
CFPB spokesman Samuel Gilford justified the high salaries by citing Dodd-Frank’s section 1013, saying “compensation at the CFPB is set pursuant to the federal law that established the agency.”
“It’s ironic that the agency that is supposed to be looking out for the ‘little guy’ is actually padding the pockets of their own employees with exorbitant salaries,” David Williams, president of the Taxpayer Protection Alliance, told TheDCNF.
Yeah, no kidding.
The CFPB is a joke. Far from “protecting” consumers, it exists primary to be a busy-body in the everyday world of loans and finance. Allowed to become the cancer it is, thanks to Dodd-Frank, it took a court to rule the director of the agency could be fired by the President of the United States. Before the ruling, the director, Richard Cordray ruled without accountability.
To gain some of the understanding of how ridiculous the agency is and how they reach their conclusions, check out this piece in National Review from 2014.
According to reports, people at the CFPB are nervous about what will happen to the agency with President Trump in the White House. They should be. Hopefully, they take a scalpel to and eliminate some of the unnecessary jobs where people are making more than Congressional leaders.