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113 staffers at US Fed get quarter of a million dollars per year

Fed building DC

More than 100 officials at the Washington headquarters of the US central bank — the Federal Reserve — get an average of a quarter of a million dollars per year, which is more than what Fed Chair Janet Yellen receives.

Yellen earns $201,700 a year, but her 113 staffers make $246,506 annually, excluding bonuses and other benefits, the Reuters news agency reported on Friday.

Reuters obtained these details under a Freedom of Information Act application for data on all members of the Fed’s board whose salaries are over $130,810, which is the top of the administration’s pay scale in most areas.

Supporters of higher salaries at the US central bank say that the Fed needs top talent, and claim that its expenses are not paid by American taxpayers. Others, however, do not agree with these claims.

“It certainly bolsters the case for more oversight,” said Maggie Seidel, a spokeswoman for New Jersey Republican Scott Garrett, a co-sponsor of a bill in the US House of Representatives that would require the central bank to public that information.

This is while according to the US Census Bureau, half of Americans are now considered poor and the country’s income inequality is the worst in the developed world.

According to a Gallup survey, 20 percent of Americans said in May that unemployment or jobs were the most important problems they faced.

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