As the economy struggles and wage growth stagnates, everyone can rest easy knowing that the Federal Reserve bank presidents are getting paid quite nicely for all of their efforts.
While wages grew 2.6% (at best) In 2015, Fed presidents saw a 4% average salary increase. And before anyone says that the presidents took one for the team, taking a pay freeze from 2011-2013, it was made up for in 2014 when a 6.6% increase was awarded.
New York's William Dudley tops the list in 2015, pulling in a cool $466,500, followed by San Francisco's John Williams who made $422,900. The lowest paid Fed president was St. Louis's James Bullard, who pulled down a meager $339,700.
Here is the complete list from 2015
This chart shows the pay increases from 2014 to 2015 - San Francisco's John Williams saw the largest increase of about 12%
The Fed Board reviews reserve bank officer salaries annually, and each bank has compensation caps, with the highest set at $469,500 for Boston, New York and San Francisco. Presidents receive pay increases each January and got a special "adjustment" in 2015 as the Fed transitioned from its previous policy Bloomberg reports.
For those that struggle to make ends meet every single day in this "recovery" that is producing minimum wage jobs, just know that those at the Federal Reserve are working hard each and every day to earn their paycheck, and to create a better future for banks the average American.