In most cases people working for the government have a limit on how much money they can make in order to keep salaries at a reasonable level. But when Elizabeth Warren, a woman with high cheekbones set up the Consumer Agency ostensibly to protect the taxpayers, she did so in a way that allowed them to gouge on their wages even though they do little or nothing.
Huge numbers of their employees make more than congress and cabinet members. Quite a few make more than Mike Spence. Warren set it up just so they could do that.
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.
These findings are part of a Daily Caller News Foundation Investigative Group salary analysis for the consumer agency that was founded by Sen. Elizabeth Warren of Massachusetts and then-President Barack Obama in 2011. The agency was created under the Dodd-Frank Act to serve as a consumer agency protecting the poor against financial fraud.
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.