Jobs I Don't Envy: Fed HR
Pic credit: Ari via Flickr
Hey, does anyone need a job? The Fed is hiring.
David Wessel has a list of potential candidates for Fed Vice Chair (and if I hear Janet Yellen one more time I'm going to punch whomever dares say it) over at WSJ. And this bad news for whoever gets suckered into taking the job:
One rub for some potential candidates: The pay cut.
The law sets the salary of members of the Federal Reserve Board — and the vice chairman — at $179,700 a year, which sounds like a nice wage to the typical American worker, but is lower than many potential nominees currently earn. That could pose a problem in recruiting for the three openings on the seven-member board. Salaries for presidents of the 12 regional Fed banks, whose pay is set by their private-sector boards of directors, ranged in 2008 (the latest publicly disclosed) from $293,000 in Atlanta to $411,200 in New York. (Tim Geithner took a big pay cut when he surrendered the New York Fed presidency to become Treasury secretary, which pays $199,700, the same as the Fed chairman’s job.) San Franciso’s Yellen made $392,600 in 2008. Top Fed staff economists routinely earn more than their bosses on the Board of Governors; salaries at regional Fed banks are sometimes higher than in Washington.
In the meantime, some of us will be crying in the corner over the idea of the SF Fed vision hotboxing the Board conference room until they're all tripping their balls off.
These are hard shoes to fill, the ideal candidate for the job Kohn didn't want anymore (hmmm) will have experience with: cockblocking transparency, dodging Congressional inquiries, blabbering, not answering important questions, and generally being sheisty. Bonus if you have experience with large money-printing devices.
Um, what's the upside again?