- In 2015, Fed presidents saw 4 percent average salary gains
- New York’s Dudley, San Francisco’s Williams made the most
Federal Reserve officials spent 2015 pining for a pickup in U.S. wage gains. For the heads of the district banks, anecdotal evidence existed in their own paychecks.
Fed presidents saw a 4 percent average salary increase last year, following a 6.6 percent bump in 2014, according to the central bank’s annual report released Tuesday. Those gains follow a pay freeze for reserve bank officers in 2011, 2012 and 2013, and outpaced national hourly wage earners’ gains, which grew 2.6 percent in the year through December 2015.
New York Fed President William Dudley made the most among the regional presidents, pulling in $466,500 in 2015, while San Francisco Fed chief John Williams saw the largest increase -- about 12 percent -- to $422,900. The St. Louis Fed’s James Bullard had the lowest pay in the group, at $339,700.
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 compensation policy, according to footnotes in the report.