How does the Financial Crisis Inquiry Commission spend its money?
| Friday, Sep 10 2010 11:14 AM
Last Updated Friday, Sep 10 2010 11:14 AM
Q: Multiple readers have asked about the budget of the Federal Crisis Inquiry Commission. We also received this question:
Do you have the salaries of the members of the FCIC? Former Rep. Bill Thomas, R-Bakersfield, was working for the American Enterprise Institute. Is he still working for them while on the commission?
-- M Chy
A: The now $9.8 million allocated to the commission, which is studying the meltdown of the U.S. economy and was in Bakersfield Tuesday, will largely go to salaries.
There are nearly 60 staffers working for FCIC as well as 10 commissioners, the chair and vice chair.
According to its website:
"Total employee compensation expenditures, including benefits, since the commission's inception through June 30, 2010, were $2,546,888.26.
"Staff members who are detailees have their compensation paid by the institution detailing them to the commission.
"Pursuant to statute, no employee of the Financial Crisis Inquiry Commission may be paid more than the equivalent of that payable for a position at level V of the Executive Schedule under Section 5316 of Title 5, U.S. Code (approximately $143,500 annually).
"Compensation figures and the staff list will be updated periodically, including after the third quarter of 2010."
Tucker Warren, spokesman for the commission, said commissioners and the chair and vice chair are paid as they work, so the more work they do, the more they are paid. But it's still only a part-time gig. Their rate of pay is the same as staffers, level V of the Executive Schedule.
Thomas is still a visiting fellow at the American Enterprise Institute.
