Federal Reserve Bank of Richmond President Jeffrey Lacker led the chiefs of the Fed's 12 regional banks in pay raises last year, gaining 17 percent to reach $323,000 as he completed his third year, the central bank said.
New York Fed Bank President Timothy Geithner remained the highest-paid among the regional bank presidents at $398,200, the central bank said in its annual report released in Washington today.
Second-highest paid was Minneapolis' Gary Stern, at $391,000.
St. Louis Fed Bank President William Poole, who just retired, gained a 14 percent raise to $356,000, while San Francisco's Janet Yellen got a 10 percent increase to $360,300. Most of the other Fed bank presidents, including Geithner and Stern, received 4.5 percent pay increases.
Presidents of the regional banks receive larger gains on the third anniversary of their appointments, the report said. The Fed banks perform daily operations ranging from clearing checks to distributing currency.
Bank presidents receive salary increases to reflect tenure in their third, sixth and ninth years, according to the report. The salaries also reflect the cost of labor in the cities where the banks are based, the report said.
The Fed's auditor rebuked the central bank for "certain deficiencies" in its internal controls, the annual report showed. The auditor, Deloitte & Touche, did not elaborate on the weaknesses other than note "certain control deficiencies within the general computer control environment."
Fed Chairman Ben Bernanke received a salary last year of $186,600, an amount set by law. District banks are governed by boards of directors, while Congress oversees the Washington-based Board of Governors.
