Perry Comments on Study Fueling Discontent With the Financial Industry
Discontent with the U.S. financial sector is on the rise (again), according to an article on the Service Insights Blog, after a recent American Enterprise Institute study revealed that government employees of regulators like the Consumer Financial Protection Bureau make more than double the salaries of the bankers they seek to regulate.
Using data from the Bureau of Labor Statistics occupational employment survey, the American Enterprise Institute calculated that staff federal regulators earned an average total compensation of $190,000 in 2012 — far more than the $69,266 in annual compensation for the average bank employee in a comparable job.
“It’s difficult to compare apples to oranges, but one thing is clear from the analysis: federal government pay is at premium over similar private sector jobs,” Braden Perry, a former federal enforcement attorney who focuses on financial services compliance at Kennyhertz Perry, LLC, told the Service Insights Blog.
In almost all job categories at the CFPB, the report found that average salary and bonus exceeds the private sector — except in the “general attorney” category, according to the blog article.
Kennyhertz Perry is a business and litigation law firm dedicated to serving entrepreneurs. The Kansas City area firm was founded by John Kennyhertz and Braden Perry, both of whom have extensive experience in business law, litigation and financial services.