Who's Really Making Things Up? Elizabeth Warren v. Congress

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While it is true the Office of the Comptroller of the Currency (OCC), Federal Reserve, Office of Thrift Supervision, Federal Deposit Insurance Corp., and National Credit Union Administration do not use the federal pay scale system, the Federal Trade Commission (FTC) and Housing and Urban Development Department do use the federal system.

The FTC said most of their staff are under the "general schedule" system, with the exception of contract workers and other specialists. For example, the FTC commissioners are on a separate scale because they are political appointees.

4. Rep. Frank Guinta, R-N.H., claimed that it was unique for a financial regulatory agency to have a leader with a five-year term who is not subject to annual congressional appropriations.

Warren noted that the OCC's previous controller recently ended his five-year term in August 2010. There are other roles with longer term limits. The National Credit Union Administration has a six-year term limit for its three board members. While members of the House of Representatives serve two-year terms and Senators serve six-year terms, they can be re-elected.

"There is no banking regulator who is subject to the political process or to appropriations," Warren said.

This is true of a host of financial regulatory agencies including the FDIC, who take their budgets from the industries they regulate.

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