During 2019 and 2020, the new CEO of a federal agency was paid $15.5 million over two years, while outsourcing 120 technology jobs to foreign workers.
In 2004, Congress removed a 71-year-old provision that previously capped the Tennessee Valley Authority (TVA) executives’ pay at the salary of a Member of Congress (then $136,900, today $174,000) and told the TVA to hire competitively.
It just took a few years for the previous salary cap to transform into a multi-million windfall for Jeffrey Lyash, who moved from Canada to Tennessee for the job. His compensation amounted to $8.2 million in 2019 and $7.3 million in 2020.
