"His pay reflects the anomaly of the Fed pay scale," said Phillip Swagel, who served in the Treasury Department under President George W. Bush.
"It is noteworthy that the NEC is pretty political so it's fascinating that they have a Fed employee in a political position," Swagel said.
Federal employees who work for banking regulators, including the Fed, have higher pay scales than employees of other federal departments, said Julia Gordon, director of housing finance and policy at the Center for American Progress, a liberal think tank.
"I'm sure if he went back toMorgan Stanley, he'd be making 10 times that," Gordon said.
Wheeler replaces Jim Parrott, who had been detailed to the White House from the Department of Housing and Urban Development, and earned $144,385 last year. Parrott left the White House in January, and recently joined the Urban Institute.
Wheeler's salary approaches that of Vice President Joe Biden, who this year is poised to earn $230,700. Obama's salary is $400,000.
HOUSING SYSTEM 'IN SHAMBLES'
The housing advisor position has been held by four different people during the Obama administration, punctuated by lengthy vacancies between advisers, said Gordon, who hopes the White House now begins to takes a more active role on the issue.
"Our housing system is still in shambles," Gordon said.
"Just because people hear that prices are going back up doesn't mean we've fixed anything. A lot of the underlying problems are still there."
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