FCC Nominee to Take Big Pay Cut

The chairman of the Federal Communications Commission will earn $162,900 this year and earn every penny of it. By contrast, President Obama's nominee for that spot, Julius Genachowski, reported income of $1.16 million in 2008. Many of his listed investments are either spin-offs from IAC or companies that Genachowski's VC firms have helped fund, as well as mutual funds and various muni bonds. He appears to have few investments in companies that lobby the FCC, although there are a few, including Google and Time Warner. It's not uncommon for cabinet and other high-ranking administration officials to take a paycut while serving in the government -- you'll recall that Leo McGarry did. Genachowski's nomination is pending before the Senate Commerce Committee but isn't expected to move for a few weeks, at least. Committee Republicans want his nomination paired with a Republican nominee for the FCC, which currently has three members: two Democrats and a Republican.