Steve Lynch: “The tailored use of incentive awards, such as performance-based bonuses, help agencies recruit, develop, and retain…”

“The tailored use of incentive awards, such as performance-based bonuses, help agencies recruit, develop, and retain employees who have the knowledge, skill, and ability to help agencies accomplish their critical missions. Such incentives also allow agencies to compete with the private sector for talent. Right now, we have incredible doctors, nurses, therapists, and staff at the VA hospitals all across America, that I'm sure--at least in my district--they could walk out that door and earn sometimes twice or three times as much at a private hospital as they do at the VA. The incentive programs that we have in place allow us to rebalance a little bit of what they might be compensated, but for the fact that they are committed to caring for our veterans. It's a similar situation with the SEC. Obviously, many of our securities analysts that we use at the SEC could go to Wall Street tomorrow and earn multiples of what their salary is and have great success and incredible rewards financially. But they work at the SEC because they're committed to protecting the taxpayer and working on behalf of their country. We have similar examples of banking supervisors at the FDIC that have such knowledge and such capability that they could go out tomorrow and work for one of these big banks like Citibank or Bank of America and go to work tomorrow at multiples of their salary.…”