The only thing the FAA mandates is crew rest. As the industry has demonstrated before, and probably again, they can find employees who are willing to work for free, or worse yet, pay for the job. It's a free country and if you accept a job at 20K and then complain that it is not enough money, then you can quit or get another job. If enough people did this, then guess what, contractors would have to pay $40K to hire new pilots as that would be the going rate.
It's like the debate over the minimum wage being $5 an hour and Mc D's is paying $7.50, that is the true minimum wage.
Honestly, most of the public just doesn't give a moments thought to how much you do or do not make, they expect the FAA to ensure that your company operates in a safe manner and your company will offer the lowest cost labor to get that job done in order to win the next contract. That's the way it is.