New Treasury Bureau to Raid Other Agencies for Employees

Treasury Department officials have an idea about where they can get at least some of the employees to staff the new Bureau of Consumer Financial Protection: by transferring them from other federal agencies.

The Wall Street Journal reports that Treasury Secretary Timothy Geithner has drafted a memo to employees at seven financial regulatory agencies informing them they could be asked to move to the new bureau, which was created by financial regulatory overhaul legislation recently signed by President Obama.

"Certain employees at your agency that work on consumer protection may be asked to transfer," the draft reads. "The process will involve extensive consultation between Treasury and your agency before any decisions about transfer are made."

The Journal reports that it's unclear exactly how many employees would be affected. Overall, the Bureau of Consumer Financial Protection is expected to have hundreds of employees and a budget of around $500 million.

The seven agencies that could be asked to transfer employees to the new bureau are: the Federal Reserve, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, Federal Trade Commission, Department of Housing and Urban Development, National Credit Union Administration, and Office of Thrift Supervision.

Authority over consumer financial product regulation is expected to be transferred to the new agency within a year.