A Message from Gilman and Kelley on the "Treasury Blueprint for a Modernized Financial Regulatory Structure"


4/1/08: Yesterday, Treasury Secretary Henry Paulson outlined a blueprint for reform of federal financial regulatory agencies (click here, blueprint, to review the document). This proposal could have a substantial impact on the work lives of NTEU members at the Securities and Exchange Commission, the Office of the Comptroller of the Currency, and other agencies. Also affected would be the investors, consumers and others who rely upon the important work performed by NTEU members at these important agencies.

The Treasury blueprint is complex in some aspects and ambivalent in others. It speaks more to regulatory authority than to personnel structure. Particular aspects that NTEU is reviewing are the proposals to merge the Commodity Futures Trading Commission with the SEC, and to give to the Office of the Comptroller of the Currency the authority that currently resides with the Office of Thrift Supervision. NTEU also wants to ensure that the important regulatory and enforcement work performed by the SEC is not diluted or weakened through poorly conceived personnel decisions.

Secretary Paulson himself admitted that his proposals will not be implemented quickly or without extensive review. In fact, almost everything contained within the Treasury blueprint that could impact personnel or regulatory matters would require congressional action. NTEU has already contacted Senate Banking Committee Chairman Chris Dodd (D-CT) and House Financial Services Committee Chairman Barney Frank (D-MA) to express the union’s strong interest in these proposals, and our intention to see that our members’ interests are addressed if any such proposal is considered by Congress.

Both Senator Dodd and Representative Frank are supportive friends of NTEU and the American investor. We are confident that neither of them will allow a sweeping away of vital investor, consumer or depositor protections, nor will they permit legislation that treats employees unfairly. NTEU stands ready to work with them and other pro-federal employee/pro-investor members of Congress on these issues.

It is an open question as to whether the proposals in the Treasury blueprint will go forward and, if so, in what form. We know that many employees are anxious and concerned about these proposals. We want you to know that we remain firmly committed to seeing that you will have a voice with respect to any proposal that is considered by Congress.

Greg Gilman
NTEU Chapter 293 President

Colleen Kelley
NTEU National President