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Washington D.C.—In a letter to every member of Congress, the leader of the union representing thousands of federal financial regulatory employees has urged approval of far-reaching legislation to reform and improve the structure of the nation’s system of financial regulation.

“This bill will advance consumer protection in the financial services industry and reform the authorities and personnel systems of financial regulatory agencies to better fit their missions and duties,” wrote President Colleen M. Kelley of the National Treasury Employees Union (NTEU).

The House and Senate are expected to take up promptly H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its principal architects are Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking, Housing and Urban Affairs Committee, and Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee. A House-Senate conference report on the measure was approved last week; if both bodies approve it, the measure will go to the White House for President Obama’s signature. The president has been a strong supporter of Wall Street reform and is expected to sign it.

President Kelley noted the importance of lawmakers hearing about the need for regulatory reform from frontline employees. “From our members, we know that the federal financial regulatory agencies have not been allowed to act in ways that are needed to protect consumers and investors,” she said. “The public and the frontline employees who would like to protect them have suffered from inadequate staffing, funding, statutory authority and leadership in these agencies.”

The NTEU leader added: “From the perspective of the skilled and dedicated field examiners, auditors, consumer affairs call center operators and others who do the day-to-day work of the financial regulatory agencies, there has been a frustration that the status quo does not allow them to advance their agency’s mission in effective ways.”

“Both Chairman Frank and Chairman Dodd have shown exceptional leadership on this legislation,” President Kelley said adding that it creates a strong and independent new Consumer Financial Protection Bureau “well-designed to better protect consumers and investors, while insuring that regulated industries have skilled, professional and well-trained financial regulatory agency staff to work with.”

NTEU represents more than 10,000 employees in the Federal Deposit Insurance Corporation, Securities and Exchange Commission, National Credit Union Administration, Office of the Comptroller of the Currency and Treasury Departmental Offices.

NTEU is the largest independent federal union, representing some 150,000 employees in 31 agencies and departments.