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Washington D.C.—The leader of the union representing some 10,500 employees of federal financial regulatory agencies today strongly applauded Senate approval of the House-Senate conference report on financial regulatory reform legislation, which will give these agencies the tools, resources and structure they need to tackle Wall Street reform.

“This bill will protect consumers, investors and taxpayers by giving these vital agencies the expanded authority and enhanced ability they need to carry out their missions,” said President Colleen M. Kelley of the National Treasury Employees Union (NTEU).

President Obama is expected to sign the far-reaching Wall Street Reform and Consumer Protection Act.

As the exclusive representative for employees in the Securities and Exchange Commission (SEC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), National Credit Union Administration (NCUA) and Treasury Departmental Offices, NTEU brought critical employee viewpoints to the reform debate.

Under the reform act, a new agency, the Consumer Financial Protection Bureau, will be created and staffed with employees transferred from other financial regulatory agencies. In addition, employees at the Office of Thrift Supervision (OTS) will be transferred to OCC and FDIC.

The legislation includes an NTEU-supported provision with protections for up to 24 months against reductions-in-force, loss of pay and involuntary geographic transfers for impacted employees.

The union also played a role in helping members of Congress fully grasp the depths of the concerns of frontline employees that their agencies needed not only additional funding and staffing, but appropriate authority to deal with the growing complexities of international financial markets—as well as strong adherence to agency missions.

“As the economic crisis unfolded, it became clear that federal agencies and frontline employees lacked adequate staffing and resources to meet their responsibilities; sufficient and appropriate authority to deal with increasingly complex financial instruments and trading techniques; and leadership committed to the vital missions these agencies play in our society,” said the NTEU president.

This bill changes that significantly, she added. “The personnel-related aspects in this legislation are well-designed to allow these agencies to better protect consumers and investors while ensuring that regulated industries have skilled, professional and well-trained financial regulatory agency staff to work with.”

The NTEU leader thanked Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee and Sen. Chris Dodd (D-Conn.), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, for their work on the legislation. “Chairman Frank’s leadership on this key legislation was exemplary,” Kelley said. “He recognized that it is critical for these agencies to take the necessary steps to retain the vast experience and knowledge of these employees.”

“Senator Dodd’s efforts ensured that the regulatory reform will become a reality,” Kelley said.

President Kelley emphasized that NTEU will continue to play an important role in the ongoing implementation of the reform law, which is expected to take between 12 and 18 months, at the least. “We have extensive experience in negotiating the implementation of large government reorganizations,” she said, “and we intend to take a lead role in bringing employee concerns to management and protecting the rights and interests of employees.”

Among its other provisions, the new law provides for pay and benefit bargaining for employees of the OCC, putting its employees on a par with those at other financial regulatory agencies where NTEU also bargains those matters. This will give OCC employees a real voice in their pay structure. NTEU engaged in a multi-year effort to win this right for OCC employees.

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