TARP Creates Staffing Headaches for Treasury
The Government Accountability Office has released its latest progress report on the Troubled Asset Relief Program and the Treasury Department's new Office of Financial Stability (OFS). The Eye will not even attempt to assess TARP's economic impact, but will instead focus on how it's altered the federal food chain.
As of Monday, Treasury had hired 38 permanent staff and 52 temporary staff for OFS, up from five permanent staffers and 43 temporary hires in late November. The temporary staff (referred to as "detailees") come mostly from other parts of the Treasury Department, including the U.S. Mint and IRS and from other agencies and departments, including the SEC, FDIC, Federal Reserve, HUD, and Overseas Private Investment Corporation. Treasury anticipates it will need a total of approximately 131 staffers, through a mix of permanent and temporary hires.
OFS' recruitment process has been delayed however, because Treasury requires most applicants disclose financial information to determine any potential conflicts of interest. "Some qualified candidates were unaware when they applied for an OFS position that their financial investments could pose conflicts and subsequently made the decision not to pursue employment with OFS," according to the report. Treasury is thus collecting financial information as early as possible in the hiring process.
Adding to the delays, "Treasury said that candidates with the right skills and abilities to fill positions in OFS often work for a financial regulator that can offer a more competitive salary than OFS." The department's Human Resources division is considering incentives for potential hires, but is limited by current laws and Office of Personnel Management regulations.
The report credits OFS with establishing a relatively seamless plan to keep high-level staffers in place during the presidential transition, retaining several Bush-era hires until the Obama administration names permanent replacements. But it has not completed formal job descriptions for some positions, nor has established a formal workforce plan that defines the long- and short-term needs for the program.
Still, at least someone is hiring.
Posted by: jdcw | January 30, 2009 3:25 PM | Report abuse
Posted by: Arachnae | January 30, 2009 3:35 PM | Report abuse
Posted by: Wallenstein | January 30, 2009 4:13 PM | Report abuse
Posted by: millionea7 | January 30, 2009 4:59 PM | Report abuse
Posted by: gmanfrommd | January 30, 2009 10:45 PM | Report abuse
Posted by: JamesRaider | February 1, 2009 3:17 AM | Report abuse
Posted by: lucygirl1 | February 1, 2009 1:59 PM | Report abuse
Posted by: dentahead | February 2, 2009 11:04 AM | Report abuse
Posted by: Alowie | February 2, 2009 1:42 PM | Report abuse
The comments to this entry are closed.