Economic Stabilization = 1,000 new bureaucrats

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The new legislation has created an Office of Financial Stability within the Treasury Department and charged it with implementing the Troubled Asset Relief Program. That effort will entail buying distressed mortgages and investing in failing financial institutions. It may require hiring more than 1,000 federal workers and at least that many more in the private sector, in part because this unprecedented task will demand skills and experience that current civil servants do not possess. Punishing those whose abuses triggered the financial meltdown and ensuring that the bailout process itself is not corrupted will also become high government priorities. And everyone will look to Congress for better oversight of the financial services sector.