Thursday, October 16, 2008

New Agency = New Jobs

If you know Washington, D.C., then you know the solution to a problem as big as the credit crisis always involves an agency.

This time, Treasury will be running the Troubled Asset Relief Program (TARP) through the new Office of Financial Stability (OFS). It's already hired five interim big guns to set up the office, to hire permanent staff and to get TARP running.

The CFO will be Tom Bloom, who’s CFO of the Office of the Comptroller of the Currency and a former Commerce Department CFO. Jonathan Fiechter, who's deputy director of the IMF Monetary and Capital Markets and a former Resolution Trust Corporation board member, will be chief risk officer.

Donna Gambrell, director of the Community Development Financial Institutions Fund at the FDIC, who also served at the RTC, will be chief of homeownership preservation. Don Hammond, deputy director of the Division of Federal Reserve Bank Operations and Payment Systems and a former Treasury Fiscal Assistant Secretary, will serve as interim Chief Compliance Officer.
Reuben Jeffrey, former chair the Commodity Futures Trading Commission (CFTC), will be the agency’s chief investment officer.

“Recruiting the right people is essential to the success of this program and we are moving quickly on several fronts,” said Treasury Interim Assistant Secretary for Financial Stability Neel Kashkari. “It will obviously take time to bring on board permanent members of the team that will manage this program over the long term and provide stability during the transition. These leaders are actively building out their operations and contributing to all phases of the TARP.”

As of today, the only position at the new agency was advertising was a chief counsel slot. However, you can set up an alert at that will email you new TARP positions as they're posted.

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