The Dodd-Frank Wall Street Reform and Consumer Protection Act may require the federal government to spend almost $1 billion to hire or transfer more than 2,000 employees in the months ahead, Bloomberg reported.

The 11 agencies implementing the law, including the U.S. Department of the Treasury and the Federal Reserve, told the Government Accountability Office (GAO) they would need as much as $973 million to establish new rules. The agencies said most of the expenses would be recurring.

Taxpayers are likely to have to pay only part of the implementation costs. Though three of the 11 agencies are at least partly funded by congressional appropriations, six are funded fully or partly by assessments on industry, one fully by federal budget offsets and one by transfers from the Federal Reserve.

The Consumer Financial Protection Bureau may require $329 million in fiscal 2012 and more than 883 new employees, the GAO said.

Republican lawmakers have proposed several changes to the Dodd-Frank law, which was enacted last year by a Democratic majority in the House of Representatives and Senate.