ARTICLE: Cybersecurity Plan to Involve NSA, Telecoms, By Ellen Nakashima, Washington Post, July 3, 2009

Hard to see this one working without essential changes to the National Security Agency itself, otherwise the conspiracy thinkers will have several good points that will always be impossible to refute.

I don't know if you don't break off a chunk of NSA for this purpose, or you revamp their status as something less than/other than an intelligence agency.