Home Alternative Investments Senate confirms 4 nominees to Federal Thrift board

Senate confirms 4 nominees to Federal Thrift board

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The Senate on Thursday confirmed four nominees to the Federal Retirement Thrift Investment Board via voice votes.

The board administers the $739.9 billion Thrift Savings Plan, Washington, the retirement system for 6.6 million federal employees and members of the uniformed services.

Leona M. Bridges, a commissioner for the $34.4 billion San Francisco City & County Employees’ Retirement System, was confirmed to a term expiring in October 2023 currently held by William S. Jasien.

Stacie Olivares, a trustee of the $454.8 billion California Public Employees’ Retirement System, Sacramento, director of the Mission Advancement Corp. and a board member at the Kroll Bond Rating Agency, was confirmed to a term expiring in September 2024, replacing Ronald McCray.

Dana K. Bilyeu, executive director of the National Association of State Retirement Administrators, was confirmed to a third term, expiring in October 2023.

Michael F. Gerber, senior managing director and chief corporate affairs officer at FS Investments, a multistrategy alternative investment firm, and a co-founder and adviser at Intrinsic Capital Partners, a growth equity firm, was confirmed to fill a term expiring later this year and a term expiring in September 2026.

Sen. Marco Rubio, R-Fla., placed a hold on each of their nominations in April after he and Sens. Tommy Tuberville, R-Ala., and Tom Cotton, R-Ark., sent a letter to the four nominees expressing concern over the FRTIB’s willingness in the past “to invest American retirement savings into Chinese companies working to undermine U.S. interests and national security, as well as exposing federal employees’ retirement savings to considerable risk.”

Mr. Rubio released his hold June 2 after the nominees responded with a letter saying they have no plans to invest TSP assets in Chinese companies.

There is one FRTIB nominee whose nomination is still pending. Javier E. Saade, managing partner at Impact Master Holdings and venture partner at Fenway Summer, has been nominated as the board’s chairman and would replace David A. Jones, who is acting chairman. The Senate Homeland Security and Governmental Affairs Committee in March was split on Mr. Saade’s nomination in a 7-7 vote. Committee Republicans opposed his nomination due to previous tweets they deemed offensive and critical of Republicans.

Because Mr. Saade’s nomination did not receive majority support in committee, it cannot move forward to the full Senate without Majority Leader Chuck Schumer, D-N.Y., discharging it from committee.

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