Senate confirms 4 nominees for Federal Thrift Board

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The Senate confirmed four nominees for the Federal Retirement Thrift Investment Board by ballot Thursday.

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

Leona M. Bridges, Commissioner for the $34.4 billion San Francisco City & County Employee Pension Scheme, was confirmed to a term ending in October 2023, currently held by William S. Jasien.

Stacie Olivares, a trustee of California’s $454.8 billion public employee pension system, Sacramento, director of Mission Advancement Corp. and Board Member of 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 for a third term that expires in October 2023.

Michael F. Gerber, senior managing director and chief corporate affairs officer at FS Investments, a multi-strategy alternative investment firm, and co-founder and advisor at Intrinsic Capital Partners, a growth capital firm, has been confirmed for a term expiring later this year and one term until September 2026.

Sen. Marco Rubio, R-Fla., withheld 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 about the FRTIB’s past willingness to “invest American pension plans in Chinese companies working to undermine U.S. interests and national security, and put the pension plans of federal employees at significant risk.”

Mr. Rubio gave up his stake on June 2 after the nominees responded with a letter saying they had no plans to invest TSP assets in Chinese companies.

There is one FRTIB candidate pending nomination. Javier E. Saade, a managing partner at Impact Master Holdings and a venture partner at Fenway Summer, was named chairman of the board, replacing David A. Jones, the acting chairman. The Senate Homeland Security and Government Affairs Committee was split 7-7 over Mr. Saade’s nomination in March. Committee Republicans declined his nomination based on previous tweets they found offensive and critical of Republicans.

Because Mr. Saade’s nomination did not receive majority support in committee, without Majority Leader Chuck Schumer, DN.Y., it cannot be sent to the full Senate, which will dismiss it from the committee.

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