President Biden has nominated several individuals to serve in key positions on the Federal Retirement Thrift Investment Board (FRTIB), the agency which oversees the Thrift Savings Plan, and the Federal Labor Relations Authority (FLRA).
President Trump had previously nominated three FRTIB members just before he left office, but President Biden pulled those nominations shortly thereafter. There was controversy surrounding the nominations over the FRTIB’s decision to change the underlying index tracked by the I Fund to one which invests more heavily in Chinese companies. The planned change to the I Fund was ultimately delayed.
After pulling the other nominees in February, Biden has now named the following nominees to serve at the agency:
- Javier Saade, Nominee for Chair
- Dana Bilyeu, Nominee for Member
- Leona Bridges, Nominee for Member
- Stacey Olivares, Nominee for Member
The biographical summaries of each of the nominees were provided by the White House.
Javier E. Saade is a principled leader with three decades of broad experience as an investor, board member, founder, operating executive and economic policymaker. He served on the Biden Transition’s Agency Review Team for the Department of Treasury and served as Associate Administrator of Investment & Innovation of the U.S. Small Business Administration during the Obama Administration. He led programs that, since their inception, have invested over $120 billion in hundreds of thousands of American small businesses that have created millions of jobs. Javier also served in the U.S. Securities and Exchange Commissions’ Advisory Committee on Small and Emerging Companies.
Dana Bilyeu is the Executive Director of the National Association of State Retirement Administrators (NASRA) and has been in that role since 2013. Before joining NASRA, she served as the Executive Officer of the Public Employees’ Retirement System of Nevada (2003 – 2013). As Executive Officer, she was responsible for all aspects of fund management, including analysis of plan funding, investment oversight, operational and strategic planning, and fiduciary and governance issues. Prior to her appointment as the Executive Officer, Ms. Bilyeu served eight years as the Operations Officer for the System, overseeing benefit administration, including survivor, disability, and retirement programs. Before joining Nevada PERS, Ms. Bilyeu was the System’s general counsel in the Office of the Nevada Attorney General, representing the System in benefits litigation, contracts analysis, board governance and fiduciary issues.
Leona M. Bridges is a Commissioner for the San Francisco Employees’ Retirement System, where she serves as chair of the deferred compensation committee. She is a former Director for the Municipal Transportation Agency and Commissioner for the San Francisco Parking Authority of the City & County of San Francisco, where she continues to serve on the Bond Oversight Committee. For more than two decades, Ms. Bridges was a Managing Director at Barclays Global Investors (acquired by BlackRock in 2009), becoming the world’s largest asset manager of combined assets. During her career in the financial services industry, she focused on asset management as it related to global securities lending/trading, collateral management, custody services, client service, and business development. Additionally, she was responsible for establishing and maintaining civic and community relationships.
Stacie Olivares is on the board of directors of the Mission Advancement Corporation (NYSE: MACC) as its Audit Committee Chair, the Kroll Bond Rating Agency (KBRA), and CalPERS. At the nexus of capital markets, technology, and policy, Olivares works to expand markets, optimize returns, and democratize capital to advance environmental, social, and governance (ESG) and diversity, equity, and inclusion outcomes in our global economy. She is one of the few Latina Chief Investment Officers in the United States.
Biden also nominated the following individuals to serve on the FLRA:
- Susan Tsui Grundmann, Nominee for Member
- Kurt Rumsfeld, Nominee for General Counsel
The biographical summaries for Grundmann and Rumsfeld were provided by the White House:
Susan Tsui Grundmann currently serves as the Executive Director and Chief Operating Officer of the Office of Congressional Workplace Rights, where she oversees the administrative dispute resolution process and provides education to both employing offices and labor unions that represent employees in the legislative branch. Previously, she was nominated by President Obama to serve as a Member and Chairman of the MSPB.
Kurt Rumsfeld is currently the Chief Counsel to Ernie DuBester, the Chairman of the Federal Labor Relations Authority. From September 2013 through February 2019, Mr. Rumsfeld served as the Assistant General Counsel for Operations and Legal Policy for the FLRA’s Office of General Counsel. His responsibilities in that role included assisting the General Counsel and Deputy General Counsel in managing the OGC’s regional operations and providing legal advice pertaining to the administration of the FLRA’s governing Statute.