KOHL TO HOLD HEARING ON GOVERNANCE OF PENSION BENEFIT GUARANTY CORPORATION AMIDST ALLEGATIONS OF MISMANAGMENT
Committee to Release Initial Results of Investigation of PBGC's Former Director
WASHINGTON - On Wednesday, May 20, U.S. Senate Special Committee on Aging Chairman Herb Kohl (D-WI) will hold a hearing to consider whether the federal government's Pension Benefit Guaranty Corporation (PBGC) has the capability to fulfill its mission to insure the pensions of nearly 44 million Americans, at a time when several of the country's largest automobile companies are teetering on the edge of bankruptcy. The question of PBGC's governance comes amidst allegations of mismanagement by the agency's former director, Charles E.F. Millard, who deviated from PBGC's conservative investment strategy just before the market downturn. In addition, it has been alleged that Millard improperly influenced the procurement process surrounding the restructure of the Corporation's investments,
according to a draft report released by the PBGC Inspector General.
Chairman Kohl has invited former PBGC Director Millard, the PBGC Inspector General, the Government Accountability Office (GAO), and a representative from the PBGC Board of Directors-which consists of Secretary of Labor Hilda Solis, Secretary of Treasury Timothy Geithner, and Secretary of Commerce Gary Locke-to appear at next Wednesday's hearing, at which time the Committee will release the initial results into its own investigation into PBGC.
WHAT:
Senate Special Committee on Aging Hearing
No Guarantees: As Pension Plans Crumble, can PBGC Deliver?
WHEN:
Wednesday, May 20, 2009 at 2 p.m.
WHERE:
432 Russell Senate Office Building
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