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PSCA Executive Reports

June 28, 2018

PBGC Nomination

The nomination of Gordon Hartogensis to lead the PBGC may be on shaky ground heading into the summer recess. Democrats have publicly questioned the Administration’s decision to replace the current PBGC Director, Tom Reeder, before his five-year term expires in 2020. Republicans, who have generally been supportive of Mr. Reeder, have also privately raised concerns with Senate leadership about Mr. Hartogensis’s lack of experience with pensions. Notably, Mr. Hartogensis has declined to divest from most of his investments, and there is speculation on the Hill that his reluctance to divest is a sign that he may not be confident about his prospects for confirmation.

Both Senate Majority Leader Mitch McConnell (R-KY) (Mr. Hartogensis’s brother-in-law) and Transportation Secretary Elaine Chao (whose sister is married to Mr. Hartogensis) have been proactively advocating for Mr. Hartogensis within the Republican caucus. Mr. Hartogensis has completed an ethics review, and he is in the process of submitting additional paperwork to the committees of jurisdiction. However, at this point, the nomination likely will not be considered by the Senate until the fall at the earliest and it is widely rumored that Mr. Reeder has been asked to remain at the job indefinitely.

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