WASHINGTON, D.C. – Senator Tom Harkin (D-IA), Chairman of the Health, Education, Labor and Pensions (HELP) Committee, released the following statement today after President Obama appointed Joshua Gotbaum as Director of the Pension Benefit Guaranty Corporation (PBGC). Mr. Gotbaum’s nomination was unanimously approved by the Senate HELP Committee in January of this year.
“Today, American families are facing serious challenges in retirement. Leadership at the PBGC, whose mission is insuring and paying retiree pensions, is crucial to the 44 million Americans who worked decades for their promised benefits and rely on their monthly checks to pay for heat, food and other necessities.
“The PBGC’s insurance safety net is there so that workers who have invested a lifetime are not left with nothing if their company pension plans fail. And with the current economic situation putting the retirement security of millions of Americans at risk, leadership at the PBGC should be a priority.
“Today, President Obama exercised leadership in appointing Mr. Gotbaum, whose financial expertise and proven track-record in government will be a great asset to the PBGC during this difficult time.”