[Senate Hearing 117-553]
[From the U.S. Government Publishing Office]
S. Hrg. 117-553
NOMINATIONS OF KRISTA A. BOYD,
JAVIER E. SAADE, HON. DANA K. BILYEU,
LEONA M. BRIDGES, MICHAEL F. GERBER,
AND STACIE OLIVARES
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HEARING
BEFORE THE
COMMITTEE ON
HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
UNITED STATES SENATE
ONE HUNDRED SEVENTEENTH CONGRESS
SECOND SESSION
__________
NOMINATIONS OF KRISTA A. BOYD TO BE INSPECTOR GENERAL,
OFFICE OF PERSONNEL MANAGEMENT, JAVIER E. SAADE,
HON. DANA K. BILYEU, LEONA M. BRIDGES, MICHAEL F. GERBER
AND STACIE OLIVARES TO BE MEMBERS, FEDERAL RETIREMENT THRIFT INVESTMENT
BOARD
__________
MARCH 10, 2022
Available via the World Wide Web: http://www.govinfo.gov
Printed for the use of the
Committee on Homeland Security and Governmental Affairs
[GRAPHIC NOT AVAILABLE IN TIFF FORMAT]
__________
U.S. GOVERNMENT PUBLISHING OFFICE
48-701 WASHINGTON : 2023
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COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS
GARY C. PETERS, Michigan, Chairman
THOMAS R. CARPER, Delaware ROB PORTMAN, Ohio
MAGGIE HASSAN, New Hampshire RON JOHNSON, Wisconsin
KYRSTEN SINEMA, Arizona RAND PAUL, Kentucky
JACKY ROSEN, Nevada JAMES LANKFORD, Oklahoma
ALEX PADILLA, California MITT ROMNEY, Utah
JON OSSOFF, Georgia RICK SCOTT, Florida
JOSH HAWLEY, Missouri
David M. Weinberg, Staff Director
Zachary I. Schram, Chief Counsel
Claudine J. Brenner, Counsel
Devin M. Parsons, Professional Staff Member
Pamela Thiessen, Minority Staff Director
Andrew Dockham, Minority Chief Counsel and Deputy Staff Director
Andrew J. Hopkins, Minority Counsel
Samantha G. Onofry, Minority Counsel
Laura W. Kilbride, Chief Clerk
Thomas J. Spino, Hearing Clerk
C O N T E N T S
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Opening statements:
Page
Senator Peters............................................... 1
Senator Portman.............................................. 18
Senator Lankford............................................. 22
Senator Carper............................................... 25
Senator Rosen................................................ 27
Prepared statements:
Senator Peters............................................... 31
Senator Portman.............................................. 33
WITNESSES
Thursday, March 10, 2022
Hon. Alex Padilla, a U.S. Senator from the State of California... 3
Hon. Ben Ray Lujan, a U.S. Senator from the State of New Mexico.. 4
Hon. Robert Casey, a U.S. Senator from the State of Pennsylvania. 5
Hon. Patrick Toomey, a U.S. Senator from the State of
Pennsylvania................................................... 5
Krista A. Boyd to be Inspector General, Office of Personnel
Management
Testimony.................................................... 7
Prepared statement........................................... 35
Biographical and professional information.................... 37
Letter from U.S. Office of Government Ethics................. 56
Responses to pre-hearing questions........................... 59
Responses to post-hearing questions.......................... 82
Javier E. Saade to be a Member, Federal Retirement Thrift
Investment Board
Testimony.................................................... 8
Prepared statement........................................... 87
Biographical and professional information.................... 89
Letter from U.S. Office of Government Ethics................. 109
Responses to pre-hearing questions........................... 113
Responses to post-hearing questions.......................... 123
Letters of support........................................... 128
Hon. Dana K. Bilyeu to be a Member, Federal Retirement Thrift
Investment Board
Testimony.................................................... 10
Prepared statement........................................... 136
Biographical and professional information.................... 137
Letter from U.S. Office of Government Ethics................. 157
Responses to pre-hearing questions........................... 160
Responses to post-hearing questions.......................... 169
Leona M. Bridges to be a Member, Federal Retirement Thrift
Investment Board
Testimony.................................................... 11
Prepared statement........................................... 173
Biographical and professional information.................... 175
Letter from U.S. Office of Government Ethics................. 194
Responses to pre-hearing questions........................... 197
Responses to post-hearing questions.......................... 205
Michael F. Gerber to be a Member, Federal Retirement Thrift
Investment Board
Testimony.................................................... 13
Prepared statement........................................... 209
Biographical and professional information.................... 210
Letter from U.S. Office of Government Ethics................. 231
Responses to pre-hearing questions........................... 235
Responses to post-hearing questions.......................... 244
Stacie Olivares to be a Member, Federal Retirement Thrift
Investment Board
Testimony.................................................... 14
Prepared statement........................................... 248
Biographical and professional information.................... 249
Letter from U.S. Office of Government Ethics................. 266
Responses to pre-hearing questions........................... 269
Responses to post-hearing questions.......................... 278
NOMINATIONS OF KRISTA A. BOYD,
JAVIER E. SAADE, HON. DANA K. BILYEU,
LEONA M. BRIDGES, MICHAEL F. GERBER,
AND STACIE OLIVARES
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THURSDAY, MARCH 10, 2022
U.S. Senate,
Committee on Homeland Security
and Governmental Affairs,
Washington, DC.
The Committee met, pursuant to notice, at 10:15 a.m., via
Webex and in room SD-342, Dirksen Senate Office Building, Hon.
Gary Peters, Chairman of the Committee, presiding.
Present: Senators Peters, Carper, Hassan, Sinema, Rosen,
Padilla, Ossoff, Portman, Johnson, Lankford, Scott, and Hawley.
OPENING STATEMENT OF CHAIRMAN PETERS\1\
Chairman Peters. The Committee will come to order.
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\1\ The prepared statement of Senator Peters appear in the Appendix
on page 31.
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Today we are considering the nominations of Dana Bilyeu,
Leona Bridges, Michael Gerber, Stacie Olivares, and Javier
Saade to be members of the Federal Retirement Thrift Investment
Board (FRTIB), and Krista Boyd to be Inspector General (IG) at
the Office of Personnel Management (OPM). I would like to
welcome each of you as well as your family members and thank
you for joining us today. Congratulations on your nominations,
and thank you for your willingness to serve your country in
such an important role.
Both the Office of Personnel Management and the Federal
Retirement Thrift Investment Board provide critical services to
public servants across the Federal Government, and they need
independent, non-partisan leadership to ensure government is
working in the best interest of the American people.
OPM functions as the bedrock of our nation's personnel and
management efforts in the Federal Government, and the OPM
Inspector General is critical for the agency's success, serving
in the chief oversight role.
Ms. Boyd, if confirmed, you will be OPM's independent
watchdog, charged with combating waste, fraud, and abuse in the
Federal Government. To be successful, you must exercise
appropriate judgment and independence, you must follow the
facts wherever they may lead, and you must not allow political
pressure to interfere with your work.
Likewise, the Federal Retirement Thrift Investment Board
requires experienced, independent leadership to carry out its
essential duties, without political interference. If confirmed
to the board, each of you will serve as trusted fiduciaries
responsible for protecting and administering the retirement
savings of our nation's Federal employees and servicemembers,
who will rely on their Thrift Savings Plans (TSP) following
their careers in public service.
In your respective roles, you will serve millions of
dedicated, hardworking Americans, who have devoted their lives
to public service and deserve to retire with dignity and
financial security.
Today, we are one step closer to a fulfilling that
commitment. Congress must ensure these vital roles are filled
with leadership who can exercise the appropriate judgment and
independence to carry out this critical mission.
While all of these roles are all challenging under any
circumstances, it is absolutely essential we have a Federal
Government that works efficiently and effectively, as we work
to continue recovering from the Coronavirus Disease 2019
(COVID-19) pandemic and meet our countries greatest needs.
Today, I look forward to hearing more about the experience
and qualifications of each of these nominees.
Normally Ranking Member Portman would have an opening
comment. He is detained on some important business and will be
joining us shortly. But in the meantime we will continue to
move forward.
It is the practice of the Homeland Security and Government
Affairs Committee (HSGAC) to swear in witnesses, so if each of
you will stand, Ms. Boyd here in person and each of our
nominees who are joining us virtually, if you would stand as
well and raise your right hand.
Do you swear that the testimony that you will give before
this Committee will be the truth, the whole truth, and nothing
but the truth, so help you, God?
Ms. Boyd. I do.
Ms. Bilyeu. I do.
Ms. Bridges. I do.
Mr. Gerber. I do.
Ms. Olivares. I do.
Mr. Saade. I do.
Chairman Peters. Each of the folks joining us virtually
have also said ``I do.'' You may be seated.
Before we turn to the nominees we have a few introductions
from some of my Senate colleagues. First we will have a video
introduction from Senator Ben Ray Lujan, who will introduce
Javier Saade. We will play the video from Senator Lujan.
Recording studio, we need sound.
[Pause.]
OK. We have to be flexible in this Committee here with
technical challenges. But I will now turn this over to Senator
Padilla, who will introduce two of our nominees, Stacie
Olivares and Leona Bridges.
Senator Padilla.
OPENING STATEMENT OF THE HONORABLE ALEX PADILLA, A UNITED
STATES SENATOR FROM THE STATE OF CALIFORNIA
Senator Padilla. Thank you, Mr. Chair, and also on arrival,
Ranking Member Portman. I am proud to introduce two of
President Biden's nominees for the Federal Retirement Thrift
Investment Board, who are both from the great State of
California.
First Stacie Olivares, who is a skilled business executive
with a strong commitment to equity. She is a graduate of UC
Berkeley and Harvard University, and she brings a long record
of leadership and public service and service in the private
sector. Ms. Olivares developed an expertise in global capital
markets during her five years as Executive Director of the
California Commission for Economic Development.
Next, as a portfolio manager at Morgan Stanley, she focused
on driving investments with strong returns while ensuring
positive impacts in our communities. She continued with that
mission as the chief investment officer for major funds,
including the California Organized Investment Network, which
helps drive economic growth with benefits for global equity.
Recognizing her skill and insight, Governor Newsom
appointed Ms. Olivares to serve on the board of the California
Public Employees Retirement System (CalPERS) in 2019. For those
who may not know, CalPERS is the largest public pension fund in
the country, responsible for more than $450 billion for 2
million members.
In each of these positions, Ms. Olivares has proven that
wise investments can and should align with our most important
values, and she is also known for her mentorship in the Latino
business community. As a board member of the Hispanic Heritage
Foundation (HHF), she has worked to create networks for Latino
industry leaders and pipelines for the next generation. She
knows that diversity at every level is key to business success
in the 21st century. I am very proud to support her nomination.
Next up I also want to welcome Leona Bridges. Ms. Bridges
is a graduate of San Francisco State University with an MBA
from Golden Gate University. She is an experienced asset
manager, having spent more than two decades as Managing
Director at Barclay's Global Investors (BGI), the world's
largest asset manager. During that time she was known for
building relationships with civic and community organizations
while overseeing complex global investments.
Ms. Bridges also brings a long record of leadership as a
public servant in San Francisco. She is a former Director of
the Municipal Transportation Agency (SMFTA) as well as a former
Commissioner for the San Francisco Parking Authority. Her work
supported the city's economic development and its mission to
build inclusive public services. Today, Ms. Bridges serves as a
Commissioner for the San Francisco Employees Retirement System
(SFERS).
She is also a dedicated advocate for higher education. As a
member of the California State University (CSU) Investment
Advisory Committee, Ms. Bridges safeguards the public education
of nearly half a million students. She has also established a
scholarship to give aid to students at her own alma mater.
I urge my colleagues to join me in supporting her
nomination as well.
Mr. Chair, we are lucky to hear from such a highly
qualified group of nominees today. On that final note I ask
unanimous consent (UC) to add several letters into the
record,\1\ from a bipartisan group of business leaders and
stakeholders in support of the nomination of Javier Saade, who
is also before us today.
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\1\ The support letters for Javier Saade appear in the Appendix on
page 128.
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Chairman Peters. Thank you, Senator. Without objection,
those letters will be entered into the record.
Senator Padilla. Thank you, Mr. Chair. Thank you for the
opportunity to introduce the nominees.
Chairman Peters. Thank you.
I think we will try again before we get to you, Ms. Boyd.
That you are here, thank you. But we will try one more time to
see if it works with Senator Lujan's introduction.
OPENING STATEMENT OF THE HONORABLE BEN RAY LUJAN, A UNITED
STATES SENATOR FROM THE STATE OF NEW MEXICO
Senator Lujan. It is a great privilege to introduce
President Biden's nominee to be Chairman of the Federal
Retirement Thrift Investment Board, Javier Saade. Mr. Saade
brings three decades of broad, global experience as a leader in
business, finance, and technology. He has deep experience
driving economic growth and has had a remarkable career
managing, investing, and governing corporations, investment
funds, and nonprofits. I welcome his nomination to chair the
Federal Retirement Thrift Investment Board.
Mr. Saade is no stranger to Presidential appointments. He
was appointed by President Obama to serve as Associate
Administrator of the U.S. Small Business Administration (SBA),
and was its Chief of Investment and Innovation, overseeing tens
of billions of dollars.
Prior to public service, he spent over 20 years in
operating, management consulting, and investing roles in the
private sector. This is an additional and valuable perspective
for the Thrift. He also served as a board member for the Pan
American Development Foundation (PADF), The Nature Conservancy,
and Foundation for Puerto Rico.
As a proud and highly qualified Puerto Rican, Mr. Saade is
what the Thrift Investment Board needs. As a nation we need
more diverse voices driving our investment decisions. Diverse
teams have been shown to improve returns. They bring a new
perspective, and I have confidence that Mr. Saade's unique
perspective will be a tremendous asset for the board.
Mr. Saade is the person to lead the TSP to success for all
Federal employees and members of the uniformed services. I urge
my colleagues to support his nomination. Thank you.
Chairman Peters. Thank you, Senator Lujan. Next we have
videos from two of our colleagues to introduce Mr. Gerber.
First we are going to have an introduction from Senator Casey,
followed by an introduction from Senator Toomey.
OPENING STATEMENT OF THE HONORABLE ROBERT CASEY,
A UNITED STATES SENATOR FROM THE STATE OF
PENNSYLVANIA
Senator Casey. I am proud to introduce Michael Gerber and
support his nomination to be a member of the Federal Retirement
Thrift Investment Board. I have known Michael for about 25
years now, and I have known his family for even longer. His
mother, father, and his grandfather and my father knew each
other, as did both of our parents.
Mike Gerber's extensive experience in both the public
sector and the private sector will allow him to serve the
American people with honor as a member of this board. He is a
person of integrity. I know that personally. He is a long-time
community leader in southeastern Pennsylvania. He earned his
undergraduate degree from the University of Pennsylvania and
his law degree from Villanova University School of Law.
Mike was a law clerk to United States District Judge Ronald
Buckwalter, Jr. for the United States District Court for the
Eastern District of Pennsylvania. Mike was an elected official
in Montgomery County, Pennsylvania. He was elected as a
Pennsylvania State House of Representatives member for eight
years, representing the 148th District in Montgomery County.
During five of those years as a State representative, Mike
Gerber also served Pennsylvania as a trustee for the State
Employees Retirement System (SERS) , where he served on the
Investment and Audit Committees. Mike currently serves as a
Partner and Chief Corporate Affairs Officer for FS Investments,
where he is also president of the firm's philanthropic arm.
Mike Gerber has a strong commitment to public service, and
I have no doubt he will serve the people of our nation with
integrity in this position. I believe he will faithfully serve
all of the American people in this role. Thank you.
OPENING STATEMENT OF THE HONORABLE PATRICK TOOMEY, A UNITED
STATES SENATOR FROM THE STATE OF PENNSYLVANIA
Senator Toomey. Chairman Peters, Ranking Member Portman,
and Members of this Committee, thank you for allowing me to
briefly introduce Mike Gerber and express my enthusiastic
support for his nomination to serve as a member of the Federal
Retirement Thrift Investment Board. It is my pleasure to have
this opportunity to introduce my friend, Mike Gerber, in this
confirmation process, and thank you to Mike for your
willingness to serve.
I have known Mike for many years, and I really value his
friendship and his counsel. Mike is a long-time resident of
Pennsylvania. He received his undergraduate degree from the
University of Pennsylvania where he played defensive back for
Penn's Ivy League champion football team in the mid 1990s. He
received his law degree, cum laude, from Villanova University
School of Law. He is also a very active member in the
community, with a distinguished career in both the public and
private sector.
Mike has a record of public service. He served for eight
years in the Pennsylvania House of Representatives and six
years as a trustee of the Pennsylvania State Employees
Retirement System. As a representative, Mike was instrumental
in advocating for the expansion of Pennsylvania's 529 college
savings plan, that became law in the mid 2000s. Earlier in his
career, he practice law at Drinker Biddle & Reath, before
joining FS Investments.
Today he serves as Senior Managing Director and Chief
Corporate Affairs Officer at FS Investments, and beyond these
roles Mike also currently serves in a number of other
capacities. He is on the board of trustees at the University of
Pennsylvania, a founding chair of the board of Philadelphia
Financial Scholars, and to further highlight his professional
accomplishments and experience, Mike is a leader at the
Philadelphia Chamber of Commerce, where he serves on the
Executive Committee.
In addition to all that, Mike is a leader at the Small
Business Investor Alliance, where he has contributed to
important policy discussions regarding access to capital for
middle market companies.
I have worked with Mike directly on critical policy issues,
including the COVID-19 relief packages we passed nearly two
years ago. Now, as Members of this Committee know, this board
is tasked with the prudent administration of the Thrift Savings
Plan, of which there are millions of participants and $775
billion of assets, making it absolutely critical for someone in
this role to have the requisite experience. Mike's career in
asset management and his experience as a trustee of a major
public pension system certainly qualify him to serve on this
board.
My friendship and working relationship with Mike is a
testament to Mike's strong belief in the importance of
bipartisanship and finding consensus, and I personally have
seen Mike's open-mindedness and constructive approach to
problem-solving. I am confident that Mike will draw on his many
experiences to be a valued member of the board and a leader
with whom Members of this Committee and others in Congress
would enjoy working.
I strongly recommend you support Mike Gerber's
confirmation, and I appreciate this opportunity to endorse his
nomination.
Chairman Peters. Thank you, Senator Toomey.
Our first nominee to be recognized for an opening statement
is Krista Boyd, nominated to be the Inspector General for the
Office of Personnel Management. Ms. Boyd currently serves as
the Chief Counsel for Oversight on Policy on the House
Committee on Oversight and Reform. In her role, she oversees
Federal workplace matters and has over 20 years of experience
on Capitol Hill. Her experience includes whistleblower
protection, transparency, and improving the ability of
inspectors general and other agency watchdogs to access agency
information.
Ms. Boyd, I understand this is a special day for you, not
just because you are testifying before a nomination hearing but
it is also your birthday. So happy birthday. This does not
happen very often on a birthday so I suspect this is one
birthday you will probably remember for years to come.
But it is wonderful to see you. Thank you for being here.
Again, thank you for your service. You may proceed with your
opening remarks.
TESTIMONY OF KRISTA A. BOYD,\1\ NOMINATED TO BE INSPECTOR
GENERAL, OFFICE OF PERSONNEL MANAGEMENT
Ms. Boyd. Thank you, Mr. Chairman. Chairman Peters, Ranking
Member Portman, and Members of the Committee, thank you for the
opportunity to appear here today. I am grateful to the
President for the honor of being nominated to be the Inspector
General for the Office of Personnel Management.
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\1\ The prepared statement of Ms. Boyd appears in the Appendix on
page 35.
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Today, I am joined by my husband, Thomas, who has been an
unwavering source of loving support, and my sister, Kelly, who
along with my family in South Carolina, Florida, and Louisiana,
has always encouraged me in my career and my life. My son and
two stepdaughters are not here because they are all in middle
school: Nick, Rachel, and Megan. I have been deeply moved by
the support I have received from former and current colleagues
from both sides of the aisle, Members of Congress, and many
people with whom I have worked throughout my career.
I have always felt a calling to public service, following
the example set by my parents and my grandparents. My mother is
a nurse practitioner who dedicated her career to mental health,
helping those who are often forgotten by society. My father, a
doctor, used his expertise to improve care for veterans at the
Veterans Affairs (VA) hospital in my hometown of Tampa,
Florida.
In college, I had the privilege of interning for Senator
Connie Mack, helping with the consideration of potential
nominations for military service academies. That experience led
me to work in Congress, which I have now done for over two
decades. My first job was in this building serving as Counsel
for the late Senator Max Cleland, who served on this Committee.
For the last 19 years, I have served as a Counsel on the
House Committee on Oversight and Reform. I am currently the
Chief Counsel for Oversight and Policy and I previously served
as General Counsel (GC).
My work for the Committee has been focused on uncovering
waste, fraud, and abuse in government as well as enacting
policy reforms to make government more accountable and
effective. I have led and managed many bipartisan
investigations into issues such as wasteful spending,
misconduct by government employees, whistleblower retaliation,
and agency mismanagement. One recent investigation led to a
defense contractor repaying the government over $16 million as
well as the implementation of reforms at the Department of
Defense (DOD).
I have extensive experience working on good government
reforms including legislation enacted with bipartisan
partnership from this Committee. For example, I helped lead
bipartisan efforts to enact the Inspector General Empowerment
Act, which enhanced the authorities of inspectors general.
I believe that oversight makes government more accountable
and effective. I believe that oversight of OPM is particularly
important because the agency sets policies and administers
benefits for millions of Federal employees and retirees. The
success of OPM drives the success of the entire Federal
Government.
Federal employees, including those at OPM, come to
government out of a calling to public service, forgoing what
would be higher pay for many in the private sector. These
employees, as well as American taxpayers, deserve to have an
agency and a government that functions effectively and
efficiently.
If confirmed, one of my top priorities would be conducting
rigorous oversight of OPM's information technology (IT)
modernization and cybersecurity efforts. Issues related to
OPM's outdated IT systems are a common thread throughout recent
work by the OPM Office of the Inspector General (OIG) as well
as the Government Accountability Office (GAO).
Another one of my top priorities, if confirmed, would be to
press OPM to address the nearly 400 open recommendations from
the OPM OIG that are over six months old.
I have had the opportunity to work with IGs regularly
throughout my career. I understand how important it is to the
work of Congress, including this Committee, for IGs to be
responsive and transparent. If confirmed, I commit to working
with each of you to ensure that I understand your priorities
and the biggest challenges facing OPM.
I commit to operating in an independent, objective,
transparent, and accountable manner.
Thank you again for the opportunity to appear here today. I
appreciate your consideration.
Chairman Peters. Thank you, Ms. Boyd.
Our next nominee is Mr. Saade, who is nominated to be a
member and Chairman of the Federal Retirement Thrift Board.
Welcome, Mr. Saade. You may deliver your opening remarks.
TESTIMONY OF JAVIER E. SAADE,\1\ NOMINATED TO BE A MEMBER,
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
Mr. Saade. Thank you, Chairman Peters, Ranking Member
Portman, Members of the Committee. It is an honor to appear
before you today. Senator Lujan, thank you so much for your
leadership and that kind introduction. We are all glad to see
you are back.
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\1\ The prepared statement of Mr. Saade appears in the Appendix on
page 87.
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The respect I have for this Committee's work is immense and
if confirmed, I will endeavor to be a strong partner.
My story is an improbable one, but at the same time just
one of many versions that personify the American dream. I was
born and raised in Puerto Rico, and my background is a melting
pot. My paternal grandfather was of Lebanese roots, grew up
during the Great Depression in a small town and became an
agronomist. My maternal grandfather was a Bronx-born German Jew
who fought in the Korean War and retired from the U.S.
Department of Housing and Urban Deelopment (HUD). Both my
grandmothers were of Spanish descent, and their families in
Puerto Rico for centuries.
My father worked in a community bank for decades and my mom
was a homemaker and entrepreneur. They are watching now from
San Juan. Hola mami y papi.
I will say hello to the most amazing partner one can hope
for, my wife, a successful entrepreneur, and as a Daughter of
the American Revolution, strongly supportive of my willingness
to serve. Patriotism literally runs in her blood. Thank you,
Lori, and let me also say hello to our family in Indiana,
Kentucky, Texas, Florida, New York, and Puerto Rico.
My multi-cultural background and diverse influences have
shaped my perspective and they continue to. My first job at
McDonald's taught me the value of hard work. I started my
career supervising a manufacturing operation at Abbott Labs,
which launched me on a trajectory of which I am grateful for
every day.
My professional arc includes management consulting at Booz
Allen & Hamilton and McKinsey & Company; two master's degrees,
one in Operations & Technology from Illinois Institute of
Technology, and one an MBA from Harvard; investment roles at
several firms including at Bridgewater Associates; and in the
public sector, as SBA's Associate Administrator of Investment
and Innovation, where I oversaw tens of billions of dollars in
a fiduciary position of public trust.
Currently, I am Managing Partner of Impact Master Holdings
and Venture Partner at Fenway Summer. Fenway Summer invests in
high-growth companies, several of them worth billions of
dollars. Impact Master works with organizations creating
values-driven value.
Over the last seven years, I have served on the Boards of
Trustees of the Pan American Development Foundation and The
Nature Conservancy, and the Boards of Directors of Foundation
for Puerto Rico, Porch Group, Inc., GP Funding, Inc. and SVF
Investment Corp. I also held seats on the Global Advisory Board
of Docusign, Corporate Responsibility Board of Univision, and
Board of Advisors of Harvard's Rock Center. Many of these are
fiduciary, governance, and stewardship roles, akin to the one
we have been nominated to today. I also served as a member of
the transition team focused on the Department of Treasury.
A dignified and secure retirement is one of the pillars of
society after a lifetime of work. The FRTIB is a remarkable
organization, and its fund, the Thrift Savings Plan, for almost
40 years has been a model for retirement plans around the
world. I believe I have the experience, qualifications, and
demeanor to serve in this capacity and fulfill my fiduciary
duties. You are all beneficiaries of the $800 billion TSP, as
am I, along with 6.5 million current and former civil servants
and members of the military.
The Thrift is a fiduciary instrumentality. This makes it
unique. Board members serve as fiduciaries that act solely in
the interest of TSP participants and beneficiaries. The law
requires the board to develop investment options that provide
with prudent vehicles suitable for accumulating retirement
funds. As you know, the agency receives no appropriations.
Participants pay plan expenses, and they are some of the lowest
in the world.
Responsibility to govern the Thrift is shared among all
board members equally. The chairman plays a leadership role
amongst board members, coordinates board operations, and is the
focal point of communications between the board, staff, and
external stakeholders.
The independence and clear focus of the Thrift defines and
guides the board's governance role. Discharging our fiduciary
duties impartially, objectively, and devoid of political
considerations is embedded in the Thrift's mission and statute,
and I intend to fulfill it with integrity and professionalism.
Serving our country is an honor and, if confirmed, I look
forward to this solemn responsibility.
Working with this Committee is a privilege. I appreciate
your service and the time you are giving us today as you
consider our nominations. Thank you, and I look forward to your
questions.
Chairman Peters. Thank you, Mr. Saade.
One next nominee is Dana Bilyeu. Ms. Bilyeu currently
serves as the Executive Director of the National Association of
State Retirement Administrators (NASRA). As Executive Director,
part of her work includes managing funds for investment
oversight, oversight, and operational and strategic planning,
and fiduciary and government issues.
Prior to her role on the board, Ms. Bilyeu served eight
years at the Nevada Public Employees Retirement System (NVPERS)
as the Operation Officer for the system, which oversees benefit
administration. If confirmed, she will enter her third term on
the Federal Retirement Thrift Investment Board.
Ms. Bilyeu, welcome. You are now recognized for your
opening remarks.
TESTIMONY OF THE HONORABLE DANA K. BILYEU,\1\ NOMINATED TO BE A
MEMBER, FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
Ms. Bilyeu. Good morning, Chairman Peters and Ranking
Member Portman, and members of the Committee. I am honored to
be considered by the Committee for the role as a member of the
Federal Retirement Thrift Investment Board. It is a privilege
to be nominated.
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\1\ The prepared statement of Ms. Bilyeu appears in the Appendix on
page 136.
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I have spent the better part of my working life dedicated
to supporting retirement security for the nation's public
servants at the local, State, and Federal levels. I have been
blessed in the opportunity to work for those who serve us all
as teachers, fire fighters, police, the military, and more.
Much of my career has been spent working as a fiduciary in the
context of retirement plans, and I do not take this
responsibility lightly.
I began my focus on retirement security as General Counsel
to the Nevada Retirement System within the Nevada Attorney
General's office. From there I did move to the Retirement
System itself as the Operation Officer responsible for the
daily administration of benefits and contributions on behalf of
the members of the system, and completed my career with NVPERS
as the Executive Officer, a position I held for 10 years before
moving to the private sector. In each of these capacities I was
a fiduciary, held to the duty of unwavering loyalty to the
beneficiaries of the pension trust.
I continue my efforts in policy related to retirement
security through my current role as the Executive Director of
the National Association of State Retirement Administrators,
and I am on the board of other retirement and benefits
organizations such as the National Institute on Retirement
Security and the public employees board of the International
Foundation of Employee Benefit Plans. First and foremost, the
core of my effort and attention has been on strong fiduciary
oversight for all variations of retirement plans, including the
FRTIB.
It is with utmost care, thought, and commitment I will
perform the duties and obligations of a member of the FRTIB. I
look forward to answering the Committee's questions and, if
fortunate enough to be confirmed, I pledge to fulfill my
fiduciary obligations to the members of the Thrift Savings Plan
to the very best of my ability.
Thank you.
Chairman Peters. Thank you.
Our next nominee is Leona Bridges. Ms. Bridges, welcome.
You are recognized for your opening comments.
TESTIMONY OF LEONA M. BRIDGES,\1\ NOMINATED TO BE A MEMBER,
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
Ms. Bridges. Thank you and good morning. Thank you Chairman
Peters, Senator Portman, and distinguished members of the
Committee. I am honored to appear virtually among so many
dedicated public servants as a nominee to the Federal
Retirement Thrift Investment Board. I want to thank you for
your time this morning. I am deeply honored and humbled by the
confidence that President Biden has shown in me with this
nomination.
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\1\ The prepared statement of Ms. Bridges appear in the Appendix on
page 173.
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I would like to take this opportunity to thank my mother,
Thelma Bridges, my siblings, church family, extended family
members, friends, and colleagues for their unconditional love
and support, many of whom are tuned in this morning.
I would also like to acknowledge my family members who are
no longer with us, especially my grandfather, Harrison Bridges;
Uncle George Bridges; and my two brothers, Lawrence and Otha
Bridges who served in the US Army and were members of the
Thrift Savings Plan. I want to acknowledge their support and am
grateful for the inspiration they instilled in me to always
strive to do my best.
I am one of eight children raised with modest means, so I
truly understand the meaning of perseverance and sacrifice
because we trusted God with His grace and mercy.
As you know, the FRTIB was established to provide guidance
and oversight for the Thrift Savings Plan. This plan provides
the ability to Federal employees and members of the uniformed
services to save for retirement. If confirmed, I look forward
to working with fellow board members, staff, and participants
in continuing to fulfill the core mission of FRTIB.
I believe I was nominated for this important post due to my
extensive financial services background and pension fund
experience. I spent over 20 years in asset management with
Barclays Global Investors (BGI), acquired by BlackRock in 2009,
serving pension funds globally. The majority of BGI's clients
were large institutional investors, such as defined benefit and
defined contribution plans, foundations, and endowments.
BGI had served as an investment manager for TSP since 1988,
and we took our responsibilities very seriously for the
management of the retirement assets of the Federal workforce. I
was a member of the client service team for TSP as it related
to securities lending. I worked closely with the client service
team to provide data, performance attribution, and information
related to BGI's unparalleled risk management capabilities,
proprietary technology, and stringent management processes for
the securities lending program.
Over the past 10 years, I have served as a Commissioner for
the San Francisco Employees' Retirement System (SFERS), and
served on the deferred compensation committee over the same
period of time. During my tenure with SFERS, I have served as
president of the board, chair of the investment committee,
chair of deferred compensation committee, and chair of the
operations committee. We have worked closely with our staff,
record-keeper, investment managers, and consultants in
enhancing our communications with participants in the plan by
offering webinars, enhancing on-line capabilities, promoting
direct marketing, conducting in-person educational forums prior
to the global pandemic, and advancing tools that enable
participants to achieve their financial retirement goals.
Additionally, SFERS offers a range of investment options and
portfolio solutions to its participants. We have strived to
recruit and retain good talent to serve the system.
In addition to my experience with BGI and SFERS, I
currently serve as a member of the California State University
(CSU), Investment Advisory Committee, San Francisco State
University Foundation Board, and the West Bay Local Development
Corporation.
It is these roles with governing boards that have given me
experience with oversight and fiduciary responsibilities for
staff, investments, and the need to reconcile the interests of
many stakeholders. I developed a broad background in the
financial services industry when moving from the private sector
to the public sector. It has been a rewarding experience. I
believe that my experience from the private and public sectors
in the financial services industry have equipped me to make a
positive contribution to the Federal Retirement Thrift
Investment Board.
If confirmed, I look forward to working with Members of
this Committee and the entire Congress, fellow board members,
and staff in helping to strengthen the FRTIB to maintain its
core mission.
Thank you again for the opportunity to appear before you
today. I would be happy to answer any questions.
Chairman Peters. Thank you, Ms. Bridges.
Our next nominee is Michael Gerber. Welcome, Mr. Gerber.
You may proceed with your opening remarks.
TESTIMONY OF MICHAEL F. GERBER,\1\ NOMINATED TO BE A MEMBER,
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
Mr. Gerber. Thank you, Chairman Peters, Ranking Member
Portman, and the rest of the Committee for the opportunity to
appear before you today as a nominee for the Federal Retirement
Thrift Investment Board. Thank you also to your staffs for
their courtesies and engagement in this process. I would also
like to thank my home State Senators, Senators Casey and
Toomey, for their friendship, support, and their kind words
today.
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\1\ The prepared statement of Mr. Gerber appears in the Appendix on
page 209.
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Most importantly, I would like to thank my wife, Jessica,
and our three children, Ben, Sam, and Allie, and my in-laws and
my late parents for their support over the years.
I am grateful President Biden placed his trust in me to
serve alongside my esteemed fellow nominees and on behalf of
the participants and beneficiaries of the Thrift Savings Plan.
I look forward answering your questions today and I appreciate
the time to share a few thoughts right now.
Congress established FRTIB to provide guidance and
oversight for the TSP, the primary retirement savings vehicle
for Federal employees and members of the uniformed services. I
believe the President and his Administration nominated me for
the board because of my experience serving as a board member
for the Pennsylvania State Employees' Retirement System, as a
trustee of the University of Pennsylvania, and a board member
in both nonprofit and corporate settings. My experience as a
lawyer, legislator, and partner in two investment firms, as
well as my education, also may have factored into the
Administration's decision.
During my tenure as a SERS board member, I had fiduciary
oversight for both a defined contribution and a defined benefit
plan. Both plans are available to thousands of public employees
and their beneficiaries. At SERS, I served on audit, hiring and
investment committees responsible for various matters such as
setting investment policies, selecting outside investment
managers and other vendors, and evaluating and hiring staff.
My professional experience in asset management, both as a
lawyer and as a partner in two investment firms, also
contributes to the insights and judgment I hope to bring to the
board. In these roles, I have been involved with traditional
and alternative asset management strategies and have managed
legal, compliance, human resources (HR), public policy,
investor relations, communications, and other matters. I have
also overseen my firm's diversity, equity, and inclusion
efforts, our committee responsible for environmental, social,
and governance policy, and our foundation work, where we have
prioritized supporting organizations focused on financial
literacy, social equity, and driving diversity and inclusion
within the asset management industry.
If confirmed, I would draw on all these experiences to
ensure FRTIB staff has the human, financial, and technological
resources needed to run the TSP effectively. I would also keep
a keen eye on managing costs, protecting data, and providing
participants and beneficiaries with effective communication,
education and customer service. Finally, I would ensure the TSP
offers investments that meet Congress' requirements and help
participants and beneficiaries retire with dignity.
I hope to have the opportunity to work with my fellow
nominees as members of the board and with all of you to ensure
the TSP fulfills its promises to participants and
beneficiaries. I would be happy to answer any questions you may
have or hear your thoughts regarding the priorities for FRTIB.
I want to conclude as I began by saying thank you. Thank
you for your service to our country and thank you for the
opportunity to appear before you today.
Chairman Peters. Thank you, Mr. Gerber.
Our final nominee is Stacie Olivares. Welcome. You may
proceed with your opening remarks.
TESTIMONY OF STACIE OLIVARES,\1\ NOMINATED TO BE A MEMBER,
FEDERAL RETIREMENT THRIFT INVESTMENT BOARD
Ms. Olivares. Good morning. Chairman Peters, Ranking Member
Portman, and Members of the Committee, I appreciate the
opportunity to appear before you today, and thank you, Senator
Padilla, for your kind introduction. I am deeply grateful to
President Biden for nominating me for this important role and
to you and your dedicated Committee staffers for considering my
nomination.
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\1\ The prepared statement of Ms. Olivares appears in the Appendix
on page 248.
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As my kids begin their school day here in Southern
California, I would first like to thank their teachers for
their unwavering dedication to provide an excellent education
during the pandemic.
To my family, friends, and colleagues, thank you for
believing in me. If the journey feels long, it is because some
of you have been patiently listening to me talk about financial
access and security since I became a bank teller at age 16.
Thankfully, these conversations on financial access and
security have evolved over the years. Beyond the teller window,
the scale and scope of my work has expanded from transactions
that were at most in the thousands of dollars and limited to
one bank branch, to leading the advisory board of California's
then $1.7 trillion economy, a $29 billion investment fund for
the insurance industry, and mostly recently, as a Trustee of
CalPERS, serving more than 2 million participants as a
fiduciary of their $500 billion pension fund.
Senators, I appreciate the significance of your role in the
confirmation process. The members of the Federal Retirement
Thrift Investment Board are fiduciaries for the retirement
funds of 6.5 million participants and their beneficiaries. In
the many conversations I have had on financial access and
security over the years, there is one area of finance that
almost everyone over the age of 40 cares about--retirement. The
Thrift Savings Plan is a hallmark retirement program because it
is cost efficient, simple, and effective in helping Federal
employees earn competitive returns on their investments.
If confirmed, it would be an honor to serve the American
people by working with the Federal Retirement Thrift Investment
Board as a fiduciary of the Thrift Savings Plan and for the
sole benefit of its participants and beneficiaries.
Thank you again for the opportunity to appear before you
today. I welcome your questions.
Chairman Peters. Thank you, Ms. Olivares.
There are three questions that the Committee asks of every
nominee, and I am going to ask each of you to respond just with
a yes or no. We will go in order. We will start with Ms. Boyd,
who is here, and then we will have Mr. Saade, Ms. Bilyeu, Ms.
Bridges, Mr. Gerber, and Ms. Olivares. So we will go in that
order.
The first question is, is there anything you are aware of
in your background that might present a conflict of interest
with the duties of the office for which you have been
nominated?
Ms. Boyd. No, Mr. Chairman.
Mr. Saade. No, Mr. Chairman.
Ms. Bilyeu. No, Mr. Chairman.
Ms. Bridges. No, Mr. Chairman.
Mr. Gerber. No, Mr. Chairman.
Ms. Olivares. No, Mr. Chairman.
Chairman Peters. Ms. Bilyeu, I think your sound was off,
but that was a no, I believe. Yes.
Second, do you know of anything personal or otherwise that
would in any way prevent you from fully and honorably
discharging the responsibilities of the office for which you
have been nominated?
Ms. Boyd. No.
Mr. Saade. No, Mr. Chairman.
Ms. Bilyeu. No, Mr. Chairman.
Ms. Bridges. No, Mr. Chairman.
Mr. Gerber. No, Mr. Chairman.
Ms. Olivares. No, Mr. Chairman.
Chairman Peters. Lastly, do you agree without reservation
to comply with any request or summons to appear and testify
before any duly constituted Committee of Congress if you are
confirmed?
Ms. Boyd. Yes, Mr. Chairman.
Mr. Saade. Yes, Mr. Chairman.
Ms. Bilyeu. Yes, Mr. Chairman.
Ms. Bridges. Yes, Mr. Chairman.
Mr. Gerber. Yes, Mr. Chairman.
Ms. Olivares. Yes, Mr. Chairman.
Chairman Peters. Great. Thank you.
Ms. Boyd, OPM has not had a Senate-confirmed IG since
2016--it has been a long time--which is unfortunately currently
the second-longest IG vacancy across the entire Federal
Government. My question to you is, what, in your experience,
has prepared you to take on this incredible challenge of coming
into a position that has had such a prolonged vacancy?
Ms. Boyd. Mr. Chairman, I appreciate this question. A
vacancy of this length of time is a challenge for any office. I
know that you have played a leadership role in identifying the
challenges related to vacancies in IG offices, along with
Ranking Member Portman and other Members of the Committee.
IG vacancies is an issue that I have worked on in the
Oversight Committee and am aware of the challenges it can
present. Everything I have seen shows that the OPM Office of
the Inspector General is operating at the highest professional
level and turning out excellent work under the leadership of
Deputy IG Bert Vint.
But for any office with a vacancy that goes on that long
there can be challenges related to long-term strategic
planning, and that is something that, if I were confirmed, I
would work with the OIG staff to identify whether there are
areas related to long-term strategic planning that could be
improved to really help the office move forward.
A special consideration that comes with the OPM OIG is that
prior to the vacancy the previous IG had served for a very long
time, very honorably. Having a long period of continuity
followed by a period of vacancy can present its own challenges.
I would want to work with the OIG staff. Having been on the
Oversight Committee I have been through many transitions, and I
understand that transitions are hard. I really am sensitive to
that and would want to really identify what it is that the OIG
staff need.
Chairman Peters. Great. Thank you.
The Federal Retirement Thrift Investment Board plays an
absolutely critical role in communicating with the Thrift
Savings Plan participants. That includes 1.3 million men and
women serving in our military, and to help them understand
their investment options and make sound investment decisions.
Mr. Saade, this question is for you. What will you do as
chairman of the board to improve financial literacy among
participants as well as improve the customer service experience
for each and every one of them?
Mr. Saade. Thank you, Mr. Chairman. All of the items that
you touched are actually part of the board's fiduciary duty--
financial literacy, education, clear communications--and now
that we are in the 21st century, using the very best technology
to achieve that.
I believe that the agency has made a significant amount of
strides on this front, but improvement is continuous. One of
the things I would focus on, if confirmed, would be getting up
to speed as quickly as possible on all aspects of our fiduciary
duties, including this, and working with my fellow board
members to ensure that all of the participants and
beneficiaries have all the tools available so that they can
educate themselves and make the best investment decisions.
Chairman Peters. Thank you. I am going to ask out other
board nominees the same question. We will start with Ms.
Bilyeu. How will you leverage your experience to improve
financial literacy among all Thrift Savings Plan beneficiaries?
Again, we will start with Ms. Bilyeu, then Ms. Bridges, Mr.
Gerber, and then Ms. Olivares. Ms. Bilyeu.
Ms. Bilyeu. Thank you, Mr. Chairman. As a current member of
the Federal Retirement Thrift Investment Board I have been
given the opportunity to watch the agency mature in its role as
a provider of information to their members and beneficiaries,
and, in fact, have seen a broad expansion of those channels of
delivery of services as the agency becomes more technologically
savvy.
I am excited to say that we have an opportunity for growth
there as well. We are moving to a new recordkeeping system with
a new vendor, I believe sometime early this year. When we do
that one of the opportunities will be for a mobile app for the
TSP members, not unlike a banking app that you have. That is
another way that we will be doing outreach to our members.
It is important that we communicate with members in the
fashion that they want to be communicated with, and that is
what the TSP has been doing. Through our oversight as the board
we have been providing the opportunities through the budgetary
process to allow that. I am very excited about it and I look
forward to seeing that improve even more as we go forward with
this new group of trustees, if we are all confirmed.
Chairman Peters. Thank you. Ms. Bridges.
Ms. Bridges [continuing]. Fellow nominees, I am not as
familiar with the current platform, but I would strive to
educate myself and understand all the processes that they have,
including the new platform that they are bringing on. Then I
would work closely with staff, the Deputy Director, and my
fellow board members to enhance the education for all
participants, because I truly believe education will make a
difference in how people save for retirement. In the world we
live in now, with the current technology, most people are very
familiar with advanced technology, so the more we can use the
platforms that people are familiar with, I feel that the
educational tools will be more enhance and people will save
more money to enhance their retirement savings.
Chairman Peters. Thank you. Mr. Gerber.
Mr. Gerber. Thank you, Mr. Chairman. If confirmed, I
certainly look forward to learning more about what FRTIB does
in the area of financial literacy and customer service, and I
look forward to leveraging my experience in both areas.
As a trustee of a State pension fund and as a member of our
Audit Committee, which was very focused on the operations of
the pension system, I was quite involved in overseeing the
education we provided our participants and beneficiaries and
certainly the customer service, where we track data and we are
very focused on making sure our folks received a high level of
customer service.
In the private sector I am involved with these issues as
well. As you know, Senator, I founded a financial literacy and
entrepreneurship program in Philadelphia called the
Philadelphia Financial Scholars, and I serve as its board
chair. It is something that is near and dear to my heart. But
it is also something that we do through my business. We have
several hundred thousand investors in my business, and we put a
great deal of effort into educating them and their financial
advisors about our products so that they can be used
effectively in investors' portfolios. We also put a lot of work
and effort into making sure that our investors have top-quality
customer service.
These are areas with which I am very familiar, both from my
work at the pension system and my work in the private sector,
and I look forward to leveraging my experiences to try to make
sure that the participants and beneficiaries at FRTIB have
adequate education and top-notch customer service.
Chairman Peters. Thank you. Ms. Olivares.
Ms. Olivares. Thank you, Mr. Chairman. Financial access and
education is near and dear to my heart, and it is role of the
FRTIB to ensure that the TSP participants have the financial
knowledge to make informed investment decisions for the
furtherance of their financial interests and that of their
beneficiaries.
There is so much data that organizations receive, and I
think, if confirmed, it would be great to take a look at
surveys the FRTIB has done on its participants, which features
participants' views and what the intersection is between the
FRTIB and OPM when it comes to calculating retirement options
and financial education. Thank you.
Chairman Peters. Thank you.
Ms. Boyd, this is for you. Skills gaps across the Federal
workforce impede the government from effectively serving the
public, which is why, again, in 2021, GAO identified strategic
human capital management as a high-risk area for Federal
Government. My question to you is what do you think hinders
effective human capital management at OPM and governmentwide,
and how are you going to work within the OIG to strengthen
human capital management, if you are indeed confirmed?
Ms. Boyd. Thank you, Mr. Chairman. Strategic human capital
is a really critical issue and it is something that has been on
GAO's high-risk list for an extremely long period of time, and
it is something that I have worked with GAO on as a part of
their high-risk list and really understand that it is a serious
issue that needs to be addressed. Because it has been on the
high-risk list for so long, I think that it may be an issue
that agencies accept as a systemic problem.
It is something that does need more attention, and if I am
confirmed I would work with the OIG staff to identify whether
there are areas that the OIG could add value to the work that
GAO has already done. The OIG did identify this issue as one of
the top four management challenges for fiscal year (FY) 2022
for OPM, but I would like to work with the OIG to ensure that
the office is taking advantage of any opportunities to add
value in this area.
Chairman Peters. Thank you, Ms. Boyd.
I need to ask questions downstairs. We have an Armed
Services Committee meeting going on. So Ranking Member Portman
will now chair this hearing. Ranking Member Portman, thank you.
Senator Portman [presiding]. Thank you, Mr. Chairman. I
appreciate the testimony today, and I am going to start with an
opening statement since I was not here at the beginning to be
able to do that, given another scheduling problem, which it
seems to be a busy day.
OPENING STATEMENT OF SENATOR PORTMAN
I want to start by saying I appreciate all of you stepping
forward to serve, Krista Boyd to be the Inspector General of
the Office of Personnel Management, and then, of course, our
five nominations to the Federal Retirement Thrift Investment
Board: Javier Saade to be a member and Chair, and Dana Bilyeu,
Leona Bridges, Stacie Olivares, and Mike Gerber to be members
of the board.
OPM is really a critical agency, as you know. They play an
important role managing personnel policies. They act as the
Federal Government's chief human resources officer. They direct
employment management services and, of course, retirement
benefits for the Federal agencies. The OPM Inspector General,
which is open right now, of course plays a crucial role in
terms of oversight and investigations. The audits and
investigations as well as recommendations for changes to the
agency's structure and process is something that this Committee
takes very seriously, and we look forward to having a chance to
talk to you, Ms. Boyd, more about that.
You do have good experience, in my view, in terms of the
congressional side of this because you have not just been a
counsel to various members but you have been part of the House
Committee on Oversight and Reform, a committee I once served
on. Your experience there, I think, is helpful in terms of the
oversight role.
On the Thrift savings plan and the Federal Retirement
Thrift Investment Board that we are talking about adding folks
to today, again really important. The Thrift Savings Plan is
now the largest defined benefit plan in the world, and it is
one that, of course, because it manages almost $800 billion in
assets is incredibly important to the 6.5 million people who
participate in it.
The members of this board have to be committed to making
investment decisions solely in the best interest of Thrift
Savings Plan participants, period, and this is something that I
think most Members of the Committee I hope feel very strongly
about. Personal preferences or personal policy choices or
partisan preferences cannot play a role. Politics cannot be
involved. Further, Members must have substantial experience to
be able to take on this task because it is such an enormous
investment, so the experience, the training, and the expertise
in the management of financial investments and pension benefit
plans is really important to me.
With that let me ask a couple of questions of our nominees,
and Ms. Boyd, we will start with you.
Again, I have served on the House Committee on Oversight
and Reform. It is an important committee. It is also one of the
most partisan committees, I found, in the U.S. Congress, and I
think you would probably agree with that.
Do you believe it will be a challenge for you to move from
your role at the Oversight and Reform Committee to being IG, if
confirmed?
Ms. Boyd. Thank you, Senator, for the opportunity to
address my background. I do not think it will be a problem at
all. I am committed to serving in an independent and objective
manner. I have extensive bipartisan work, including hundreds of
bipartisan investigations that have gone across
administrations. I have been dedicated to uncovering waste,
fraud, and abuse, and my north star is finding the facts.
I also have extensive bipartisan policy work, and I think
all of that background will enable me and help me in serving
independently. I also have worked extensively with inspectors
general, and I understand very well the role that inspectors
general play in serving independently to really conduct strong
oversight, and that oversight is especially needed at OPM. So I
commit to serving independently.
Senator Portman. Let me follow up on that. You mentioned
the important role the IGs play, and I agree with you, in
preventing waste, fraud, and abuse. I would like your
commitment today that if confirmed, you will be willing to, and
eager to even, work with members of both sides of the aisle in
pursuing these waste, fraud, and abuse and efficiency efforts.
Ms. Boyd. Yes, Senator, I do commit to do that. The
communications with Congress is something that should be done
by IGs in a nonpartisan manner, and I intend, if confirmed, to
be as transparent and accountable as I can. The reporting role
to Congress is extremely important and it is an important
protection of the independence of IGs. I absolutely commit to
communicating with Congress in a nonpartisan manner.
Senator Portman. Forget partisanship. As one of my
colleagues used to say, the other party are our adversaries.
The Senate is our enemy. I do not believe that. But in terms of
your background on the House versus the Senate, this is the
Senate committee that is confirming you if you are successful.
Do you also make a commitment that you will be even-handed in
your work with the House and the Senate?
Ms. Boyd. Yes, Senator. I started my career in this
building, working for Senator Max Cleland. I will not be
partial between the House and the Senate, and particularly this
Committee is the committee of jurisdiction for both OPM and the
Inspector General Act. I expect to have a very constructive
relationship with this Committee.
Senator Portman. Good. In your response to the Committee's
prehearing questionnaire you talked about IT issues as among
your top concerns, and I think that is important. As you know,
GAO has a number of recommendations in terms of information
technology, that you are probably aware of at OPM.
In light of recent events and the ever-increasing number of
cyber threats to the United States, what steps can you take to
ensure that an event like the 2015 hack of OPM personnel
records does not happen again?
Ms. Boyd. Thank you, Senator, for the opportunity to
address what is a priority area for oversight for me, if I am
confirmed. It is really important that the OIGs stay on top of
OPM's efforts to protect its information. There are a number of
outstanding open recommendations from the OIG now that have
been uncovered during Federal Information Security Management
Act (FISMA) audits, and it is really important for OPM to
address those open recommendations. If confirmed, I would make
it very clear from the beginning, with the OPM Director, that I
expect those open recommendations to be a priority,
particularly on the ones related to cyber.
Especially as OPM is implementing modernization efforts, it
is really important that the agency be leading first with
security. That is something I would want to work with the OIG,
if confirmed, to ensure that there is strong oversight
happening of OPM's effort to ensure that they are leading first
with security.
Senator Portman. Yes. I think it is important. I think it
should be an example for other agencies. As you know, we are
going through a FISMA reform process right now in Congress to
try to deal with the unfortunate reality that most agencies are
not up to speed and that their cyber hygiene, as is said, is
inadequate. It is really scary for people because their
personal information could be accessible as it was in 2015.
By the way, there are also recommendations from GAO that I
hope you also look at.
In terms of the Thrift Savings nominees today we have,
again, a lot of people with good experience. I appreciate that.
Mr. Saade, as you know, and this will not surprise you, I share
the concerns other Committee Members have expressed about your
social media activity. I do acknowledge the letter that you
sent to Senator Peters and myself, which I received today,
where you expressed regret for the content and the tone of your
tweets. But, these are concerning and really partisan.
As an example, one of your tweets includes a meme that
equates Republicans with fascists. Another refers to
Republicans in the House as ``dinosaurs that will be thrown
into the trash bin of history.'' And there are unfortunately
numerous others.
In light of these, I have concerns about your judgment and
discretion and whether you would be able to uphold your
fiduciary duty, if confirmed, to act in the best interests of
TSP participants. As I said earlier, this is not a political
job, in any sense. There is no room for partisanship or
politics in terms of investments. In my view that ought to be
sacrosanct. I hope this Committee would uphold that.
In light of your statements, can you tell us how both
Members of the Congress here can feel sure that you are going
to honor this fiduciary responsibility?
Mr. Saade. Thank you, Senator Portman. As you mentioned,
the Thrift board is nonpartisan, and has always been, and will
continue to be, because it is a fiduciary. It was in the wisdom
of Congress how it set it up in 1986, and there is no room for
partisan actions of any sort. That independence and kind of
fiduciary focus prescribed by statute defines the board's
activities.
I do want to address any concerns with my past use of
Twitter. I regret tweets and retweets that contained statements
characterizing others in partisan or other unkind terms. I
recognize that there have been very few instances, when my
social media could have been more respectful and nuanced.
But we all come with opinions to any job, and I cannot
overstate that my personal beliefs or views have never clouded
my responsibilities at any job I have held over the last 30
years, and I am not about to start now. Across all my
experiences--and as you know, the vast majority of my 30 years,
except for the time I spent in the Obama Administration, I have
been in the private sector, where I worked with people across
the political spectrum, every ideology--all of them would
describe me as easy to work with, a good listener, a
pragmatist. If confirmed, I commit to you, to the entire
Committee, to all Members of Congress, and more importantly, to
the 6.5 million participants of which we are all in, is that I
will discharge my fiduciary duties as I have in other
organizations--impartially, objectively, and divorced from any
political considerations of any sort.
Thank you for the question.
Senator Portman. Thank you, Mr. Saade. We talked on the
phone call that we had regarding another part of the fiduciary
responsibility, which is that this is a job where I hope all of
you agree your responsibility is to increase the investments
for people's retirement, and that maximizing those gains is the
role, and not advancing social goals.
In March 2017, you had a blog post on Huffington Post. I am
sure you are aware of this. You suggested that large
institutional investors should look beyond shareholder value
and work instead to increase social good. You specifically
praised BlackRock and its Environmental Source Governance (ESG)
goals. Because the top priority would not be maximizing gains
for those TSP participants this could result in reduced growth
for Americans who rely on these TSP funds for their retirement.
How do you ensure that any ESG activity within TSP will
maximize returns?
[Pause.]
Mr. Saade. Sorry. I could not find the button, Senator
Portman.
The only thing that drives the board is exactly what you
said, which is to maximize returns, minimize risk, and do it at
the lowest cost possible. The way the Thrift does that is
through broadly indexed, long-term horizon funds.
In terms of what you brought up that I wrote, and I have
written several things in that period, the way I would describe
to you how I think about things is that democracy, for example,
I believe is the best form of government for our people, and I
also believe that the best way to organize an economy, or any
economic system, is capitalism. Those things evolve. Capitalism
has evolved over centuries, as capitalism.
One of the questions we always should ask, as fiduciaries,
is be aware of what is happening. A lot of the private sector
is looking at these things, but a lot of the taxonomies,
reporting structures, disclosures, they, I believe, are in the
early stages. I do not believe there is any room for activism
or active management of the funds, because it is literally
impossible to way the funds are structured, by statute.
Senator Portman. OK. Thank you very much for those
responses. It is a concern, as you know.
To the other members, other nominees who have stepped up to
serve, thank you. Again, I appreciate your experience and your
qualifications, Ms. Bilyeu, Ms. Bridges, Ms. Olivares, and Mr.
Gerber.
I am now going to turn to my colleague, and others may have
questions as well. But again I appreciate your willingness to
step forward to serve in a really important role for our
Federal employees and for our economy.
With that, Senator Lankford.
OPENING STATEMENT OF SENATOR LANKFORD
Senator Lankford. Mr. Portman, thank you. Mr. Saade, you
gave very safe answers today to Senator Portman and some of his
questions here. I am one of those folks that you had described
as being one day thrown in the trash heap of history because I
am a Republican, and apparently a fascist because I am a
Republican. You gave a nice, safe answer on it, in talking
about capitalism.
But I do have some concerns, because you are dealing with
millions of people that are Federal workers and their
investments, and the decisions based on those investments, when
it was not just a 2017 article that you have written on these
issues. You have also written, just in 2020, you wrote that the
current path is not sustainable for society, the productive use
of private property and capital in a competitive market. Then
you capitalism is the problem here. Your very clear statements
was a reboot of capitalism.
Can you describe to me, before you deal with the investment
decisions of millions of Federal workers, what do mean by a
reboot of capitalism?
Mr. Saade. Thank you, Senator Lankford. The answer I gave
Senator Portman I do not believe is a safe answer. I think it
is the actual answer. Throughout my career, a 30-year career,
my ideas or my personal views have always been subordinate to
duties to the organization. As you have seen throughout my
career, I have been in profit-making, investment, operating,
and governance roles.
I acknowledge, though, that I am aware of things that are
happening writ large not only in the investment world but in
our country, and none of what I write is dispositive or
definitive. It is just my perspective as to us staying abreast
of the things that are happening with the private sector.
Back to a lot of these questions, the private sector, all
of it, is looking at this on its own, as when a company
institutes its roundtable. These are not charities. These are
the most iconic companies in the United States, emblems of our
capitalist----
Senator Lankford. Right. I am not asking about those
companies. I am asking about specific perspective. The reason I
asked this is very specific. Federal workers, at their
retirement, are counting on individuals with a fiduciary
responsibility to be able to handle their funds in a way that
they can manage retirement, not based on political goals.
Right now the primary entity that is actually running all
of our Federal retirements is BlackRock. I do not know of a
more activist investor group than is BlackRock. They are the
primary on the F Fund, the C Fund, the S Fund. If I go through
and look for the actual investments that they are doing, if I
take the top investments in the C Fund, it is Apple, Microsoft,
Amazon, Google, Tesla, Meta, that is Facebook, Berkshire
Hathaway. It is all kind of managed by BlackRock.
While there is this perspective to be able to say we are
going to stay out of politics, my simple question to you, are
we really trying to be able to stay out of politics, even
currently in those funds, and what are we looking for?
Let me just ask you a frank question. If there is a
recommendation to be able to take on an oil and gas stock, to
say that is a wise investment for Federal employees, would you
agree to be able to take on an oil and gas stock?
Mr. Saade. It is probably worth a little bit of explanation
as to how those funds actually work. They are asset managed,
which means that they represent the economy as a whole in
whatever asset class you are exposed to. When the Congress set
this up in 1986, the constituent parts of the C Fund, for
example, were the biggest companies then. Most of the biggest
companies now did not even exist in the 1980s and 1990s.
Senator Lankford. I am aware. It is a straightforward
question here. Would you invest in a fund that also includes
oil and gas?
Mr. Saade. The C Fund includes oil and gas.
Senator Lankford. I am not asking what exists. Would you? I
am looking toward the future. If you were to be on this, would
you recommend that?
Mr. Saade. You are talking about my personal investment or
are you talking about what I would----
Senator Lankford. No. I am talking about what you would
recommend as a fiduciary for Federal employees.
Mr. Saade. The Thrift is a fiduciary, and being exposed to
every part of our economy, including oil and gas, is the right
thing to do, which is what the C Fund does today. Yes.
Senator Lankford. Thank you.
I do need to ask some questions to our IG, Ms. Boyd. Thanks
for being here. Thanks for your work already that you have done
on this. When I talk to Federal employees, when they reach
retirement, they are nervous as they reach retirement because
they do not know how quickly it is going to actually begin
because OPM has been such a disaster in helping our Federal
employees actually transition into retirement. It takes months,
at times, when they are exposed. If they get on the phone and
call someone at OPM, two-thirds of those calls go to a busy
signal or they are not answered.
That is an enormous problem for those Federal employees as
they reach retirement. They have served often for decades,
sometimes in several different agencies, and then they reach
this retirement fund and literally the Federal Government that
they have served now does not serve them or becomes the problem
on it.
That has been around for a while. How are you planning on
helping us provide some transparency and a set of answers that
can be implement at OPM?
Ms. Boyd. Thank you, Senator, for the opportunity to
address this issue. The delays in retirement benefits is a
serious problem. It is one where the OPM OIG has included it on
their top management challenges, and it really goes to the core
of OPM's outdated IT systems. The agency is still using a
paper-based system, and that is something that has to change.
If confirmed, I would work with the OIG staff to identify
whether there are additional areas where the OIG can press the
agency, as a part of its modernization efforts, I know the
agency is aware of it, but to really take action quickly. As a
part of that, also addressing the customer service problems,
because that is another area where the OIG has identified
serious issues that the agency just has not taken enough action
to address the customer service issue.
I would work with the OIG staff and identify, first of all,
pressing on the open recommendations but then also identifying
additional areas of work.
Senator Lankford. This is an area that all of us are
counting on, people stepping in and proposing solutions. We all
see the problem, and the problem has been out there for a
while. OPM has not been able to manage this for a while, and
they need somebody that can step in and say, ``Here is a way to
be able to solve it.'' And so from this Committee to you, when
you step into this IG role that has been open now for six
years, it is important that somebody steps in and says, ``Here
is a way to be able to fix this.'' It is going to take years.
It is going to take dollars. We all understand that. but we
have to be able to see something that is not just an excuse of
it is not getting done but actually proposing it.
I appreciate you stepping up to this, because it is a very
complicated set of issues. Our hope is, and my hope is, that
the multitude of issues to be able to deal with, that you would
deal with that one as a highest priority, because that has been
sitting out there so long, undone.
Thank you. I yield back.
Chairman Peters [presiding]. Thank you, Senator Lankford.
Senator Carper, you are recognized for your questions.
OPENING STATEMENT OF SENATOR CARPER
Senator Carper. Thank you, Mr. Chairman, and our thanks to
each of our nominees for your willingness to serve in these
important capacities.
Senator Portman and I, along with some of our other
colleagues, have spent a good deal of time in the past years
working to make the Thrift Savings Plan an even better benefit
for our Federal employees writ large, and we are proud of the
work that has been done and grateful to have the opportunity to
do work as legislators to help make that possible.
I believe Patrick McFarland may have been the last Senate-
confirmed inspector general for the Office of Personnel
Management. As others have said, he served in the role, I
think, for 26 years--that is a long time--until February 2016.
And as we know, this position has remained vacant for over
2,000 days. I understand this is the second-longest-running
vacancy in an inspector general at this time, and a critical
position, as the Office of Personnel Management continues
efforts to modernize technology platforms and administer
retirement benefits, and manage health care and insurance
programs for over some two million Federal employees.
Ms. Boyd, let me start with you, if I could. Given your
past oversight work in Congress, how will you hit the ground
running? The office has been without permanent leadership, at
least Senate-confirmed leadership, for over six years. How will
you hit the ground running? Go ahead.
Ms. Boyd. Senator, I want to start by saying I appreciated
the opportunity to meet with you. The long-term vacancy does
present, inherently, a set of challenges. Once I get into the
role I would understand better what those challenges may be,
after meeting with the OIG staff.
But one thing I really would like to address with the
staff, if confirmed, is what tools do they feel like they need
to really make sure that particularly with the case of improper
payments that the OIG is able to uncover, identify, and recover
every last improper payment. The OIG has identified increased
capacity for data analytics as a potential need, and I think
especially in that area, as well as any others, I would want to
work with the OIG staff to make sure that the office has every
tool that it needs to really perform its work effectively.
Senator Carper. That makes a lot of sense. I am going to
follow up on that question for the record, but thank you for
that initial response.
Mr. Saade, are you there?
Mr. Saade. Yes, Senator Carper.
Senator Carper. I think there is a singer named Sade. But
she is a woman and you are clearly a man, and you have been
nominated for this work. I have a question for you and also for
Ms. Bridges, Mr. Gerber, and Olivares.
Several years ago I was proud to partner, as I said
earlier, with Senator Portman, on legislation to modernize the
Thrift Savings Plan, which is now law. Thrift Savings Plan
Modernization Act modernized the outdated withdrawal rules, as
you may know. Our intent was to incentivize Federal employees
to retain money in the plan upon separation from Federal
services by giving folks additional options to manage their
investment.
If confirmed, what action will you take to ensure that the
Thrift Savings Plan remains a competitive investment options
and retirement savings plan Federal employees who have
separated from Federal service?
Mr. Saade, you go first, please.
Mr. Saade. Thank you for the question, Senator Carper. I
will answer the first part with a personal anecdote and the
rest with what fiduciary dictates along with this great
legislation.
I actually moved into the TSP after I left. That is how
good I think it is. It is efficient, it is simple, it is clear,
and it is extremely well managed by the board, and I hope that
will continue with the new board.
In terms of giving the ability to participants and
beneficiaries from different vehicles to retain their funds
there, to invest as much as possible while we are in the
government, I need to get more educated on these issues, and I
look forward to working with the staff. But this is all part of
the duty of the board, is to ensure that the very best
information and literacy is available to the users of the plans
so that they can make the best decisions.
Senator Carper. Thanks for that response. Ms. Bridges, same
question. If confirmed, what action will you take to ensure
that the Thrift Savings Plan remains a competitive investment
option and retirement savings plan for Federal employees who
have separated from Federal services?
Ms. Bridges. Can you hear me OK? I look forward to hearing
more about the TSP special offerings. If confirmed, I would
view it as an important part of my fiduciary duty to ensure I
help keep TSP as one of the best plans in the country for
Federal employees and the Federal workforce.
Senator Carper. All right. Anything else you would want to
add to that?
Ms. Bridges. No. I would just say, from a personal
perspective, I think it is important to make sure that we
educate and make sure that the financial literacy is available
for employees. As part of our fiduciary duties, if confirmed, I
would work with the staff to make sure that we provide all the
tools necessary to maintain the system and to promote
investments by participants.
Senator Carper. All right. I am going to probably ask you
to follow up in writing with some questions for the record, but
thank you for that response.
Same question, if I could, for Mr. Gerber.
Mr. Gerber. Senator, good to see you.
Senator Carper. Thank you.
Mr. Gerber. I agree with you, Senator. It is important that
the TSP remains a competitive retirement savings plan on par
with private sector offerings. In the short time that I have
had some exposure to the board I am already doing my best to
learn about the plan and about the services provided, and
certainly, if confirmed, will dig into better understand what
would do as fiduciaries to ensure that this is one of the best
plans, if not the best plan in the world. In my view, our
Federal employees and people in unformed services deserve that.
I will certainly draw on my experience as a public pension
fund trustees and person from the asset management industry to
ensure that from an education, customer service, and investment
offerings perspective, and technology perspective, that we are
at least on par with what is happening in the private sector,
so that folks really do view the TSP as a valuable option for
them and it works effectively to help them retire with dignity.
Senator Carper. Thanks for that response. The last question
I want to ask, respond to the same question, Ms. Olivares,
please. If confirmed, what actions will you take to ensure that
the TSP remains a competitive investment option and retirement
savings plan for Federal employees who have separate from
Federal service? Go ahead.
Ms. Olivares. Thank you, Senator, for your question. It is
challenging to administer a retirement program of any kind, and
I think in this particular case TSP has done a fabulous job,
and so I am grateful to the Committee, to the board, to the
staff for that.
If confirmed, I would want to take a look at the available
options in the private sector for different 401(k) plans,
understand which ones have the most relevant and benefit to TSP
participants, and also see how the TSP plan can coordinate with
OPM and the pension plans so that participants have a full
picture of what their retirement will look like.
Senator Carper. Great. I am grateful to each of you for
your willingness to take on these responsibilities. I think we
are lucky that you have stepped forward to serve, and we thank
you for your input today.
I think that is for me, and I yield back. I do not have
anything to yield back with. If I did, I would.
Chairman Peters. Thank you, Senator Carper.
Senator Rosen, you are recognized for your questions.
OPENING STATEMENT OF SENATOR ROSEN
Senator Rosen. thank you, Chairman Peters, Ranking Member
Portman, and I especially want to thank the nominees for being
here today, and of course, always for your willingness to
serve.
I want to focus a little bit on our Federal IT issues that
we have, because OPM's role in recruiting Federal workers is
just so important. One of this Committee's most important areas
of focus is recruiting and retaining high-quality Federal
workforce, especially in the areas of IT, of cybersecurity,
other science and technology (S&T) fields, and OPM has a really
important role to play here.
Chairman Peters, of course, referenced the skills gap
across the Federal Government, and in particular the Government
Accountability Office found that OPM had missed opportunities
to better use data that would improve our hiring practices.
Ms. Boyd, does the inspector general have a role to play in
ensuring that OPM improves its practices for, of course,
collecting data, using that data to improve hiring,
recruitment, and a really important issue, retaining those
Federal employees? If confirmed, how would you hold OPM
accountable for its efforts to enhance the Federal IT
workforce, which we know we so sorely need?
Ms. Boyd. Senator, thank you for the opportunity to address
this issue. It is an area of need that the OPM OIG has
identified as a part of the top management challenges that the
OIG issued. IT was one of the top four challenges and contained
within that was the challenges that OPM faces with skills gaps
related to cybersecurity. It is an area where the OIG has
pointed out that the new Chief Information Officer (CIO) at OPM
has said that this would be a priority as well as that of the
OPM Director.
If confirmed, I would work with the OIG to ensure that the
office continues to press, that I continue to press OPM to
address this issue, because if there are not the staff in
place, if there are not employees to make the changes that are
needed to protect OPM's sensitive information, if they are not
there then it will not get done.
This is a critical area, because not only are there gaps
but it is also that staff that are hired do not always stay for
long periods of time. This is a really important issue and one
that I will work on, if confirmed.
Senator Rosen. I appreciate that, because as Ranking Member
Portman mentioned, IT modernization, of course, goes hand in
hand. You need the trained workers, skilled workers to do the
job, but you also have to improve your IT systems. Generally
that means all kinds of folks.
Last month, the Government Accountability Office issued a
report that examined OPM's modernization of its financial
system. In particular, GAO found that OPM has not adopted
leading practices for estimating costs and schedule or ensuring
cybersecurity.
Again, Ms. Boyd, in your current role on the House
Oversight Committee, I am sure you know that IT modernization
and cybersecurity in general are issues across all Federal
agencies. What is your understanding of OPM's progress in
modernizing its legacy IT systems, and if confirmed to this
role, you will be charged with preventing fraud, waste, and
abuse. How would you ensure that OPM's efforts to modernize its
IT systems are effective in achieving the cost-savings that we
desire?
Ms. Boyd. Thank you, Senator. Vigilant oversight of OPM's
IT modernization efforts is one of my top priorities, if
confirmed. The GAO report that just came out was very
concerning and it identified a number of very serious problems.
OPM, I know, is taking advantage of the Technology
Modernization Fund (TMF), and as OPM implements its
modernization efforts it is really critical that the OIG
conduct very strong oversight.
That is an area, if confirmed, I would like to work with
the OIG on, to make sure that the office is being proactive in
really making the recommendations that OPM needs and
identifying weaknesses so that as OPM is implementing these
modernization efforts that there is a really critical eye on it
and it not like at the end. GAO has already identified that the
agency is over cost and over time, so just making sure that we
are not getting to the end and then identifying a bunch of
problems but rather helping the agency as it goes, to really be
using taxpayer dollars wisely, protecting the information that
OPM holds, and ensuring that the functions are working well.
Senator Rosen. Thank you. I want to continue on this vein.
I want to talk about the importance of Senate confirmation,
because Chairman Peters referenced earlier, Ms. Boyd, you are
nominated to a position that has been filled by an acting
inspector general since 2016. It is 2022, and we have been
waiting a long time. This calls to mind the hearing we just had
in this Committee last week about Federal vacancies and the
impact on government services when important Federal Government
positions do not have Senate-confirmed leaders.
But I want to build again on this theme of IT
modernization, our workforce cybersecurity, some of the things
Senator Carper just before me mentioned, and others. When you
do not have a Senate-confirmed position, we do not have someone
who knows that they are going to be in leadership, how does the
impact on morale for the Federal Government employees? We know
that is an issue for both recruiting and retaining workforce.
What impact do you think it has, really, on workforce
development, your short-and your long-term planning, the
projects on oversight implementation in this space? What is
lacking because we have not had a Senate-confirmed nominee for
so long? How are we going to kind of bridge that multiyear gap
now?
Ms. Boyd. Thank you, Senator. This is a really great
question because vacancies really can have an impact. That is
something that inspectors general have been testifying to
Congress for many years, that IG vacancies can impact the
morale of an office. I referenced earlier, and I want to
emphasize, that from everything I have seen, the OIG is
performing at the highest level. But if confirmed, I would like
to really work with the staff to ensure that the OIG has the
tools that it needs to really leading with practices that help
it identify waste, fraud, and abuse. If the OIG itself has
outdated systems it will make it challenging to conduct
appropriate oversight of OPM. So really working with the staff
to ensure that the OIG itself has the best systems in place.
Senator Rosen. Thank you so much. I appreciate it. I
appreciate all of you being here today.
I yield back, Mr. Chairman.
Chairman Peters. Thank you, Senator Rosen.
The nominees have made financial disclosures\1\ and
provided the required responses to biographical\2\ and
prehearing questions\3\ submitted by this Committee,\4\ and
without objection, this information\5\ will be made part of the
hearing record,\6\ with the exception of the financial data,
which are on file and are available for public inspection to
the Committee offices.
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\1\ The information on Ms. Boyd appears in the Appendix on page 37.
\2\ The information on Mr. Saade appears in the Appendix on page
89.
\3\ The information on Ms. Bilyeu appears in the Appendix on page
137.
\4\ The information on Ms. Bridges appears in the Appendix on page
175.
\5\ The information on Mr. Gerber appears in the Appendix on page
210.
\6\ The information on Ms. Olivares appears in the Appendix on page
249.
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To each of our nominees, again congratulations on your
nomination. Thank you for your willingness to serve the public
in these very crucial jobs, and we certainly appreciate your
answers to Members of my Committee here today.
The hearing record will remain open, however, until 12 p.m.
tomorrow, March 11th, for the submission of statements and
questions for the record.
This hearing is now adjourned.
[Whereupon, at 11:53 a.m., the hearing was adjourned.]
A P P E N D I X
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