Biden nominates FS Investments partner to Thrift board

view original post

President Joe Biden on Wednesday officially nominated Michael F. Gerber to the Federal Retirement Thrift Investment Board, Washington.

Mr. Gerber is a partner and executive committee member at FS Investments, a multistrategy alternative investment firm, and a co-founder and adviser at Intrinsic Capital Partners, a growth equity firm. He previously served eight years in the Pennsylvania House of Representatives and six years as a trustee of the $34 billion Pennsylvania State Employees’ Retirement System, Harrisburg.

Mr. Biden earlier this month announced his intention to nominate Mr. Gerber to the five-member Thrift board, which administers the $774.2 billion Thrift Savings Plan.

If confirmed, Mr. Gerber would complete the remainder of a term left vacant by Michael D. Kennedy, the board’s last permanent chairman, who stepped down in June 2020. That term expires in September 2022, but Mr. Biden is concurrently nominating Mr. Gerber to a second term that expires in September 2026.

In September, Mr. Biden nominated three people to the board and renominated a current member.

A confirmation hearing for those nominees and Mr. Gerber before the Senate Homeland Security and Governmental Affairs Committee has yet to be scheduled.