The Senate Health, Education, Labor and Pensions Committee is scheduled to vote Wednesday on the nomination of Joshua Gotbaum as director of the PBGC.
The Pension Benefit Guaranty Corp. has been without a permanent director since January 2009, when Bush administration appointee Charles E.F. Millard resigned.
Mr. Gotbaum is an operating partner at Blue Wolf Capital Management, a New York-based private equity fund; President Barack Obama nominated him in November.
If Mr. Gotbaum is confirmed by the committee and the full Senate, as is likely, he would take the helm of the PBGC at a difficult time for the agency.
In fiscal 2009, the PBGC’s deficit nearly doubled to $22 billion from $11.2 billion in 2008 as the agency was hit by major losses from failed plans it took over.
The PBGC took over 144 pension plans in fiscal 2009, up from 67 in 2008.
Jerry Geisel is editor at large of Business Insurance, a sister publication of Pensions & Investments.