President Joe Biden intends to nominate three people to the five-member Federal Retirement Thrift Investment Board, Washington, and renominate a current member.
Mr. Biden plans to nominate Javier Saade as chairman of the FRTIB, which administers the $773.3 billion Thrift Savings Plan, according to an Aug. 4 White House memo.
Mr. Saade, who served on the Biden administration's transition agency review team for the Department of Treasury and served as associate administrator of investment and innovation of the Small Business Administration during the Obama administration, is managing partner of Impact Master Holdings and venture partner at Fenway Summer.
Also announced were the planned nominations Leona Bridges, a commissioner for the $34.5 billion San Francisco City & County Employees' Retirement System, and Stacey Olivares, a trustee of the $477.7 billion California Public Employees' Retirement System, Sacramento, and board member of the Mission Advancement Corp. and the Kroll Bond Rating Agency.
Dana K. Bilyeu, executive director of the National Association of State Retirement Administrators, was renominated for a third term.
The nominations have not yet been sent to the Senate, so it's unclear whom each nominee will replace on the board, if confirmed, Kim Weaver, the Thrift board's director of external affairs, noted in an email.
The board currently has four members. David A. Jones serves as its acting chairman after the last permanent chairman, Michael D. Kennedy, stepped down in June 2020.
