The TSP Board’s Nominees Have Now Been Confirmed, With One Exception

The Senate on Thursday confirmed by voice vote four of President Biden’s nominees to serve on the board of the agency that administers the federal government’s 401(k)-style retirement savings program, although one more nominee must undergo a more complicated route to his position.

With their confirmation, Leona Bridges and Stacie Olivares will replace current Federal Retirement Thrift Investment Board members Ron McCray and Bill Jasien. Michael Gerber will fill the seat vacated by former Chairman Michael Kennedy, who resigned in 2020, while current member Dana Bilyeu received another term.

The four nominees had been in limbo for the last two months because a group of Republican senators placed holds on their nominations, making it more difficult for them to proceed. Led by Sen. Marco Rubio, R-Fla., the lawmakers demanded a commitment that the nominees not revisit a controversial proposal to shift the Thrift Savings Plan’s international (I) fund to a more comprehensive market index that includes investments in Chinese corporations.


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