Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

babylonsister

(170,962 posts)
Tue May 15, 2018, 05:38 PM May 2018

Trump Nominates McConnell and Chao's Brother-In-Law to Lead Pension Agency

What could possibly go wrong?

https://www.bloomberg.com/news/articles/2018-05-15/trump-nominates-mcconnell-brother-in-law-to-lead-pension-agency

Trump Nominates McConnell and Chao’s Brother-In-Law to Lead Pension Agency
By Justin Sink and Toluse Olorunnipa
May 15, 2018, 10:21 AM EDT


President Donald Trump nominated Gordon Hartogensis, a self-described entrepreneur who is Senate Majority Leader Mitch McConnell and Secretary of Transportation Elaine Chao’s brother-in-law, to lead the federal agency that pays worker pensions when employers terminate their retirement plans.

Hartogensis helps govern his family’s trust and is the CEO of Auric Technology, a closely held software company, according to his LinkedIn page. In making the announcement, the White House did not provide biographical information about him or answer questions about his relationship to Chao and McConnell, who are married. Hartogensis is married to one of Chao’s sisters, according to a person familiar with the matter.

If confirmed by the Senate, he would replace the current director of the Pension Benefit Guaranty Corporation, Tom Reeder, who was appointed by former President Barack Obama in 2015.

The PBGC runs separate insurance programs for single- and multi-employer pension plans. Both owe more in future liabilities than they have in assets, though the program for single employers is expected to reach balance by 2022.

The multi-employer program, however, had assets of only $2.3 billion and liabilities of $67 billion as of September 30, according to congressional testimony by Reeder. He described its financial condition as “dire and without action will be worse.” It’s projected to be insolvent by 2025.

3 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Trump Nominates McConnell and Chao's Brother-In-Law to Lead Pension Agency (Original Post) babylonsister May 2018 OP
I believe that this was an excellent decision... BigmanPigman May 2018 #1
"auric technology"? "auric" as in "auric goldfinger"? unblock May 2018 #2
Another Trump $ funnel to Chao/McConnell & installment payment on his "Protection by Mitch" Policy stuffmatters May 2018 #3
Latest Discussions»General Discussion»Trump Nominates McConnell...