David M. Strauss Named to Head PBGC
FOR IMMEDIATE RELEASE
July 03, 1997
Labor Secretary Alexis M. Herman, Chairman of the PBGC Board of Directors, today appointed David M. Strauss, a senior White House official, as Executive Director of the Pension Benefit Guaranty Corporation (PBGC).
"With his commitment to service and special understanding of issues important to workers and retirees, David Strauss will build on the advances already made by the President to assure that retirement is secure for America's working men and women," said Secretary Herman.
Strauss comes to PBGC with extensive management and policy experience as Deputy Chief of Staff to Vice President Al Gore since 1994. In that position, Strauss held a major overall management role, developed policy options and advised the Vice President on a broad range of economic and domestic policy issues including wage and workplace protection, retirement security, health care, welfare, and trade. He also served as principal liaison for the Vice President to Governors, U.S. Senators, Members of Congress, Mayors, and trade union officials.
"David will bring strong leadership to the nation's pension insurance system, with a special focus on providing premier customer service and working with business, labor and pension professionals as partners in protecting the retirement security of millions of Americans," said Vice President Gore.
Prior to his position with the Vice President, Strauss served for 13 years in senior management positions in the U.S. Senate. Between 1981 and 1994, he was Staff Director for the Committee on Environment and Public Works and Chief of Staff for Senators John Breaux and Quentin N. Burdick.
Previously, as North Dakota State Executive Director for the U.S. Department of Agriculture's Stabilization & Conservation Service, Strauss directed an agency with 53 county offices and 1,200 employees, which administered $1.3 billion in loans and direct payments to the state's farmers. During this period, Strauss was recognized with a Special Achievement Award from the Secretary of Agriculture for his managerial skill and reducing administrative costs despite a workload increase.
PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974 to guarantee payment of basic pension benefits earned by workers. It covers more than 42 million American workers and retirees participating in about 50,000 private-sector defined benefit pension plans. The agency receives no funds from general tax revenues. Operations are financed largely by insurance premiums paid by companies that sponsor pension plans and by investment returns.
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PBGC No. 97-32