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OPA News Release: [04/21/2004]
Contact Name: Ed
Frank
Phone Number: (202) 693-4676
Bradley D. Belt to Head Pension Benefit Guaranty
Corporation
New Executive Director Brings Over 20 Years of
Diverse Experience
WASHINGTON—U.S. Secretary of Labor Elaine L. Chao today
announced the appointment of Bradley D. Belt to be the executive director of
the Pension Benefit Guaranty Corporation (PBGC).
“Brad Belt has an impressive array of experiences in the private,
public and non-profit sectors. His financial expertise will be very valuable in
protecting the retirement security of millions of American workers,” said
Secretary of Labor Elaine L. Chao.
Belt’s private-sector experience includes serving as an executive
with a financial services company, president of a public affairs and management
consulting firm, and managing director of a government relations firm. He also
has served on the boards of directors of privately held companies.
Belt has also held a number of senior government posts with the U.S.
Congress and the Securities and Exchange Commission (SEC). As counsel with the
U.S. Senate Committee on Banking, Housing, and Urban Affairs and Securities
Subcommittee, Belt was involved in the development of major reforms of the
nation’s financial services laws. He also served as general counsel and
legislative director to Senator John McCain. At the SEC, he served as counsel
to Commissioner Charles Cox and as special counsel to the Commission’s
mergers and acquisitions group.
Belt has also served as senior vice president at the Center for
Strategic and International Studies (CSIS), a prominent Washington-based think
tank, where he headed the international finance and economic policy program. He
also served as executive director of the bipartisan National Commission on
Retirement Policy and was appointed by President Bush to the Social Security
Advisory Board.
Belt holds a B.S. in Business Administration from the University of
Nebraska, a Juris Doctor from Georgetown University Law Center and
completed the executive management program at Harvard University’s John F.
Kennedy School of Government.
Secretary Chao is the chairman of the PBGC, whose other board members
are the secretaries of Treasury and Commerce. The PBGC is a federal corporation
created by the Employee Retirement Income Security Act of 1974 to encourage the
continuation and maintenance of private defined benefit pension plans and
provide timely and uninterrupted payments in the case of terminated plans,
while maintaining premiums and operating costs at the lowest levels consistent
with statutory responsibilities.
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