The TSP On Hold

Brittany Ballenstedt reported back from the Federal Retirement Thrift Investment Board meeting yesterday with the sobering news that the Board may be headed for some major turnover when the Obama administration takes over. The reason? All five Board members are serving even after their terms have expired, and the Senate hasn't gotten around to reconfirming three of the members, much less the legislation passed by the House to establish automatic enrollment and a default fund.

Look, I understand that Congress is busy right now. We are in a financial crisis after all. I know that Congressmen have a ton on their plates, and that federal employees are a small piece of the pie. But, given that the nominations came out of committee with a unanimous endorsement, isn't making sure the TSP has consistent leadership in place something that would have taken the Senate all of 15 or 20 minutes to take care of? With all the outrage that members of Congress are expressing on behalf of their constituents whose retirements are now in peril, one would think they'd be glad to do something fairly easy to ensure continuity of oversight for the 4 million people who have more than $200 billion invested in the TSP. Or if Senators have grave reservations about any of those nominees, how difficult could it be for them to do a little thinking about who might be better replacements?