Obama to Appoint New TSP Board Members

President Obama announced on Tuesday that he intended to nominate two new members to the Federal Retirement Thrift Investment Board -- adding new leadership to the governing body of the Thrift Savings Plan, which has been overseen by the same people for years.

According to an announcement from the White House, Obama will nominate Dana Bilyeu, the executive officer of the Public Employees' Retirement System of Nevada, and Michael Kennedy, a senior client partner and financial specialist at Korn/Ferry International, an executive search firm.

According to Tom Trabucco, the TSP's director of external affairs, Bilyeu and Kennedy will be replacing current FRTIB members Thomas Fink and Gordon Whiting.

All of the five current board members are serving past their terms. Fink's term ended in 2003, and Whiting's term ended in 2006. No further information is available about a timetable for the confirmation process, or whether Obama will make any more appointments.