TSP and the Federal Reserve

[steelecf]

Has anyone done any research into how the TSP was created and its affiliation to the Federal Reserve, to include the current board members? Just curious. Thanks.

 

[infidelxx]

I would love to see if there is a connection there.

"If the American people ever allow private banks to control
the issuance of their currency, first by inflation and then by
deflation, the banks and corporations that will grow up around them
will deprive the people of all their property until their children will
wake up homeless on the continent their fathers conquered."
~ Thomas Jefferson

 

[tsptalk]

Has anyone done any research into how the TSP was created and its affiliation to the Federal Reserve, to include the current board members? Just curious. Thanks.

Welcome steelecf! I haven't done that research, but if anyone here knows, it would probably be James48843. If he doesn't see this, you might try sending him a PM (private message).

 

[James48843]

FRTIB Board Members:

Federal Retirement Thrift Investment Board
Board Members

Andrew M. Saul, of New York (Chairman). Since 1986, Mr. Saul has been a General Partner in Saul Partners, L.P., New York City. In addition, he served as Chairman of the board for Caché, Inc., from 1993 to 2000. Previously, he was an Executive Vice President, 1968-80, and then President, 1980-85, for Brooks Fashion Stores, Inc. From 1985-86, he was President of BR Investors. Mr. Saul is a trustee for the Metropolitan Museum of Art, Sarah Neuman Nursing Home, Westchester, New York, and the United Jewish Appeal Federation, New York City. He is also Commissioner, Metropolitan Transportation Authority, New York City, and is on the Board of Overseers for Wharton School of Finance, University of Pennsylvania. Mr. Saul received his B.S. (1968) from Wharton School of Finance.

He was born in New York City in 1946, and currently resides in the New York area with his wife. They have two daughters.


Alejandrro M. Sanchez, of Florida. Mr. Sanchez is the Chief Executive
Officer of the Florida Bankers Association (FBA). He serves as one of the fiduciaries for the FBA pension plan. He has served on the boards of several non-profit organizations in Florida. He currently serves on the Board of Florida Tax Watch, and is a member of the Florida Bar. He served almost five years in the United States Air Force from 1976-81. Mr. Sanchez graduated from Troy State University (B.S., 1981) and the University of Iowa (J.D., 1983). Mr. Sanchez practiced law with the law firm of Sinclair Louis in Miami from 1984-1986, served as Inspector General and General Counsel for the Florida Department of Commerce from 1987-1988, and was Senior Corporate Counsel for GTE Information Services in Tampa
from 1989-1993. He joined the FBA in 1993 and was named CEO in 1998. He was born in Havana, Cuba, on January 12, 1958, and currently resides in Florida with his wife and their two children.


Terrence A. Duffy, of Illinois. Mr. Duffy was elected Chairman of the Board of Chicago Mercantile Holdings Inc. (CME Holdings) and Chairman of the Board of Chicago Mercantile Exchange Inc. (CME) in April 2002. He was Vice Chairman of the Board of CME Holdings, Inc. from its formation in August 2001 and of the Board of CME from 1998 to April 2002. He has been President of TDA Trading, Inc. since 1981. He has been a CME member since 1981 and a Board member since 1995. As the company’s Vice
Chairman, Duffy served on the executive, compensation, nominating, strategic planning, and regulatory oversight committees. In 2002,
he was appointed by President Bush to serve on a National Saver Summit on Retirement Savings. In 2004, Mr. Duffy was appointed to the Board of Directors of World Business Chicago, the Board of Regents for Mercy Home for Boys and Girls, and the Advisory Council for the Graham School of Management of Saint Xavier University. He is also a member of the Economic Club of Chicago, the Executives’ Club of Chicago, and the Chicago Committee of the Chicago Council on Foreign Relations. Mr. Duffy attended the University of Wisconsin-Whitewater, studying business administration. He was recognized as one of the top 100 Irish Business Leaders by Irish America Magazine in 2003 and 2004. A Chicago native, Mr. Duffy and his wife have two children.


Michael Kennedy, of Georgia. Mr. Kennedy is a Managing Director in the Atlanta office of Korn/Ferry International and a member of the firm’s global financial services practice, specializing in commercial/investment banking, capital markets, and asset management searches. He also co-leads Korn/Ferry’s Diversity Practice. He has conducted senior-level searches in a wide array of investment banking and capital markets areas, including mergers and acquisitions, corporate finance, loan syndications, structured finance, and risk management. Mr. Kennedy brings broad private equity and corporate finance experience to his executive recruiting. Prior to joining
Korn/Ferry, he owned a venture capital consulting firm where he advised a southeast-based private equity fund. Before founding his own firm, Mr. Kennedy was a Vice President in the corporate finance group at GE Capital Corporation, where he provided senior debt, mezzanine, and equity financings to companies for recapitalizations, acquisitions, and buyouts. Previous to that, he was a Vice President at the Wachovia Corporation in the US corporate group. Mr. Kennedy started his financial services career in Investment Management at J.P. Morgan & Company in New York. Mr. Kennedy is an active member of Leadership Atlanta, the Atlanta Venture Forum, and the Harvard Business Club of Atlanta. He currently serves as Chairman of the Board of Visitors of the University of North Carolina. He also serves as a member of the Board of Trustees of the Georgia Employees’ Retirement System pension fund, and is a recent member of the
Board of Trustees of the Phillips Exeter Academy in Exeter, New Hampshire. Mr. Kennedy holds a B.A. with highest honors in history and political science from the University of North Carolina at Chapel Hill and an M.B.A. from the Harvard Business School.


Dana K. Bilyeu, of Nevada. Mrs. Bilyeu is the Executive Officer of the Public Employees’ Retirement System of Nevada. She is responsible for all aspects of fund management including analysis of plan funding, investment oversight, operational and strategic planning, and fiduciary and governance issues. In her capacity as the Executive Officer, Mrs. Bilyeu provides information and analysis to the Nevada Legislature in consideration of pension policy issues affecting state and local government. Prior to her appointment as the Executive Officer, Mrs. Bilyeu served for eight years as the System’s Operations Officer. Preceding her employment at the System, Mrs. Bilyeu was the System’s legal counsel in the Office of the Nevada Attorney General, representing the System in a variety of aspects from benefits litigation, to contracts analysis, to Board governance. In 2006, Mrs. Bilyeu was nominated by the President and confirmed by the Senate
to the Social Security Advisory Board. The Advisory Board is an independent, bipartisan board created by Congress and appointed by the
President and the Congress to advise the President, the Congress, and the Commissioner of Social Security on matters related to Social Security and Supplemental Security Income programs. Mrs. Bilyeu is a member of the executive committee of the National Association of State Retirement Administrators, and is a member of the National Council on Teacher Retirement, the National Conference of Public Employee Retirement Systems, and the National Association of Public Pension Attorneys. She also serves on the Public Employee Board of the International Foundation of Employee Benefit Plans. She received her juris doctor from California Western School of Law and her B.A. from the University of Arizona. She lives in Nevada with her husband and their son.

As far as I can tell, none of the FRTIB Board members are employed by or have connections to the Federal Reserve.

However, as most all of them were nominated by President Bush, I have no idea if they have illegal connections to the Fed or other power brokers.

 

[Boghie]

Has anyone done any research into how the TSP was created and its affiliation to the Federal Reserve, to include the current board members? Just curious. Thanks.

Steelecf,

The FED is the least of your concerns.

Watch out for politicians playing politics with the debt ceiling. We will bump into it even if we start paring down our spending – and that cannot occur fast enough to change reality. We are talking January or February. A Trillion doesn’t take as long to blow as it used to!

If we hit the debt ceiling than the Treasury will raid (temporarily) Social Security / ‘G Fund’ holdings. Why? Because they can. And, because they have in the past. You will get your assets back with the proper interest. That is a promise. I don’t like promises. I like money. Whatever.

Also, watch out for politicians modifying your pension computations. Maybe changing the cost of living adjustment. Maybe adjusting the years of service computations. Maybe taxing pensions more. Maybe dumping the pension benefit. Maybe reducing benefits. Maybe taxing Social Security more. It all works out the same. Whatever.

Your TSP assets are in Gore’s ‘Lockbox’. The only way politicians can grasp more of your assets (other than the ‘G Fund’) will be to tax them more on distribution. They can, of course, take the tax treatment away as well. Or, they can force you to invest in the ‘G Fund’ for the good of the children or something.

The FED knows what it is doing – Senators Inhofe and Schumer do not.