Charles E.F. Millard
Encyclopedia
Charles E.F. Millard is the former Director of the Pension Benefit Guaranty Corporation
(PBGC). He was the first director of the PBGC to be confirmed by the United States Senate and ran the agency from May 2007 to January 2009. As Director, Mr. Millard was the chief executive officer
of the PBGC. He was previously a member of the New York City Council
, representing the Upper East Side
of Manhattan
as a Republican
.
The PBGC is governed by a three-person Board; the Secretaries of Treasury, Commerce, and Labor. In February 2008, the Board adopted a new investment policy presented to it by Millard. Millard has argued that with very long time horizon
s, the PBGC should be able to invest in higher return assets. The investment policy was approved in early 2008 by PBGC's board and aims to put 45 percent of the Corporation's $55 billion in equities, 45 percent in fixed income assets, and 10 percent in alternative investments such as private equity
and private real estate, replacing the investment policy in place since 2004, which put 75 to 85 percent in fixed income
assets, and 15 to 25 percent in equities. No assets were transitioned into equities during fiscal year 2008 and the PBGC only began the transition of some assets from fixed-income to equities in late November 2008. The New York Times also noted that as of May 2009, the PBGC fund had not fully implemented this transition.
Peter R. Orszag
(then director of the Congressional Budget Office
) stated the following about Millard's plan:
The new policy is still relatively conservative when compared to private pension funds, according to "Pensions and Investments", a trade publication.
In 2009, Millard invoked his Fifth Amendment right not to incriminate himself before a Senate investigative committee, according to an article in the Boston Globe The New York Times reported that Millard was criticized by the PBGC inspector general for ethical matters related to his tenure as PBGC director. In March 2010, the Inspector General advised Senators Grassley, Baucus, Enzi, and Harkin that her office had completed its investigation with the United States Attorneys Office for the Southern District of New York and that no charges would be filed.
and was a cabinet
official in the administration of New York City Mayor Rudolph Giuliani.
and Chairman of the New York City Industrial Development Agency.
Millard served on the New York City Council where, in 1992, he drafted legislation to eliminate pornography stores from many New York neighborhoods.
Millard also ran for Congress in 1994 against Representative Carolyn Maloney. He lost 64% to 35%. His 35% of the vote is ten points higher than that of any Republican candidate in that district since then.
, and immediately prior to joining the PBGC, Millard was a Managing Director at Broadway Partners, a national real estate investment and management firm in New York. Millard also served as an attorney with Davis Polk & Wardwell
where his activities included constitutional litigation in the United States Court of Appeals for the Second Circuit
.
Millard was also an op-ed
columnist for the New York Post
.
In 1979-80, he worked as a VISTA volunteer in Crown Heights, Brooklyn
, and in 1982-83, he served as Legislative Assistant for Foreign Affairs for Congresswoman Millicent Fenwick
.
and a J.D. from Columbia Law School
, where each year he was ranked a Harlan Fiske Stone Scholar."
for its support of what he termed "terror-aiding lawyer Lynne Stewart
."
Pension Benefit Guaranty Corporation
The Pension Benefit Guaranty Corporation is an independent agency of the United States government that was created by the Employee Retirement Income Security Act of 1974 to encourage the continuation and maintenance of voluntary private defined benefit pension plans, provide timely and...
(PBGC). He was the first director of the PBGC to be confirmed by the United States Senate and ran the agency from May 2007 to January 2009. As Director, Mr. Millard was the chief executive officer
Chief executive officer
A chief executive officer , managing director , Executive Director for non-profit organizations, or chief executive is the highest-ranking corporate officer or administrator in charge of total management of an organization...
of the PBGC. He was previously a member of the New York City Council
New York City Council
The New York City Council is the lawmaking body of the City of New York. It has 51 members from 51 council districts throughout the five boroughs. The Council serves as a check against the mayor in a "strong" mayor-council government model. The council monitors performance of city agencies and...
, representing the Upper East Side
Upper East Side
The Upper East Side is a neighborhood in the borough of Manhattan in New York City, between Central Park and the East River. The Upper East Side lies within an area bounded by 59th Street to 96th Street, and the East River to Fifth Avenue-Central Park...
of Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
as a Republican
Republican Party (United States)
The Republican Party is one of the two major contemporary political parties in the United States, along with the Democratic Party. Founded by anti-slavery expansion activists in 1854, it is often called the GOP . The party's platform generally reflects American conservatism in the U.S...
.
Tenure at the PBGC
During his tenure at PBGC, the agency's deficit shrank from $18.9 billion to $11.2 billion.The PBGC is governed by a three-person Board; the Secretaries of Treasury, Commerce, and Labor. In February 2008, the Board adopted a new investment policy presented to it by Millard. Millard has argued that with very long time horizon
Time horizon
A time horizon, also known as a planning horizon, is a fixed point of time in the future at which point certain processes will be evaluated or assumed to end. It is necessary in an accounting, finance or risk management regime to assign such a fixed horizon time so that alternatives can be...
s, the PBGC should be able to invest in higher return assets. The investment policy was approved in early 2008 by PBGC's board and aims to put 45 percent of the Corporation's $55 billion in equities, 45 percent in fixed income assets, and 10 percent in alternative investments such as private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
and private real estate, replacing the investment policy in place since 2004, which put 75 to 85 percent in fixed income
Fixed income
Fixed income refers to any type of investment that is not equity, which obligates the borrower/issuer to make payments on a fixed schedule, even if the number of the payments may be variable....
assets, and 15 to 25 percent in equities. No assets were transitioned into equities during fiscal year 2008 and the PBGC only began the transition of some assets from fixed-income to equities in late November 2008. The New York Times also noted that as of May 2009, the PBGC fund had not fully implemented this transition.
Peter R. Orszag
Peter R. Orszag
Peter Richard Orszag is an American economist who is a Vice Chairman of Global Banking at Citigroup. He is also a columnist at Bloomberg View...
(then director of the Congressional Budget Office
Congressional Budget Office
The Congressional Budget Office is a federal agency within the legislative branch of the United States government that provides economic data to Congress....
) stated the following about Millard's plan:
The new policy is still relatively conservative when compared to private pension funds, according to "Pensions and Investments", a trade publication.
In 2009, Millard invoked his Fifth Amendment right not to incriminate himself before a Senate investigative committee, according to an article in the Boston Globe The New York Times reported that Millard was criticized by the PBGC inspector general for ethical matters related to his tenure as PBGC director. In March 2010, the Inspector General advised Senators Grassley, Baucus, Enzi, and Harkin that her office had completed its investigation with the United States Attorneys Office for the Southern District of New York and that no charges would be filed.
Earlier career
Millard was previously a Managing Director with Lehman BrothersLehman Brothers
Lehman Brothers Holdings Inc. was a global financial services firm. Before declaring bankruptcy in 2008, Lehman was the fourth largest investment bank in the USA , doing business in investment banking, equity and fixed-income sales and trading Lehman Brothers Holdings Inc. (former NYSE ticker...
and was a cabinet
Cabinet (government)
A Cabinet is a body of high ranking government officials, typically representing the executive branch. It can also sometimes be referred to as the Council of Ministers, an Executive Council, or an Executive Committee.- Overview :...
official in the administration of New York City Mayor Rudolph Giuliani.
Public Sector
Under Mayor Giuliani, Millard served as President of the New York City Economic Development CorporationNew York City Economic Development Corporation
New York City Economic Development Corporation is a non-profit local development corporation that promotes economic growth across New York City's five boroughs. It is the City's official Economic development corporation, charged with using the City's assets to drive growth, create jobs, and...
and Chairman of the New York City Industrial Development Agency.
Millard served on the New York City Council where, in 1992, he drafted legislation to eliminate pornography stores from many New York neighborhoods.
Millard also ran for Congress in 1994 against Representative Carolyn Maloney. He lost 64% to 35%. His 35% of the vote is ten points higher than that of any Republican candidate in that district since then.
Private Sector
In the private sector, Millard served as a Managing Director at both Lehman Brothers and Prudential SecuritiesPrudential Financial
The Prudential Insurance Company of America , also known as Prudential Financial, Inc., is a Fortune Global 500 and Fortune 500 company whose subsidiaries provide insurance, investment management, and other financial products and services to both retail and institutional customers throughout the...
, and immediately prior to joining the PBGC, Millard was a Managing Director at Broadway Partners, a national real estate investment and management firm in New York. Millard also served as an attorney with Davis Polk & Wardwell
Davis Polk & Wardwell
Davis Polk & Wardwell LLP is an international law firm. The firm employs more than 800 attorneys worldwide and is headquartered in New York City. The firm represents many of the world's largest companies and leading financial institutions, and is best known for its corporate and litigation...
where his activities included constitutional litigation in the United States Court of Appeals for the Second Circuit
United States Court of Appeals for the Second Circuit
The United States Court of Appeals for the Second Circuit is one of the thirteen United States Courts of Appeals...
.
Millard was also an op-ed
Op-ed
An op-ed, abbreviated from opposite the editorial page , is a newspaper article that expresses the opinions of a named writer who is usually unaffiliated with the newspaper's editorial board...
columnist for the New York Post
New York Post
The New York Post is the 13th-oldest newspaper published in the United States and is generally acknowledged as the oldest to have been published continuously as a daily, although – as is the case with most other papers – its publication has been periodically interrupted by labor actions...
.
In 1979-80, he worked as a VISTA volunteer in Crown Heights, Brooklyn
Crown Heights, Brooklyn
Crown Heights is a neighborhood in the central portion of the New York City borough of Brooklyn. The main thoroughfare through this neighborhood is Eastern Parkway, a tree-lined boulevard designed by Frederick Law Olmsted extending two miles east-west.Originally, the area was known as Crow Hill....
, and in 1982-83, he served as Legislative Assistant for Foreign Affairs for Congresswoman Millicent Fenwick
Millicent Fenwick
Millicent Hammond Fenwick was an American fashion editor, politician and diplomat. A four-term Republican member of the United States House of Representatives from New Jersey, she entered politics late in life and was renowned for her energy and colorful enthusiasm...
.
Education
According to his 2007 profile at the PBGC website, "Mr. Millard holds a B.A. Honors Degree, cum laude and Phi Beta Kappa from the College of the Holy CrossCollege of the Holy Cross
The College of the Holy Cross is an undergraduate Roman Catholic liberal arts college located in Worcester, Massachusetts, USA...
and a J.D. from Columbia Law School
Columbia Law School
Columbia Law School, founded in 1858, is one of the oldest and most prestigious law schools in the United States. A member of the Ivy League, Columbia Law School is one of the professional graduate schools of Columbia University in New York City. It offers the J.D., LL.M., and J.S.D. degrees in...
, where each year he was ranked a Harlan Fiske Stone Scholar."
Political Views
"The left in this country is determined to glorify those who hate America no matter what," wrote Millard in a 2006 New York Post column that attacked Riverside ChurchRiverside Church
The Riverside Church in the City of New York is an interdenominational church in New York City, famous for its elaborate Neo-Gothic architecture—which includes the world's largest tuned carillon bell...
for its support of what he termed "terror-aiding lawyer Lynne Stewart
Lynne Stewart
Lynne Irene Stewart is a former attorney who represented controversial, poor, and often unpopular defendants who was convicted on charges of conspiracy and providing material support to terrorists in 2005, and sentenced to 28 months in prison. Her felony conviction led to her being automatically...
."