W. Thomas Reeder Jr. was confirmed as the next director of the Pension Benefit Guaranty Corp. by a voice vote in the Senate.

"It's an honor for me to become PBGC's next director," said Reeder in a statement.

"I've spent most of my professional life helping employers start and maintain retirement plans. I appreciate the faith the Administration and the Senate have shown in nominating and confirming me and I'm looking forward to getting started," he added.

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