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THE WHITE HOUSE

Office of the Press Secretary


For Immediate Release March 3, 1999
               PRESIDENT CLINTON NAMES RICHARD M. MCGAHEY
           AS ASSISTANT SECRETARY FOR THE PENSION AND WELFARE 
           BENEFITS ADMINISTRATION AT THE DEPARTMENT OF LABOR

The President today announced the nomination of Richard M. McGahey as Assistant Secretary for the Pension and Welfare Benefits Administration at the Department of Labor.

Dr. Richard M. McGahey, of Washington, D.C., served as Assistant Secretary for Policy at the Department of Labor and is currently serving in the Pension and Welfare Benefits Administration. In 1996, Dr. McGahey chaired a working group on the implications of tax reform for the pension system at the Advisory Council on Employee and Welfare Benefits, which advises the Administration and Congress on policy related to the Employee Retirement Investment Security Act (ERISA). From 1994-1997, he was a partner at Neece, Cator, McGahey, and Associates, a public policy, legislative, and economic consulting firm. From 1993-1994, he was executive director of the Congress' Joint Economic Committee. He previously was economic policy advisor to Senator Edward Kennedy from 1991-1993. Dr. McGahey served as Deputy Comptroller for Policy and Management for the City of New York from 1986-1989, and as Deputy Commissioner for Policy and Research at the New York State Department of Economic Development. He served as a Senior Fellow with the Center for National Policy of New York University.

Dr. McGahey received a B.A. degree from Franconia College and a Ph.D. degree in economics from the New School for Social Research.

The Assistant Secretary for Pension and Welfare Benefits at the Department of Labor is charged with protecting the economic future and retirement security of working Americans as required by the Employee Retirement Income Security Act of 1974. The Administration assures the responsible management of approximately 700,000 pension plans and 6 million health and welfare plans.

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