FederalDaily - September 7, 2006

McClellan Leaves CMS, Peters To Head DOT

Mark McClellan stepped down as head of the Centers for Medicare & Medicaid Services (CMS) on the same day President Bush named Mary E. Peters as the new secretary of the Department of Transportation (DOT). McClellan, 43, who has served as CMS administrator since 2004, confirmed Sept. 5 he will be stepping down in October to spend more time with his 7-year-old twin daughters and possibly seek work at a Washington think tank. A successor hasn’t been named. Peters, 57, the former head of the Arizona Department of Transportation, was nominated by Bush Sept. 5 to serve as DOT secretary. She replaces Norman Y. Mineta, former California congressman and the only Democrat in the Bush cabinet. Peters’ nomination has been sent to the Senate, which is being urged by airline industry groups to quickly confirm her. To see more, www.whitehouse.gov/news/releases/2006/09/20060905-5.html.

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GAO: DoD Needs Better Workforce Data

The Department of Defense (DoD) needs to do a better job of identifying military reservists to fill important jobs in future overseas rotations for the global war on terrorism, said a new Government Accountability Office report. Since the terrorist attacks of Sept. 11, 2001, ongoing overseas operations and heavy reliance on reservists have raised concerns about how DoD will meet its requirements using an all-volunteer force, said the report released Sept 5. Many of the skilled personnel in high demand are reservists whose involuntary active duty is limited under the current partial mobilization authority and DoD and Army policy. To meet requirements, officials charged with identifying personnel for future rotations developed an inefficient, labor-intensive process because comprehensive personnel data were not available, the report said. Although DoD has developed several strategies to meet requirements for previous rotations, it has not undertaken a comprehensive, data-driven analysis that would make more personnel available for future rotations in Iraq and Afghanistan, the report said. To see an abstract of the GAO report, www.gao.gov/docsearch/abstract.php?rptno=GAO-06-962.

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House to Probe DoD Cost Overruns

Worried over a burgeoning military budget, lawmakers will hold an oversight hearing Sept. 7 on cost overruns in Department of Defense (DoD) procurement contracts. David Walker, comptroller general of the Government Accountability Office (GAO), will discuss recent findings on the management of defense contracting and acquisition programs, said House Defense Appropriations Committee Chairman Bill Young, R-Fla. The GAO analysis details a $46 billion cost increase in only a three-month period on DoD’s 85 major acquisition projects. Current cost estimates for 25 of these 85 projects have increased by 50 percent from earlier DoD estimates. Other witnesses scheduled to appear include Kenneth J. Krieg, DoD under secretary for acquisition; Delores M. Etter, assistant secretary of the Navy for research, development and acquisition; Sue C. Payton, assistant secretary of the Air Force for acquisition and Lt. General Joseph L. Yakovac, Jr., military deputy to the assistant secretary of the Army for acquisition, logistics and technology. The hearing will be webcast on the committee’s Web site.

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TSP Monthly Returns for August 2006

Rates of Return were updated on September 1, 2006.

The monthly G, F, C, S, and I Fund returns represent the actual total rates of return used in the monthly allocation of earnings to participant accounts. The returns are shown after deduction of accrued TSP administrative expenses. The F, C, S, and I Fund returns also reflect the deduction of trading costs and accrued investment management fees. The most current G, F, C, S, and I Fund rates of return are shown above. Returns are updated after the monthly allocation of earnings, usually by the fourth business day of the month.

For more on TSP, click here.

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