According to an announcement from the Pension Benefit Guaranty Corporation (PBGC), Gross comes from the US Treasury Department, where he served as senior advisor to the under secretary for domestic finance. In that position he coordinated policy on a range of topics, including debt management and related bond-market issues, government credit allocation, financial market stability, and oversight of financial institutions.
Gross previously served as a senior advisor to the Treasury Department’s deputy assistant secretary for federal finance, with a focus on debt-management policy. Before his government service he was senior associate for emerging markets fixed-income trading at Credit Lyonnais Securities, New York City, and associate for capital markets at The Weston Group, New York City. Gross earned his bachelor’s degree in political economy from Williams College.
The PBGC holds more than $25 billion in assets with roughly two-thirds in Treasury securities and one-third in equities. The agency’s investment policy has been unchanged since 1994. The PBGC steps in to assume private-sector pension plans from ailing or bankrupt companies.