As the hearing began a little after 2:00 p.m. on Wednesday, Committee Chairman Herb Kohl (D-Wisconsin) said the hearing was to explore the viability of the agency within the current economic state (see Senate Committee Weighs in on PBGC ).
Charles E.F. Millard
Millard, whom Congress announced it is now investigating for possible improper interactions with financial services firms at a time when the agency was considering an allocation change (see Former PBGC Head Draws Scrutiny ), was scheduled to be the first witness.
After the first question by Kohl, Millard said he had been advised by his attorneys, who were present with him, to decline to answer any questions by the committee.
Kohl asked Millard if he was invoking his Constitutional rights under the fifth amendment, and Millard said he was. Kohl then dismissed Millard from the hearing.
« CO PERA Wants Increased Oversight of Rating Agencies