SOCIAL SECURITY

News Release

James B. Lockhart III Sworn in as Deputy Commissioner of Social Security

James B. Lockhart III has been sworn in as Deputy Commissioner of Social Security. Mr. Lockhart was nominated by President Bush in July 2001 and confirmed by the United States Senate on January 25, 2002. Mr. Lockhart serves as the principal deputy to the Commissioner of Social Security, and as Chief Operating Officer. Mr. Lockhart also will serve as the Secretary to the Social Security Board of Trustees and is also a member of the President’s Management Council.

"I knew from my very first meeting with Jim that he was exactly the person I wanted for our Deputy Commissioner," Commissioner Barnhart said. "Jim brings a deep commitment to our country, our President, and the mission and employees of this agency."

Mr. Lockhart has a background in finance and pensions. He served with distinction in the previous Bush Administration as Executive Director of the Pension Benefit Guaranty Corporation from 1989 until 1993. He was a director of the Association of Private Pensions and Welfare Plans (now the American Benefits Council) from 1993 until 1995.

Mr. Lockhart is the co-founder and former managing director of NetRisk, a risk management software and consulting firm serving major financial institutions, including banks, insurance companies and investment management firms worldwide. He has an extensive background in insurance. Prior to founding NetRisk, he was Senior Vice President of Finance for National Re and a Managing Director for Smith Barney. Earlier in his career he was Vice President and Treasurer for Alexander & Alexander, and worked for Gulf Oil in Europe and the U.S., serving as Assistant Treasurer.

The Social Security Administration, the largest independent federal agency, administers the Social Security retirement, disability and survivors insurance programs that pay $430 billion annually in benefits to almost 46 million beneficiaries, as well as the Supplemental Security Income program that provides $31 billion in assistance to over 6 million people with limited income and assets. The agency has a national workforce of about 65,000 employees with 1,500 field installations.

Mr. Lockhart is from Connecticut and is married with two children. He graduated from Yale University with a bachelor’s degree and received a master’s degree from Harvard Graduate School of Business Administration. He also served as a Lieutenant (j.g.) in the U.S. Navy aboard a nuclear submarine.

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