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