Compliance September 30, 2022

House of Representatives Approves Funding Bill to Avoid Shutdown

The bill, which was passed by the Senate yesterday, will provide additional funding for Ukraine and disaster relief in the U.S., pending signature from the President.

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The House of Representatives has passed an interim budget through December 16 called the Continuing Appropriations and Ukraine Supplemental Appropriations Act. If President Joe Biden signs the bill, the measure will prevent a government shutdown and provide supplemental funding for several other programs.

The bill passed the Senate yesterday 72 to 25, and passed the House today 230 to 201, with 10 Republicans voting with the Democrats.

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Often referred to as a continuing resolution, the bill merely extends government funding at current levels. Government departments cannot use any money to start new programs or accelerate existing ones, since they have not been approved by a proper annual funding bill.

Besides averting a shutdown pending the president’s signature, the bill provides new funding to select issues. For example, it provides for in aid for wildfires in New Mexico, which according to Congresswoman Rosa DeLauro, D-Connecticut, were caused by “prescribed burns on federal land.”

DeLauro, the chairwoman of the House Appropriations Committee, supported the bill along with every Democrat in the chamber, but expressed regret that it did not provide any funding for COVID-19 or for monkeypox, and said during the debate over the bill in the House, “I am saddened that the continuing resolution does not meet some of our country’s most urgent needs, including the ongoing COVID-19 pandemic and monkeypox outbreak.”

Kay Granger, R-Texas, the ranking member of the House Appropriations Committee, opposed the bill along with all but 10 Republicans present. She explained her opposition during House debate, saying, “We should be here addressing the border crisis, the energy crisis, the inflation crisis. This bill does nothing to fix any of these issues.”

Assuming presidential approval, the government will remain funded at present levels until December 16, at which point another funding bill would be required to keep the government open.

Deals and People September 30, 2022

Retirement Industry People Moves

Marsh McLennan names president and CEO; Lenox Advisors appoints SVP of finance and operations; Katten names former SEC senior counsel as partner; and more.

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Katten Names Former SEC Senior Counsel as Partner

Katten Muchin Rosenman LLP has announced that former senior counsel in the Securities and Exchange Commission’s Enforcement Division, Danette Edwards, has joined the firm’s securities ligation practice as a partner in Washington, D.C.

For more than a decade, Edwards led many of the SEC’s enforcement efforts, investigating and litigating complex cases involving violations of antifraud and other securities laws, and was recognized for her work with multiple awards from the director of the SEC’s Enforcement Division. During her tenure, she leveraged her proficiency in examining witnesses and analyzing complicated and massive data sets to help the agency obtain judgements for more than $595 million. A trio of cases that she recently prosecuted were included in a select group of matters highlighted in the SEC Enforcement Division’s 2020 annual report to Congress.

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Edwards advises clients involved in SEC Enforcement Division investigations and litigation, with a related focus on internal, special committee and non-SEC government and regulatory investigations, securities class action defense and complex economic litigation. She counsels clients on SEC-related matters of all types, including suspected financial and disclosure fraud and alleged misconduct by auditors, broker/dealers and investment advisers.

Edwards also advises on cybersecurity, records and information management best practices and environmental, social and governance questions concerning environmentally sustainable finance, as well as diversity and inclusion as components of social governance.

Prior to joining the SEC, Edwards was a white-collar and commercial litigator at a national law firm, where she defended market participants and other players in public and private actions and helped to establish the firm’s records management practice.

Marsh McLennan Names President and CEO

Marsh McLennan, a professional services firm in the areas of risk, strategy and people, has announced that John Doyle has been named president and CEO, effective January 1, 2023. Daniel Glaser will retire from Marsh McLennan at year end following a decade of leading the company.

Doyle has served as group president and chief operating officer of Marsh McLennan since January, and prior to that was president and CEO of Marsh, the Company’s risk advisory and insurance solutions business, from 2017 to 2021.

Glaser has served as president and CEO since 2013. Prior to 2013, Glaser served as group president and COO of the company. He rejoined Marsh McLennan in December 2007 as chairman and CEO of Marsh, returning to the firm where he began his career in 1982.

Upon his retirement, Glaser will also retire from the company’s board of directors. Doyle will join the board effective January 1, 2023.

Doyle has more than 30 years of management experience in commercial insurance underwriting and brokerage. He began his career at AIG and held several executive positions at the insurer, including CEO of AIG Commercial Insurance, and president and CEO of AIG Property and Casualty in the U.S.

Lenox Advisors Appoints SVP of Finance and Operations

Lenox Advisors, a wealth and insurance advisory firm, has announced the appointment of Marvine Laurent as senior vice president of finance and operations. Laurent will be responsible for finance, accounting and business intelligence. As a senior member of the executive team, Laurent will report directly to the president and COO, Greg Large.

Prior to her role at Lenox Advisors, Laurent cultivated more than 20 years of extensive financial and operational experience, including working as the chief of staff at Citigroup, Inc., where she provided strategic support and administrative structure in establishing risk-based auditing and reporting methodologies, organization design and effective positioning to ensure alignment with business objectives. Laurent is a certified public accountant and holds an MBA from Columbia University and a B.A. in accounting from Florida International University.

Mercer Appoints U.S. Central Market CEO

Mercer, a business of Marsh McLennan, has named Beth Kirk Malecki as senior partner and U.S. central market CEO. Kirk Malecki will also join Mercer’s U.S. and Canada leadership team. Based in Chicago, she will report to Pat Tomlinson, president, U.S. and Canada, effective immediately.

Kirk Malecki brings more than 25 years of experience in market leadership roles and client management. In her previous roles at Mercer, Kirk Malecki led Mercer’s Illinois and Wisconsin markets, and was senior client manager. Prior to joining Mercer in 2011, Beth worked for 17 years in client-facing roles with Hewitt Associates, now Aon. She holds a B.S. in actuarial mathematics from the University of Michigan. Since 2015, Beth has also been an active member in The Chicago Network, and now serves on the board.

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