NEW YORK — AOL Time Warner’s co-chief operating officer Richard Parsons and former New York Democratic Sen. Daniel Patrick Moynihan will head a new commission charged with overhauling the Social Security retirement system.
Parsons had been up for the post of U.S. Trade Representative back when President Bush was selecting his cabinet.
Robert Johnson, CEO of Black Entertainment Television, now part of Viacom, also was named to the 16-member panel, which President Bush unveiled Wednesday. Bush wants the group to recommend revamping the system to let participants invest in private markets — something many Democrats say is too risky a proposition for retirement savings.
Bush said private accounts will help boost returns from Social Security, which will face increasing strain as baby boomers retire.