U.S. Treasury Department Forms New Municipal Issuers Oversight Unit

Thursday, April 24, 2014

Beginning in mid-May, the U.S. Treasury Department will increase its monitoring of state and local government bond issuers through a new unit. The new Office of State and Local Finance will monitor and report on municipal issuers and market factors and conditions that contribute to stress in the municipal market, including public pensions. The office will also organize and propose federal policy solutions to address their concerns in these areas. Leading the office will be Kent Hiteshew, who is leaving his current position as Senior Managing Director of J.P. Morgan’s Housing Finance Group. Prior to his six years with J.P. Morgan, Hiteshew was at Bear, Sterns & Co. for 18 years, and he also worked for the City of New York and the U.S. Department of Housing and Economic Development. The GFOA’s Federal Liaison Center is initiating discussions with Hiteshew about his plans for the direction and initial priorities of the new unit, and will update GFOA members about the new office’s activities.