Kent Hiteshew

Kent Hiteshew spent more than 30 years as a banker in the municipal bond market, most recently with JP Morgan. He was the inaugural Director of the Office of State and Local Finance within the US Treasury where he was a primary author of federal legislation governing the oversight and restructuring of Puerto Rico's $70B of debt. He was also a key architect of the Federal Reserve's $500B Municipal Loan Facility din response to the 2020 COVID market disruption.

Should Every Town And Village Have Unfettered Access To The Municipal Bond Market?

Kent Hiteshew and Ivan Ivanov write that the United States municipal bond market suffers from fragmentation, poor liquidity, and inadequate disclosure due to the dominance of small, infrequent issuers who struggle to meet regulatory disclosure requirements. They argue that greater involvement of state-backed municipal bond banks could help address these issues by pooling smaller issuances, reducing borrowing costs, and streamlining disclosure obligations for local governments.

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