Ex-Trea­sury Of­fi­cial Joins EY, Marron In­sti­tute

The Bond Buyer - - Front Page - BY LYNN HUME

WASH­ING­TON – Kent Hiteshew, former di­rec­tor of the U. S. Trea­sury De­part­ment’s Of­fice of State and Lo­cal Fi­nance, has joined EY’s trans­ac­tion ad­vi­sory ser­vices team as a strate­gic ad­vi­sor in New York City.

Hiteshew, who was Trea­sury’s key point per­son on Puerto Rico be­fore leav­ing the de­part­ment in June, will be in­volved mostly in EY’s govern­ment and public sec­tor prac­tice (GPS). He will make in­tro­duc­tions and cul­ti­vate key re­la­tion­ships for EY, the firm said. He will also work on var­i­ous kinds of GPS en­gage­ments, in­clud­ing re­struc­tur­ing and in­fra­struc­ture.

The former Trea­sury of­fi­cial also has joined the Marron In­sti-

tute of Ur­ban Man­age­ment at New York Univer­sity as a se­nior fel­low. In that post, he will ad­vise the in­sti­tute’s di­rec­tor on the de­vel­op­ment of re­search pro­gram­ming re­lated to mu­nic­i­pal fi­nance, in­fra­struc­ture, public pen­sions, and fis­cally dis­tressed cities and states, the in­sti­tute said. He will also help an­a­lyze the fis­cal sta­tus of Puerto Rico’s mu­nic­i­pal­i­ties and make rec­om­men­da­tions for im­prov­ing their fis­cal sta­bil­ity.

Hiteshew was the first di­rec­tor of Trea­sury’s Of­fice of State and Lo­cal Fi­nance, which was cre­ated in 2014. He ad­vised se­nior Trea­sury of­fi­cials on in­fra­struc­ture, dis­tressed mu­nic­i­pal cred­its and public pen­sions, among other things.

He was one of the key peo­ple who staffed Pres­i­dent Barak Obama’s Build Amer­ica ini­tia­tive. He and his team re­leased a Build Amer­ica re­port in 2015 with rec­om­men­da­tions for fi­nanc­ing in­fra­struc­ture.

Hiteshew was the ar­chi­tect of the idea for qual­i­fied public in­fra­struc­ture bonds (QPIBs). Th­ese were a hy­brid be­tween gov­ern­men­tal and pri­vate ac­tiv­ity bonds that could be used for gov­ern­men­tally owned fa­cil­i­ties that have long-term leases or con­ces­sions with pri­vate par­ties. QPIBs wouldn’t have is­suance caps and wouldn’t be sub­ject to the al­ter­na­tive min­i­mum tax. They also wouldn’t be sub­ject to the pri­vate busi­ness use test used to de­ter­mine if bonds are PABs.

Dur­ing his last two years at Trea­sury Hiteshew man­aged the de­part­ment’s re­sponse to Puerto Rico’s economic, fis­cal and debt cri­sis, en­gag­ing in day-to-day cri­sis man­age­ment. He played a key role in de­vel­op­ing the Obama ad­min­is­tra­tion’s four-pronged pol­icy and leg­isla­tive plan for the com­mon­wealth and in the adop­tion by Congress of PROMESA, the Puerto Rico Over­sight, Man­age­ment, and Economic Sta­bil­ity Act as well as the cre­ation and sup­port of Its man­dated seven-mem­ber Over­sight Board.

Hiteshew joined Trea­sury af­ter a 30-year ca­reer in public fi­nance on Wall Street. ◽

Kent Hiteshew has joined EY as a strate­gic ad­vi­sor and Marron In­sti­tute of Ur­ban Man­age­ment as a se­nior fel­low in New York City.

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