Public Finance


Public Finance

Building a center of gravity for innovation, applied research, and equitable opportunities in the $4 trillion state and local sector of the US economy


Due to the health and economic crises caused by COVID-19, the $4 trillion state-local-municipal finance space faces an uphill battle to fund essential government services, let alone new investments in post-COVID needs like community broadband.

Center for Financial Market's (CFM) Program for Excellence and Equity in Public Finance (P-FIN) aims to serve as a networked center of gravity for the critical state and local economic sector. P-FIN will be a solutions and innovation resource for policymakers, market-makers, and academics committed to building best practices on the public side, reducing market fragmentation on the private side, and engaging investors and policymakers to ensure that an equitable and resilient COVID-19 recovery occurs.

Our work is guided by a new Advisory Council

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Americans work for local and state government, making it the largest sector of employment.


Separate jurisdictions, units of government, and special purpose authorities that issue municipal bonds in the US.


One estimate of the 2020-2023 projected budget shortfall for state and local governments due to COVID economic downturn.