Department to Form New Unit, With Focus on Troubled Borrowers
U.S. policy makers, concerned about strained public finances in places like Detroit and Puerto Rico, are moving to keep closer tabs on the ability of states and cities to raise money in the $3.7 trillion municipal-bond market.
The Treasury Department is forming a new unit to broadly monitor the market, with a focus on troubled borrowers, according to a Treasury official. The unit, which will be headed by a veteran public-finance banker at J.P. Morgan Chase & Co., also will track state and local pensions as…
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