US Public Finance: Federal Policy Risks
New pressures, wide-ranging impacts
Federal policy shifts are creating new and interconnected credit pressures across US public finance sectors. From tighter immigration enforcement that gradually constrains labor supply and economic growth to healthcare and higher education funding uncertainty, state and local governments are navigating a rapidly evolving policy landscape.
This webinar will bring together Moody's Ratings analysts to assess how federal actions are translating into budget, economic and operational risks for public finance issuers — and what it means for credit.
Discussion topics include:
- How changes in immigration policy are influencing labor availability, economic momentum and revenue trends
- Growing uncertainty in the federal higher education landscape and its impact on institutional resilience
- The implications of healthcare policy shifts for not-for-profit hospital performance and demand
- What federal policy changes could mean for state budgets, reserve levels and longer term fiscal planning
Speakers
Nick Samuels
Senior Vice President
Moody's Ratings
Brad Spielman
Vice President – Senior Credit Officer
Moody’s Ratings
Claire Li
Vice President - Senior Analyst, Credit Strategy and Guidance
Moody's Ratings
Dan Kowalski
AVP - Analyst
Moody’s Ratings
Patrick Ronk
Vice President - Senior Analyst
Moody's Ratings
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Nick Samuels is a Senior Vice President for the States and High Profile Ratings Team covering credits for the state of Texas, New York City, and the District of Columbia.
Prior to joining Moody’s, Nick worked for the National Association of State Budget Officers analyzing state fiscal and expenditure trends. Nick holds a BA degree in government from Skidmore College and a Master’s in Public Administration from the George Washington University.
Brad is a Vice President – Senior Credit Officer based out of Moody’s San Francisco public finance office. As a senior member of the Healthcare ratings team, Brad covers a variety of institutions throughout the country, focusing geographically on the western United States. His areas of expertise include derivative products, variable rate financings, liquidity issues, and debt securitization structures. Brad joined Moody’s in 2006.
Prior to joining Moody’s, Brad worked as an investment banker with Goldman Sachs & Co. serving not-for-profit healthcare clients, universities, and other notfor-profit organizations. Prior to working on Wall Street, Brad worked in the field of international economic development in South East Asia.
Brad holds an M.B.A. from the Kellogg Graduate School of Management, with majors in finance and not-forprofit management, and a B.A. from the University of California, Berkeley.
Claire Li is a Vice President within Moody’s Credit Strategy and Research Group. Based in New York, she frequently publishes macro and thematic research and undertakes macroeconomic analysis and forecasting for G20 economies to support Moody’s Macroeconomic Board. Claire contributes to Moody’s annual sovereign default research and analyzes sovereign debt default and restructurings.
Claire joined Moody’s in 2015. Claire holds a M.A. in Economics from New York University, a B.A. in Economics from Fudan University, China, and B.S. in International Economics and Business from the University of Groningen in the Netherlands
Dan Kowalski is an AVP-Analyst on the State Ratings Team, covering credits for the states of Georgia, Wisconsin, Minnesota, Indiana, Missouri, Oklahoma, Mississippi and New Hampshire as well as mass transit and federal lease credits. Dan was previously an analyst on the Chicago Local Governments Team.
Prior to joining Moody’s, Dan worked in prison education for the State of New Jersey. Dan holds a BA in Politics from Princeton University and an MPP in Municipal Finance and Economic Policy from the University of Chicago Harris School.
Patrick Ronk is an Associate Vice President - Analyst for the Higher Education and Not-for-Profits Ratings Team.
Prior to joining Moody's, Patrick worked as a Research Associate for the Citizens Budget Commission, a think tank and good government group focused on New York City and State's public services. Prior to that, he was a Senior Associate at Cornerstone Government Affairs, a bipartisan lobbying and government relations firm in Washington, DC. Patrick holds an MPA from the London School of Economics and Political Science and a BA in Government and Politics from the University of Maryland.