Treasury job opening presents opportunity for muni market stakeholders

The retirement of Melissa Moye as the director of the Office of State and Local Finance at the U.S. Treasury creates a void and an opportunity for the muni bond community.

"I think it's important for the muni industry to be well represented within the Treasury and the federal government," said Kent Hiteshew, who held the position prior to Moye.

"There are few other federal agencies where we have any direct input, and this may be particularly timely in light of the anticipated tax bill next year."

The OSLF helps formulate policy on federal debt management, state and local finance, along with financial market oversight and regulation.

The Director position is a non-political career civil service position that reports to the Deputy Assistant Secretary for Public Finance, under the Assistant Secretary for Financial Markets and the Under Secretary of Domestic Finance.

The position is classified as a GS-15 grade level and requires a Top Secret clearance. It's open to the public, as well as current and former federal employees.

Duties include supervising and providing leadership for all functions and employees in OSLF, along with providing authoritative policy advice to senior government officials about the municipal bond market, public pensions, and tax policies.

Prior to working at the Treasury, Moye was the Chief Investment Office for the Maryland State Retirement and Pension System, deputy treasurer for the state of Maryland, and chief economist and director of investment for Amalgamated Bank (AMAL).

Last month, President-elect Trump nominated Scott Bessent as the new Treasury Secretary, as the administration and Congress girds for what promises to be a bruising battle over tax policy.

Industry leaders have a long list of municipal bond-related issues on their Congressional wish list including preserving the tax exemption for municipal bonds, restoring advance refunding and removing the cap on the SALT deduction.

The scheduled sunsetting of the Tax Cuts and Jobs Act at the end of 2025 adds a sense of urgency about filling key positions.

"It is important to have people at Treasury who have knowledge of and sympathy for the municipal market because otherwise we are grossly underrepresented," said Chuck Samuels, member at Mintz Levin and counsel to the National Association of Health and Educational Facilities Finance Authorities.

"Having someone in place in the near future could be critical."