On July 12, 2016, the Hutchins Center on Fiscal and Monetary Policy at Brookings Institution, the Rosenberg Institute of Global Finance at Brandeis International Business School, and Olin Business School at Washington University St. Louis are teaming together to...
James Spiotto
Is Chapter 9 the Best Resolution Mechanism for Financially Distressed Schools or Are There Better Alternatives? – PART TWO
STATE MONITORING, OVERSIGHT, INTERVENTION, REFINANCING AND, IF NECESSARY, DISSOLUTION OF FINANCIALLY DISTRESSED SCHOOL DISTRICT by James E. Spiotto* This is Part Two of the two part series on the alternatives available to a financially distressed school...
Court Review of Public Pension Reform: The Latest Ruling Emphasizes Consensual Agreement Over Legislatively Mandated Changes
by James E. Spiotto* Over the last eight years, over 45 states and numerous local governments have instituted some form of pension reform which many times included increasing contributions and reducing benefits. Over the last four years, there have been over 18 state...
Written Statement of James E. Spiotto to the U.S. Senate Judiciary Committee
By James Spiotto United States Senate Committee on the Judiciary Hearing on Puerto Rico’s Fiscal Problems: Examining the Source and Exploring the Solution Is Chapter 9 Bankruptcy the Ultimate Remedy for Financially Distressed Territories and Sovereigns Such as Puerto...
Congress’s Role in Saving Puerto Rico from Financial Meltdown and Imminent Bankruptcy
by James Spiotto On December 1, 2015, the United States Senate Committee on the Judiciary held a hearing on whether and how best to assist Puerto Rico and its related municipalities and public corporations now facing severe financial challenges and economic distress....
Reducing Risk to Payment of State and Local Government Debt Obligations, Statutory Liens from Rhode Island to California SB222
by James Spiotto Government finance officers readily will admit that they consider assuring access to the capital markets at a low cost as part of their duties to their respective governmental bodies. The interest rates or the cost of borrowing is viewed generally as...
Chapter 9 and Alternatives – Part Three: Competing Interests in Chapter 9 and Bondholders’ Rights
by James Spiotto Chapter 9 is generally viewed as the remedy of last resort for troubled municipalities. If permitted by its state law, a municipality typically does not seek Chapter 9 relief unless it is in extreme financial distress with no obvious solution. Among...
Chapter 9 and Alternatives – Part Two: State Programs to Assist Municipalities in Times of Fiscal Crisis
by James Spiotto As discussed below, over half of states have implemented municipal debt supervision or restructuring mechanisms to aid municipalities. These programs, many of which are identified in the table below and which are described in detail in Municipalities...
Chapter 9 and Alternatives – Part One: Lessons Learned: An Update on the Municipal Bankruptcy Experience
by James Spiotto The state legislatures, in considering how best to assist local governments facing financial challenges or economic distress, may find instructive how other states have addressed these problems and the alternatives and opportunities available in the...
The History of Payment of State and Local Government Debt in the United States
Why is it important to pay state and local government debt? by James Spiotto Past economic downturns have taught us the importance of state and local governments to timely pay their public debts: Panics, recessions and depressions: Since...