Bold, creative infrastructure financing expert wanted.

• Author: McDonald, Dustin
• Position: Perspectives - Editorial

Today's government finance officers face challenges like never before in maintaining existing structures as well as funding the construction of new public infrastructure to support their communities and future economic growth. Growing populations demand an increasing numbers of improvements to roads, bridges, public transportation and water, power, and technology systems, but tight budget constraints, debt limits, and austerity policies are delaying the delivery of much-needed projects. And deep divisions separate federal policymakers from any agreement on how to work with state and local governments and the private sector to shape the future of federal infrastructure investment.

Federal grant and loan payments to state and local governments are locked in at lower rates through 2023 as a result of the 2011 Budget Control Act and subsequent sequestration. Legislative tax reform proposals continue to seek limits on the tax exemption on municipal bond interest and the elimination of the state and local tax deduction. Federal departments and agencies from the Securities and Exchange Commission to the Office of the Comptroller of Currency also continue to burden governments with poorly constructed rules, shortsighted exercises, and sheer negligence, all of which are increasing costs to government debt issuers.

Where can today's government finance...