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Brought to you by Penn IUR and the Volcker Alliance, Special Briefing examines the fiscal conditions of cities, counties, and states since the arrival of COVID-19 and how they are impacted by decisions from Washington.
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Special Briefing Series Online
February 20, 2025
Special Briefing: The New Administration’s First Month

The first Special Briefing of 2025 will offer a deep dive into the new President’s first month and the implications of new policies.

Mark Zandi Carolyn Bourdeaux Jeffrey Holland Eric Kim Vikram Rai Torsten Slok William Glasgall Susan Wachter
State & Local Finance
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Displaying 1 - 20 of 48
Displaying 1 - 20 of 48
Podcasts May 23, 2025 SUPERCOOL: The Mayor Who Built a Subway—and is Rewriting the Global Rules Before becoming the youngest elected mayor in Quito’s history, Mauricio Rodas had already founded a political party, launched a think tank in Mexico City, and run for president. In 1944, when the global financial system was designed, just 29% of the world lived in cities. Today, that number has nearly doubled to 56%. Cities now account for more than 70% of global emissions and 80% of energy consumption—yet most still can’t access the capital they need to fund climate solutions. The system, built at the tail end of World War II, wasn’t made for them. Mauricio Rodas knows that firsthand. As mayor of Quito, he had to fight for national approval to fund the city’s subway. Now he’s working to change the rules. As co-lead of the SDSN Global Commission for Urban SDG Finance, he’s helping reshape the global financial architecture needed to unlock climate capital for cities. Mauricio joins Supercool to discuss subways, politics, public luxury goods, institutional entrepreneurship, and the global effort to rewrite outdated financial rules so cities can rapidly deploy the next generation of climate solutions. Supercool is collaborating with the Commission’s Secretariat, hosted at the University of Pennsylvania, to feature global mayors at the forefront of this movement.
Podcasts May 23, 2025 SUPERCOOL: The Mayor Who Cut Carbon, Cut Bills, and Cut a Billion-Pound Deal As mayor of Bristol, Marvin Rees helped launch a billion-pound public-private partnership to decarbonize his city, one of the most ambitious deals of its kind anywhere in the world.This wasn’t just about climate targets. It was about results: cutting emissions, cutting energy bills, creating jobs, and improving housing — all while building a long-term investment model that gave private partners confidence and gave residents real benefits they could feel.When Marvin started, the city had no budget, limited staff, and a local government still reeling from years of austerity. So he got creative. He turned Bristol’s public assets into a platform for investment and built the capacity to get a 20-year deal signed, funded, and delivered.Now, Marvin is helping cities around the world do the same through a new global commission to mobilize climate finance for urban action; the SDSN Global Commission for Urban SDG Finance.Supercool is collaborating with the Commission’s Secretariat, hosted at the University of Pennsylvania, to conduct a series of episodes with global mayors at the forefront of this movement.
Podcasts May 8, 2025 Special Briefing on State Budgets: The Big Squeeze Join William Glasgall, Penn IUR Fellow and Volcker Alliance Public Finance Advisor, and Susan Wachter, Co-Director of Penn IUR and Wharton professor and our expert panel as we address the rapidly darkening outlook for state and local budgets and what this means for policymakers, taxpayers, and investors. Panelists include Jonathan Womer, Director, Rhode Island Department of Administration; Emily Brock, Director, Government Finance Officers Association Federal Liaison Center; Shelby Kerns, Executive Director, National Association of State Budget Officers; Vikram Rai, former Head of Municipal Markets Strategy, Wells Fargo; Teryn Zmuda, Chief Economist, National Association of Counties.  William Glasgall Susan Wachter Jonathan Womer Emily S. Brock Shelby Kerns Vikram Rai Teryn Zmuda State & Local Finance
Podcasts April 28, 2025 Special Briefing | Mayors under Stress: Financing Local Development around the World Join Eugenie Birch, Co-Director of Penn IUR, and William Glasgall, Penn IUR Fellow and Volcker Alliance Public Finance Advisor, as our panel of current and former global mayors examine what cities should do now to set their future agendas for growth and shared prosperity.  Eugénie L. Birch William Glasgall Steve Adler Stephanie Miner Nasiphi Moya Jaime Pumarejo Heins State & Local Finance
Podcasts February 20, 2025 Special Briefing: The New Administration’s First Month The first Special Briefing of 2025 will offer a deep dive into the new President’s first month and the implications of new policies. Featured speakers include former US Representative Carolyn Bourdeaux (D-GA); Jeffrey Holland, Vice President, Research, Peter G. Peterson Foundation; Eric Kim, Senior Director, U.S. Public Finance at Fitch Ratings; Vikram Rai, Fixed Income Strategist, Head of Municipal Markets Strategy at Wells Fargo; Torsten Slok, Partner and Chief Economist at Apollo; and Mark Zandi, Chief Economist, Moody’s Economics.Moderated by William Glasgall, Volcker Alliance Public Finance Adviser and Penn IUR Fellow, and Susan Wachter, Co-Director of Penn IUR, this briefing is the fifty-seventh in a series of sixty-minute online conversations featuring experts from the national research networks of the Volcker Alliance and Penn IUR, along with other leading academics, economists, and federal, state, and local leader William Glasgall Susan Wachter Mark Zandi Carolyn Bourdeaux Eric Kim Torsen Slok Jeffrey Holland Vikram Rai State & Local Finance
Podcasts February 6, 2025 Special Briefing on Fiscal and Operational Priorities for Cities in the COVID Crisis Era The Volcker Alliance and Penn Institute for Urban Research cohosted an online Special Briefing to discuss how US mayors are managing the fiscal, societal, and operational stresses resulting from the COVID-19 pandemic. According to the National League of Cities, American municipalities expect on average a 13 percent decline in fiscal 2021 general fund revenues over 2020, and almost 90 percent of cities will be less able in FY 2021 than in FY 2020 to meet the fiscal needs of their communities. At the same time, they are facing rising calls for social justice and resistance in the Senate and the White House to additional federal pandemic aid beyond the $2-trillion CARES Act passed earlier this year. Navigating this unprecedented mix of challenges will require innovative fiscal and managerial actions that our panel of experts discussed. William Glasgall Susan Wachter Andrew Reschovsky Andrew Rein Bill Lucia Linda J. Bilmes State & Local Finance
Podcasts December 5, 2024 Special Briefing: The Road Ahead for the Economy, States, and Localities as Donald Trump and the GOP Take Charge Major policy shifts in immigration, taxes, trade, energy, health care, and pandemic-era programs passed under the Biden Administration look increasingly likely with Donald Trump capturing the White House and his fellow Republicans taking control of both houses of Congress for the first time in two years. Our panel of experts will share their views on what this sea change may mean for the economy and Federal Reserve, as well as the impact on states, localities, and the $4 trillion municipal bond market, including the possible elimination of the federal tax exemption on most muni bond interest.  Susan Wachter William Glasgall Annie Linskey Carolyn Bourdeaux Eric Kazatsky Teryn Zmuda Torsen Slok State & Local Finance
Podcasts October 23, 2024 Special Briefing on the Biden Infrastructure Plan: Resilience, Equity, and Federal Investment The Volcker Alliance and Penn Institute for Urban Research cohosted a Special Briefing on President Biden’s proposed infrastructure program, including how state and local governments will use existing American Rescue Plan Act funding to address broadband and water and sewer needs. Our expert panel discussed the Biden plan’s emphasis on resilience and equity; the outlook for investment by counties and cities; and risks posed by climate change to states, counties, and cities in the $4 trillion municipal bond market.  William Glasgall Susan Wachter Brad Little Carolyn Bordeaux Laura Curran Thomas G. Doe State & Local Finance
Podcasts June 27, 2024 Special Briefing: State Tax Breaks On this episode of Special Briefing, experts discuss the latest Volcker Alliance issue paper, Benefit or Burden: Evaluating $1 Trillion in State Tax Expenditures. Susan Wachter William Glasgall Matt Fabian Jonathan Ball Arlene Martinez Tim Bartik State & Local Finance
Podcasts May 29, 2024 Special Briefing: Doom Loop or Boom Loop—Work from Home and the Challenges Facing US Cities Ever since the arrival of the COVID-19 pandemic in the US in 2020 led to a surge in people working from home, New York and other big cities have been forced to reckon with the possibility of a Doom Loop scenario of vacant offices and flagging economies. But given the right set of policies, cities can reverse their fortunes and embark upon a path to a Boom Loop of greater productivity and economic growth. Join Special Briefing as the authors of the Volcker Alliance issue paper, Doom Loop or Boom Loop: Work from Home and the Challenges Facing America’s Big Cities, and an expert panel discuss the future economic impacts of remote work. William Glasgall Susan Wachter David Stanek Richard Voith Jose Maria Barrero Stijn Van Nieuwerburgh Kathryn Wylde State & Local Finance
Podcasts April 25, 2024 Special Briefing: America's $900 Billion Water Crisis While the 2021 Bipartisan Infrastructure Law provides $50 billion to upgrade America’s drinking water, wastewater, and stormwater systems, much more will be needed to address the nation’s water infrastructure needs amid a changing climate and shifts in population.  Susan Wachter William Glasgall Howard Neukrug Reese Tisdale Nicole Lick Doug Evanson William W. Bradley State & Local Finance
Podcasts March 28, 2024 Special Briefing: America's Hot Growth States Western and southern states including Idaho and Florida were among those growing the fastest from the eve of the pandemic in 2019 through 2022. But there were some surprises as well, with Delaware, Maine, and New Jersey also joining the Census Bureau’s hot growth list. While the ability of many Americans to move to low-tax states and work from home played a large role in the population shift, other factors may have been at play as well. Meanwhile, rapid population expansion will pose challenges in many of these states as they cope with enlarging school systems, updating infrastructure, and preparing communities for the impact of extreme weather conditions. Our expert panel will explore these issues and what they may portend for state and local finances. William Glasgall Susan Wachter Philip D. Murphy Alex Adams Tom Doe Torsten Slok Dr. Shatakshee Dhongde State & Local Finance
Podcasts February 29, 2024 Special Briefing: State Tax Cuts With their revenues and cash reserves at record highs after unprecedented federal aid to offset the impact of COVID-19, dozens of states embarked on the biggest wave of tax cuts in decades, slashing levies by at least $124 billion on everything from personal income to groceries and gasoline. Join our next Special Briefing as the authors of the forthcoming Volcker Alliance issue paper, State Tax Cuts after the Pandemic: Strategies to Sustain Fiscal Health, and an expert panel discuss whether these reductions can be sustained as revenues have begun to weaken despite the strong US economy.  William Glasgall Susan Wachter Can Chen Alex Hathaway Geoffrey Buswick Natalie Cohen State & Local Finance
Podcasts January 25, 2024 Special Briefing: 2024 Fiscal Outlook for States and Cities For America’s states and municipalities, 2024 is likely to bring long-awaited relief from inflation and higher interest rates while presenting challenges—and not just because it’s a presidential election year. States, cities, and counties will have to contend with the imminent end of $350 billion in federal pandemic budget aid even as the revenue boom of recent years cools and the need for increased spending to ameliorate the risks of a changing climate put pressure on infrastructure spending. Join our panel of experts as they discuss strategies that state and local governments are adopting to meet these challenges. William Glasgall Susan Wachter Clarence Anthony Kim Norton Mark Ferrandino Eric Kim Mark Zandi State & Local Finance
Podcasts November 30, 2023 Special Briefing: Public Pensions - Still a Crisis? Many states, counties, and cities emerged from the COVID-19 pandemic and resulting recession with record cash reserves following the US government's injection of $5 trillion to revive the economy and prop up local government budgets. But even after the unprecedented federal support, states and municipalities have been left with more than $1.3 trillion in unfunded liabilities for public employee pension benefits that were promised but are not fully funded. Join our panel of experts as they discuss strategies that state and local governments are adopting to reduce this pension burden and whether they may have to reduce spending for education, infrastructure, and other critical public services to make room for increasing retirement contributions.Our panel of experts will include Liz Farmer, public finance journalist and co-host of the Public Money podcast; Vedanta Goenka, senior municipal strategist, Citigroup; Merl Hackbart, professor emeritus, Martin School of Public Policy and Administration, University of Kentucky; Shoaib Khan, director, New Jersey Treasury Division of Investment; Anthony Randazzo, executive director, Equable Institute; and Les Richmond, vice president and actuary, Build America Mutual. William Glasgall Susan Wachter Liz Farmer Vedanta Goenka Dr. Merl Hackbart Shoaib Khan Anthony Randazzo Les Richmond State & Local Finance
Podcasts November 30, 2023 Special Briefing: Public Pensions - Still a Crisis? Many states, counties, and cities emerged from the COVID-19 pandemic and resulting recession with record cash reserves following the US government's injection of $5 trillion to revive the economy and prop up local government budgets. But even after the unprecedented federal support, states and municipalities have been left with more than $1.3 trillion in unfunded liabilities for public employee pension benefits that were promised but are not fully funded. Join our panel of experts as they discuss strategies that state and local governments are adopting to reduce this pension burden and whether they may have to reduce spending for education, infrastructure, and other critical public services to make room for increasing retirement contributions. William Glasgall Susan Wachter State & Local Finance
Podcasts October 19, 2023 Special Briefing: Rolling Out the $1.2 Trillion Infrastructure Investment & Jobs Act—What’s Being Built and What’s in the Pipeline The Volcker Alliance and Penn Institute for Urban Research invite you to an online Special Briefing on how the rollout of the $1.2 trillion Infrastructure Investment and Jobs Act (IIJA) is proceeding. A critical part of legislation passed by Congress to combat the economic impact of the COVID-19 pandemic and enhance the durability and sustainability of the nation's infrastructure, the bipartisan deal promises thousands of new jobs and billions of dollars for roads, bridges, public transportation, water systems, and broadband access. Through July, the value of highway and bridge construction work was running 24 percent ahead of the 2020-2021 pace, American Road & Transportation Builders data show. But there are bottlenecks as well, and the process of applying for federal grants is confusing, especially for smaller governments. Our panel of experts will sort this out and explain where infrastructure construction is headed.  William Glasgall Susan Wachter Earl Blumenauer Dr. Alison Premo Black Leah Brooks Jessica Jennings Vikram Rai Samantha Silverberg State & Local Finance
Podcasts September 21, 2023 Special Briefing: Recession? Soft Landing? … Impact on States and Cities The Volcker Alliance and Penn Institute for Urban Research (Penn IUR) invite you to join an online Special Briefing focusing on whether Federal Reserve moves to slow inflation may result in a recession or soft landing in coming months and how states and localities may be impacted. William Glasgall Susan Wachter State & Local Finance
Podcasts July 27, 2023 Special Briefing: The Future of Mass Transportation as US Pandemic Aid Nears an End The Volcker Alliance and Penn Institute for Urban Research (Penn IUR) invite you to join an online Special Briefing on the outlook for mass transportation across the US amid waning federal pandemic emergency aid and lagging ridership as metropolitan area commuters continue to work from home. The Special Briefing will include a remembrance of our great friend and colleague, Richard Ravitch, the former New York State lieutenant governor, Metropolitan Transportation Authority chairman, Volcker Alliance director, and tireless advocate for fiscally sustainable state and local budgeting, who passed away on June 25.  State & Local Finance
Podcasts June 15, 2023 Special Briefing: The Debt Ceiling Deal and its Impact on the US Economy, States, and Municipalities The Volcker Alliance and Penn Institute for Urban Research hosted an online Special Briefing on fallout for the US economy, states, and municipalities from the recent deal to raise the federal debt ceiling.  William Glasgall Susan Wachter Matt Fabian Marcia Howard Annie Linskey Vikram Rai Torsten Slok State & Local Finance

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