Build America Mutual (BAM), the first mutual insurer of US municipal bonds, today announced that Richard Ravitch has resigned from its board of directors, effective immediately, to devote more time to his growing public service responsibilities.
“Last week, the Governor of Puerto Rico asked me to be his representative on the Federal Oversight Board assisting the Commonwealth in managing its financial crisis. In order to avoid any appearance of conflict as I take this difficult and complex task, I am resigning from the Board of Directors of BAM, effective immediately,” Mr. Ravitch said. “It has been an honor to work with the men and women of BAM, and I wish them the best of luck in the future.”
Mr. Ravitch is an expert in municipal finance and executed successful fiscal turnarounds as the Chairman of the New York State Urban Development Corp. and, later, as Chairman of the New York Metropolitan Transportation Authority. More recently, he served as Lieutenant Governor of New York and co-chaired the State Fiscal Crisis Task Force with former Federal Reserve Board Chairman Paul Volcker. Mr. Ravitch has been a member of BAM’s Board since the company’s launch in July 2012, representing the issuer-members who utilize BAM insurance to save money on their debt-service costs.
“Dick’s insight into the competing political and fiscal pressures facing public officials in today’s economic and fiscal landscape is unmatched, and he’s been generous in sharing that perspective as we crafted the conservative underwriting standards and risk management structures that are the foundation of BAM’s insured portfolio,” said BAM Chairman Robert Cochran.
“Dick Ravitch has been a trusted advisor as BAM grew from a startup into the most active guarantor of new-issue municipal bonds in the country,” said BAM Chief Executive Officer Seán McCarthy. “We have appreciated and benefitted from his guidance, counsel, and perspective on the municipal bond market.”
BAM’s board of directors will select Mr. Ravitch’s successor.
About Build America Mutual
Build America Mutual improves municipal bond liquidity and market access for issuers by providing municipal bondholders with an unconditional, irrevocable guaranty that principal and interest will be paid on schedule. As a mutual insurer, BAM is operated for the benefit of its members – which are, exclusively, the U.S. cities, counties, towns, and other public-sector entities that use BAM’s financial guaranty to lower their cost of borrowing. BAM is sponsored by the National League of Cities. Through September 1, BAM has written more than 3,700 policies, insuring more than $31 billion of municipal securities. Learn more at: http://buildamerica.com/mission/
For more information, please contact:
Michael Stanton, Head of Corporate Strategy and Communications 212-235-2575; firstname.lastname@example.org