Richard Ravitch Public Finance Initiative

The Richard Ravitch Public Finance Initiative seeks to catalyze federal action to improve state and local budget practices that present looming risks to the federal system and economy.

The Richard Ravitch Public Finance Initiative is inspired by the late Mr. Ravitch’s profound and indelible contributions to public service, and informed by his unmatched public finance expertise. This initiative will continue to uphold his tremendous legacy and unparalleled commitment to sound budgeting, transparent financing, and fiscal sustainability.

Goals of the Initiative

The central goals of the Richard Ravitch Public Finance Initiative are twofold: (1) encourage implementation of effective federal strategies and actions to promote sustainable fiscal practices at all levels of government; and (2) train and educate Congressional and Executive Branch leaders about the imperative of heightened oversight of state and local budgets and finances. The initiative will play a key role in catalyzing federal action to improve state and local budget practices that present looming risks to the federal system and economy.

Issue Paper: Sustainable State and Local Budgeting and Borrowing

To anchor the Richard Ravitch Public Finance Initiative's efforts to prevent and ameliorate state and local fiscal crises, the Volcker Alliance commissioned an issue paper to frame key issues in a historical context.

Read the Issue Paper

Launch Symposium

To officially launch the initiative, the Volcker Alliance hosted an invite-only symposium on January 12, 2023 in Washington, DC. The symposium brought together members of Congress, senior Treasury and Federal Reserve officials, state and local leaders, public finance experts, and municipal market participants to identify pressing state and local finance risks, and explore feasible, federally-driven policy solutions.

This event was held in partnership with Milken Institute, National Academy of Public Administration, Penn Institute for Urban Research, and the Pew Charitable Trusts.

Learn More About the Symposium

The Richard Ravitch Public Finance Initiative is made possible with generous support from the late Volcker Alliance Director Richard Ravitch and the Volcker Family Foundation.