The University launched a new center on Oct. 29 aiming to train students to raise capital to fund public works projects.
The new initiative, called the Center on Municipal Capital Markets, joined the LBJ School of Public Affairs, according to a press release. It will teach graduate students about the process of issuing bonds to finance and build public infrastructure, such as roads, bridges, telecommunications and water systems, Center Director Martin Luby said. As part of the training, students will also advise professionals, such as financial advisors and law firms, about how to complete these transactions.
Luby, an associate professor of public affairs, said public infrastructure has decayed over the past few decades. However, under President Joe Biden’s Bipartisan Infrastructure Deal, which invested trillions in transportation and infrastructure nationwide, physical infrastructure received substantial investments. The center will continue that momentum, Luby said.
“Physical infrastructure is really important (because of) the way we provide government goods and services,” Luby said. “All of this has an impact not only on the economic growth of the country but also on our standard of living, productivity (and) quality of life.”
As part of its academic opportunities, the Center will offer a Dean’s Certificate in State and Local Finance that will teach graduate students about municipal finance, and it plans to launch another certificate for non-degree-seeking students in the future as well. The center will also offer a Government Finance Rotational Fellowship next year where students will help different organizations raise money for their public works projects.
UT alumnus Jose Silva Jr. said he helped Luby determine the public finance lessons to include in the center based on what benefited him during his time at the University.
“If we get more people educated in this space, not only will we be able to offer more professional services to Texas, but to the entire country,” Silva said. “Not only will UT students benefit, the entire state of Texas will benefit (including) local government, cities (and) ISDs. It’s a great step forward for public finance in the state.”
Evan Wolstencroft, a master’s student in public affairs, currently works at Texas Rural Funders, a nonprofit that connects rural communities to funding opportunities. He said the center will teach students how to finance the change they wish to see in their surroundings.
“We need some stream of revenue to fund the people and the programs that go out and serve our community,” Wolstencroft said. “(The public sector needs) revenues to maintain our roads, to invest in our communities, to provide human and social services. The question of … how we leverage these (financial) streams to offer the things that we want (for) our neighbors is key.”
Luby said the center will expand its opportunities to undergraduate students once the school launches its bachelor’s in public affairs program next year. He said he looks forward to training the next generation of public finance professionals under the center.
“In 10 years, (I hope) you can look back at the people (who) have leadership positions in capital markets and government finance (and that they) are graduates of our school,” Luby said.
