For Immediate Release - April 25, 2013

Grossman Names Appointees to Debt Affordability Committee

Deep and Shapiro to Bring Expertise and Leadership to New Debt Review Panel

Treasurer Steven Grossman today announced that he has appointed Akash Deep, Professor of Finance at the Harvard Kennedy School, and Philip Shapiro, Chief Financial Officer of Babson College, to the new Massachusetts Capital Debt Affordability Committee.

“Akash and Phil’s extensive backgrounds in finance made them the clear choices for this Committee,” said Grossman. “Given the need to ensure the long-term fiscal stability of the Commonwealth, the Committee’s work is incredibly important, and these two individuals will bring their considerable knowledge and proven leadership to this comprehensive review process.”

The Capital Debt Affordability Committee was created last year as part of Chapter 165 of the Acts of 2012.  The Committee is comprised of seven voting members and is charged with studying the affordability of the state’s current and proposed debt levels.  This effort will include developing debt affordability metrics and using those metrics to compare Massachusetts against eleven other states.  The first meeting of the Committee is scheduled for tomorrow, April 26th, and the Committee is required under statute to produce a report to the Governor and General Court by September 10th of each year.

Akash Deep is a Senior Lecturer in Public Policy at Harvard’s Kennedy School of Government.  His expertise lies in financial risk management and derivatives, infrastructure project finance, and the management and regulation of banks and financial institutions.  Deep instructs in the degree and executive programs at the Kennedy School and has provided advice on bank restructuring and infrastructure financing to various governments and firms.  A resident of Boston, Deep holds a Ph.D in economics and a Masters in operations research from Yale University and a bachelors degree from the Indian Institute of Technology.

Philip Shapiro has been Chief Financial Officer of Babson College since 2005 and is responsible for the financial planning, budgeting, treasury, accounting, investment and purchasing functions of that institution.  Prior to joining Babson, he was a Managing Director in the Public Finance Department of Standard and Poor’s and also headed up the financing of the $4 billion Boston Harbor cleanup as CFO of the Massachusetts Water Resources Authority.  Chairman of the Board of Selectmen in his hometown of Westwood, Shapiro holds a B.A. degree from Amherst College, an M.Ed. from the University of Maine/Orono and an M.B.A. from Boston College.  

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