Thomas G. Doe

Municipal Market Analytics (MMA) is an independent research firm based in Concord, Massachusetts, founded in 1995. MMA’s core business is to provide strategic analysis and commentary on historical and quantitative conditions of the US municipal market. MMA, in 2012, introduced its Portfolio Credit Benchmark (PCB), an enterprise risk solution for bank portfolios to meet their regulatory needs pertaining to the credit review of municipal bonds. Since its inception, MMA has conducted nearly 1000 bank portfolio reviews that have successfully passed regulatory examinations. In addition, MMA’s consulting practice has continued to expand. The firm’s consulting clients include investment banks, insurance companies, law firms, investors, hedge funds and foundations. MMA’s engagements have covered a wide variety of important issues including: − default and loss analysis on portfolios of municipal bonds; analysis of various states’ budget practices and trends; new business analysis for entrants into municipal market; development of a screening methodology to prioritize municipal holdings for review; risk management analysis to guide policy on capital requirements; liquidity analysis of municipal bond holdings; white-papers on risks and opportunities of specific products and retainer relationships to provide analytical insights on a variety of issues and credits.Over 300 organizations receive MMA’s research reports, and they value the firm’s honest and timely perspective on key industry issues. MMA’s clients include leading investment firms, banks, security dealers, financial advisors, issuers and regulators. MMA also maintains relationships with staff members at a number of influential organizations including: Securities Exchange Commission, Federal Reserve Board, National Governors Association, Government Finance Officers Association, National Federation of Municipal Analysts, Council of Economic Advisers, Government Accounting Standards Board, and Securities Industry and Financial Markets Association.Throughout his career, Mr. Doe has addressed all the leading groups in the municipal industry, as well as serving as a resource to the broad array of financial media. His insight, integrity, candor, historical context and vision are sought to establish a clear perspective of current conditions impacting investors and issuers in the municipal cash and derivative markets. Currently, Mr. Doe’s focus has been on innovative means to generate new revenue for states and cities. Subjects have included transportation, specifically autonomous vehicles, the vehicle miles travelled tax, drone and air space regulation, water and marijuana legalization.Most notably, Mr. Doe has testified before the Senate Banking Committee on the future of municipal regulation and the state of the industry and appeared before the Securities Exchange Commission (SEC) to provide insight on the market’s stability and liquidity. Most memorably he represented the industry in a CNBC interview in January 2011 to accurately define imminent market credit risks in response to Meredith Whitney’s dire municipal default projection. Mr. Doe has addressed the Municipal Division of the SEC, and has been a featured speaker at Build America Mutual Leadership Conferences, Philadelphia Council of Business Economics, Municipal Bond Buyer’s Annual Conference, Bond Dealers of America National Summit, and Security Industry and Financial Markets Association Municipal Summit. In addition, Mr. Doe had the honor of addressing the National Governors Association’s winter meeting regarding the state of public finance on two separate occasions, as well as keynoting or serving as a panelist at National Association of Bond Lawyers, Government Finance Officers Association, National Association of State Treasurers and Federal Deposit Insurance Corporation conferences.Between 2002 and 2005, Mr. Doe served a 3-year term as a public member on the Municipal Securities Rulemaking Board (MSRB), the regulatory entity of the municipal securities industry. Mr. Doe received his undergraduate degree from Colgate University in 1980 and a Master’s from Harvard University in 1984.