WASHINGTON — A new office at the U.S. Treasury Department will focus on state and local finance issues, including distressed municipalities and their management of pension and other unfunded liabilities.

Current JPMorgan managing director Kent Hiteshew will be the first to helm the Office of State and Local Finance when he takes it over in mid-May. He will report to Treasury Assistant Secretary for Financial Markets Matthew Rutherford, according to a story first reported by the Wall Street Journal and confirmed by The Bond Buyer.

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