Treasurer Steven Grossman appointed Harvard Kennedy School finance professor Akash Deep and Babson College chief financial officer Philip Shapiro to the new Massachusetts capital debt affordability committee.

"Akash and Phil's extensive backgrounds in finance made them the clear choices for this Committee," Grossman said in a statement.

The panel, which Massachusetts created last year, consists 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 and using metrics to compare Massachusetts against eleven other states.

The committee met last week and must file a report with Gov. Deval Patrick and the legislature by Sept. 10 of each year.

Deep is a senior lecturer in public policy at Harvard's John F. Kennedy School of Government. According to Grossman, his expertise lies in financial risk management and derivatives, infrastructure project finance, and the management and regulation of banks and financial institutions.

Shapiro, Babson's CFO since 2005, is responsible for the financial planning, budgeting, treasury, accounting, investment and purchasing functions of that institution. Previously, he was a managing director in the public finance department of Standard & Poor's and also coordinated the financing of the $4 billion Boston Harbor cleanup as CFO of the Massachusetts Water Resources Authority.

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