The rate of construction cost inflation peaked at high levels in 2022 and 2023, by some measures exceeding 20% on a 12-month trailing basis. After declining to a low point in 2024, it is now on an upward trajectory once again. This poses a dilemma for public sector issuers: should an issuer postpone construction plans and accompanying bonding in anticipation of another lull in construction inflation, or should it fund construction through long-term bonding or a bridge financi

ENERGY POLICY PERSPECTIVES: VOL. 21 Yesterday, PJM’s Board outlined its new framework under the Critical Issue Fast Path (CIFP) accelerated stakeholder process to address resource adequacy and large-load growth issues, which it expects to formally submit to the Federal Regulatory Commission (FERC) by the end of July. We believe the framework can be reduced to four functions: 1) measure large load additions; 2) contract new supply; 3) curtail unsupported load when necessary; a

Energy Policy Perspectives: Vol. 20 After last week’s 2028/2029 Base Residual Auction (BRA) results, PJM has failed to hit its reliability targets for three consecutive delivery years. This has drawn the ire of customers, utilities, businesses and the Trump Administration with the Federal Energy Regulatory Commission (FERC) expected to hold a conference tomorrow (July 23rd) to evaluate the best path forward for PJM. While some are calling PJM “broken” or “too big to function”

Energy Policy Perspectives: Vol. 19 Yesterday, the U.S. Department of Energy’s Office of Energy Dominance Financing (DOE EDF; formerly the Loans Programs Office) issued a conditional loan commitment to finance $17.5 billion worth of American Nuclear Supply Chain Loans aimed to support the procurement of long-lead nuclear components for up to five eligible projects/ten large-scale nuclear reactors. We view this as a constructive announcement, as it targets a true binding const

Transaction led by Siebert Williams Shank funds enhanced infrastructure improvements for public safety, streets, parks, & library CORPUS CHRISTI, TX, June 18, 2026 – The City of Corpus Christi has secured $115 million in funding to support a range of community improvements, including upgrades to public safety services, streets, parks and recreation facilities, and library improvements through the issuance of the General Improvement Bonds, Series 2026 transaction that price

Suzanne Shank Shares Inspirational Message to Graduates Before Crowd of 19,000 at Barclays Center City University of New York (CUNY) Chancellor Felix V. Matos Rodriguez, together with Baruch College President S. David Wu, have conferred an honorary PhD on Wall Street CEO Suzanne Shank at the college’s 60th annual graduation ceremony. The event, which took place June 1 at the Barclays Center in Brooklyn, New York, honored both Shank and Chipotle Mexican Grill founder and CEO

Recently Led Over $2.1 Billion in East Bay Transactions Oakland, CA – Siebert Williams Shank & Co. (SWS), an Oakland-based independent non-bank financial services firm that offers investment banking, sales and trading, research and advisory services, is marking its 30th anniversary in 2026. The firm, having completed almost $6.7 trillion in financings for municipal and corporate issuers nationwide has transacted business on behalf of over 500 corporate clients throughout its

Energy Policy Perspectives Vol. 18 - April 29, 2026 Our views are mixed on the package of Presidential Determinations targeting five “energy areas” issued by President Trump last week. They covered: 1) grid infrastructure, equipment, and supply chain capacity; 2) development, manufacturing and deployment of large-scale energy and energy related infrastructure; 3) natural gas transmission, processing, storage and liquefied natural gas capacity; 4) domestic petroleum production

Energy Policy Perspectives Vol. 17 - March 24, 2026 At an energy conference yesterday, DOE Secretary Chris Wright announced that the U.S. DOE is on track to have three next-generation nuclear reactor pilot projects reach criticality by July 4 th . This target reflects the Trump Administration’s effort to revitalize the nuclear generation industry via a series of executive orders (EOs) amid rapidly rising power demand from AI/data centers. Criticality is a physics milestone at

Energy Policy Perspectives Vol. 16 - March 20, 2026 Attacks in the Middle East continue to escalate, raising the near and intermediate-term stakes of the Iran war. On Wednesday, Israel hit the key South Pars natural gas field while Iran retaliated with an attack on the Qatari Jas Laffar LNG plant that provides roughly 20% of global LNG deliveries, causing extensive damage and driving a spike in European natural gas prices. Brent crude oil prices briefly spiked intra-day on T

Energy Policy Perspectives Vol. 15 - March 12, 2026 The Trump administration is pursuing multiple policy initiatives to prevent a major spike in crude oil prices, which peaked Monday at nearly $120/bbl, following the disruption of shipping through the Strait of Hormuz, which handles roughly 20% of the global oil trade. To soften the supply shock, the administration’s focus is on preventing the shutdown of shipping of crude oil through the Strait of Hormuz and preventing phys

Energy Policy Perspectives Vol. 14 - March 6, 2026 The Trump administration released the Ratepayer Protection Pledge Proclamation on March 4th. The voluntary agreement signed by Google, Microsoft, Amazon, Meta, Oracle, OpenAI, and xAI aims to prevent the expansion of AI data centers from increasing residential and small commercial electricity bills. The Pledge “requires” participating companies to cover the full cost of the incremental generation and grid infrastructure for t

Energy Policy Perspectives Vol. 13 - February 23, 2026 Earlier this month, President Trump issued a new Executive Order (EO): “ Strengthening United States National Defense with America’s Beautiful Clean Coal Power Generation Fleet ”. We believe this EO will indeed temporarily slow coal retirements and preserve dispatchable capacity during this period of rapid load growth and infrastructure constraints by providing financial support to many coal plants, some of which had bee

New Managing Director & Head of Midwest Region to be Based in Chicago Office Chicago, IL – February 17, 2026 – Siebert Williams Shank & Co. (SWS) continues to bolster its position in the municipal finance markets for 2026 with the addition of Eric Avila, who brings 20 years of public finance experience, primarily serving clients throughout the Midwest Region. He joins the firm as Managing Director and Head of Midwest Region. Eric Avila joins Siebert Williams Shank’s Chicago

The Rev. Jesse Jackson stood as a beacon of hope, resilience, and unwavering commitment to justice for the least amongst us. Throughout decades of tireless advocacy, he championed the rights of the marginalized, uplifted voices too often ignored, and inspired countless individuals to pursue a more equitable world. As a civil rights leader, Jackson’s actions have sparked meaningful change—bridging divides, promoting dialogue, and leading with compassion and courage. His legacy

Top Ranked for 2025 in Airports, Transportation, Higher-Ed & Water Sewer Infrastructure Financings Capital Markets Team Raises $400 Billion for Major Corporate-Financial Clients New York, NY – In a year marked by volatility and resilience, Siebert Williams Shank & Co. (SWS) achieved record-setting deal-based milestones for both corporate and municipal clients, placing it among the top tier of key industry rankings. An independent non-bank financial services firm that offers

New York, NY — January 14, 2026 — DiAnne Calabrisotto, Chief Operating Officer of Siebert Williams Shank & Co., LLC (SWS), has been elected to the New York seat on the Financial Industry Regulatory Authority’s (FINRA) Small Firm Advisory Committee (SFAC). FINRA’s small firms in the New York region elected Calabrisotto as their representative on the committee, with a three-year term to begin January 1, 2026. She is currently a FINRA District 10 Regional Committee member. D

Public finance industry spotlights top innovative 2025 bond transactions: JFK International Airport Terminal 6, John Glenn Columbus International Airport, & State of Wisconsin Refunding New York, NY — December 3, 2025 — Three Siebert Williams Shank & Co. (SWS) clients have been honored with the Bond Buyer’s 2025 Deal of the Year designation, a prestigious annual honor recognizing outstanding achievements in municipal finance across the country. SWS clients earned top honors

Energy Policy Perspectives Vol. 12 - November 26, 2025 Project Genesis. On Monday, President Trump issued a new Executive Order (EO): “Launching the Genesis Mission.” The new program, to be managed by the Department of Energy intends to launch a Manhattan Project type effort through a new “American Science and Security Platform” (ASSP) to coordinate government agency, academic, and corporate artificial intelligence research. The project intends to make U.S. government data a