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Paul Rosenstiel

Chair, California Budget & Policy Center

Paul Rosenstiel’s career has focused on infrastructure finance, both as an investment banker and in government.  He retired from his position as a Managing Director at Stifel in 2015 after 28 years as an investment banker focused primarily on California infrastructure finance.  From 2007-09, he was Deputy Treasurer of the State of California. In that job, his primary responsibility was to manage debt issuance for the state and help develop infrastructure financing policy. He played a leading role in Treasurer Lockyer’s efforts to reform municipal bond ratings, to develop new approaches to financing infrastructure investment and to advocate for prudent and sustainable approaches to budgeting and cash management.

Mr. Rosenstiel is a gubernatorial appointee to the board of the California State Teachers’ Retirement System (CalSTRS), the second largest US public pension system.  In that role, helps oversee a nearly $200 billion investment portfolio, including a multi-billion dollar allocation to infrastructure.  

Mr. Rosenstiel has extensive government policy experience in addition to practical experience financing infrastructure.  Since 2011, he has been board chair of the California Budget and Policy Center, a research organization focused on budget matters as they affect low and moderate income Californians. He is a member of the Statewide Leadership Council of the Public Policy Institute of California.  From 2005-06, he served as Policy Director for the Steve Westly for Governor campaign.

Mr. Rosenstiel is a member of the Advisory Board of the Global Projects Center at Stanford University. 

He received his MBA from the Stanford Graduate School of Business.