SPOTLIGHTING WOMEN 2022
December 2022
Sheila Duffy
Executive Director
Burridge Center for Finance at the University of Colorado Boulder,
Leeds School of Business
Sheila Duffy serves as the Executive Director of the Burridge Center for Finance at University of Colorado Boulder, Leeds School of Business. Prior to joining the university, Sheila has a long career in finance spanning both the public and private sectors in the areas of investment management and capital markets. Most recently, she worked for PNC Bank’s Denver operations, where she was a Vice President in Institutional Asset Management; she has also held leadership positions at Public Trust Advisors, Forest City Enterprises and the New Mexico Treasury, among others. In 2022, Sheila served as the President of the Board of Directors for National Women in Public Finance, and she is an active mentor and speaker to younger finance professionals and those aspiring to enter the industry. She earned her BA in Administrative Services from Colby College and her MBA in Finance from New York University’s Stern School of Business.
What is the biggest hurdle you’ve had to overcome during your career to get to where you are today?
Just when you think your course is set, life will throw you a curveball, especially when juggling family and career. We could call this a series of hurdles or a series of unexpected opportunities, but the lesson is, don’t be rigid in your plan! I have had to learn to adapt quickly and have had to gain confidence that the finance and other skills I acquired along my journey are flexible and can be “rebranded” quite often with a few small tweaks or changes to jargon. I have honed my ability to adapt over the years until it has become my biggest asset, becoming a creative problem solver. When you’re a creative problem solver and see many paths to a solution, the hurdles aren’t daunting, just annoying speed bumps.
What advice would you offer to your younger self or other women embarking on a career in public finance?
Try to start with breadth of experiences and then narrow your focus. There are so many fascinating roles on a finance team and you want to remain flexible and seek a variety of ways to contribute early on. Volunteer! Be curious, be the person who raises your hand to try something new, be the team player who is willing to jump in to solve a problem. You never know what’s ahead, what fascinating people you’ll meet or help, and what knowledge you’ll gain by taking initiative and stretching beyond a defined role.
WPF thanks Sheila for serving as the President of the Board of Directors for 2022.
November 2022
Marina Scott
Treasurer
Salt Lake City, Utah
Marina Scott was born and raised behind the Iron Curtain in Vilnius, Lithuania. She graduated from a local university with a Master’s degree in library science, but a short stint in a Soviet library changed her mind about being a librarian in the USSR. Marina immigrated to the United States in 2000 and now resides in Salt Lake City. She was appointed as the Treasurer of Salt Lake City in 2013. Marina serves on the Executive Board of the Mountain Chapter of Women in Public Finance and served on the Board of Directors for National Women in Public Finance from 2018 to 2020. Her debut novel The Hunger Between Us, was recently published by Macmillan Publishers.
WPF thanks Marina for graciously lending her time this year to lead a discussion around ‘The Hunger Between Us’ for WPF’s Book Club.
October 2022
Nicole Conley
Managing Director
Siebert Williams Shank & Co. LLC
Nicole Conley joined Siebert Williams Shank & Co. LLC in 2020 as a Managing Director to expand and support issuer clients in the Austin-area MSA and K-12 school district market. Nicole has more than 20 years of financial management experience, amassing a breadth of knowledge from serving large and complex urban systems, including: the City Council of New York, New York City Department of Education, District of Columbia Public Schools, Fairfax County Public Schools and Atlanta Public Schools. Before joining Siebert Williams Shank & Co. LLC, she served as the Chief of Finance and Business and Operations Officer for the Austin Independent School District (“AISD”), where she was responsible for managing a nearly $3.5 billion budget and capital program, which included 129 school communities serving more than 80,000 students. While at AISD, she developed and secured voter approval for its first ever billion-dollar bond program and issued over $1.6 billion in tax-exempt and taxable bonds. Under her leadership, AISD earned its highest financial ratings and national accolades for budget presentation, financial reporting and transparency. In 2018, Nicole was appointed by the Speaker of the House to serve on the Texas Commission on Public School Finance, whose work culminated in an historic $11.6 billion investment into public education and property tax relief. She previously served on several investment boards including TexStar, an $8 billion investment pool for the state's local governments, and INVESTQ, a Retirement Plan cooperative for employees across the State of Texas. She is a recipient of the Council of Great City School's Bill Wise CFO Award for Innovation and Excellence and the Texas Association of Business Officials Champion for Education Award; the Austin Business Journal named her among its "Profiles in Power" and the Non-Profit CFO of the year. Nicole has a bachelor's degree from the University of Colorado at Boulder, a master's degree from the Robert J. Milano Graduate School of Management, and a certificate of Public Finance from Georgetown University. She holds SIE, Series 52, 53, 63 and 7 licenses and serves on the Boards of the Greater Austin Chamber, the Austin Area Research Organization and Mindpop.
What is the biggest hurdle you’ve had to overcome during your career to get to where you are today?
I know its cliché but knowing exactly how and when to use my voice now that I’ve earned my seat at the leadership table; and, reposition women in the finance industry. As a woman in a male-dominated industry, we are all most certainly aware of the level of effort it takes to obtain a seat at the leadership level; not to mention the tremendous performance standard we set for ourselves. We often feel pressure to perform flawlessly because we are more vulnerable to criticism as our actions and decisions are always under a higher level of scrutiny. And because of this, it can impede our ability to take risks, which is a requirement for change and innovation. But most importantly, women are so underrepresented in our industry, we have to be purposeful and intentional when you become a leader to create and change the conditions so that more women can obtain their seats at the table. Otherwise, we won’t see the change we hope and expect. Our male counterparts rarely operate with that intention – in fact, it’s often the converse. We all have our biases unfortunately and the advantage goes to those that more closely relate to our experiences. Therefore, as a woman leader of color, if I want to change the system towards more inclusive practices, I understand the importance of supporting woman at every level. No one is better suited to save us but us. Representation matters and we have to demonstrate the leadership behavior we want to see in our industry.
What advice would you offer to your younger self or other women embarking on a career in public finance?
Don’t shy away or back-off from opportunities you don’t fully understand. We have a way of talking ourselves out of opportunities due to perceived internal deficiencies, conflict and performance anxiety. We have to be the first one to love our own ideas and internal genius. Brag on yourself sometimes. It may seem arrogant or egotistical at first but even if you do, for most women, it will never be enough to reflect your true value-add. Once we recognize the value in our own voice and make it known, others will too.
September 2022
Carol Polumbo
Partner
McCall, Parkhurst & Horton L.L.P.
Carol is a Partner in the Austin office of McCall, Parkhurst & Horton L.L.P. ("McCall") and served as the firm’s first female managing partner from 2013 to 2021. Carol has over 37 years of experience in public finance. Carol established McCall's public finance practice in the Austin and Central Texas area beginning in 1990 and, as a result, developed client relationships and worked with virtually all clients currently serviced out of the firm's Austin office.
During her career at McCall, Carol has worked on over 1,400 transactions totaling over $40 billion. She has served as bond counsel on several innovative financings, including: privatized student housing for Texas State University System; the Dell Diamond Convention Center/Multi-Purpose Facility for the City of Round Rock, Texas; the Cedar Park Event Center; and the San Marcos Conference Center. Carol also served as bond counsel in connection with the State of Texas’ first transportation private activity bonds issued in connection with long-term public private toll road concession agreements.
Her experience includes serving as bond counsel on, among many other financings: (i) the $5 billion Mobility Fund Bond issuance, (ii) a $2.2 billion financing for certain Central Texas toll roads, and (iii) the $2.9 billion issuance to finance a 5-segment outer loop around the Houston metropolitan area. Carol has worked on all public private toll concession transactions in Texas to-date, including the first ever in the State.
Before joining McCall, Carol worked as the Assistant Chief of the Public Finance Section of the Texas Attorney General’s Office, where she was responsible for reviewing and approving all types of governmental obligations issued in the State as well as serving as counsel for several state agencies responsible for issuing bonds. She began her career in 1985 as an associate attorney with Reynolds, White, Allen & Cook in Houston before working for the Texas Attorney General’s Office.
Carol is a member of the National Association of Bond Lawyer and is a Regular Fellow, and currently serves on the Board, of the American College of Bond Counsel. She served as Chair of the Downtown Austin Alliance and as former Co-Chair of the Texas Bond Buyer Conference. Carol frequently presents at various industry conferences and events.
What is the biggest hurdle you’ve had to overcome during your career to get to where you are today?
As a young female starting out in public finance 32+ years ago, my biggest hurdles were (i) finding ways to distinguish myself from other more experienced and established, and at that time mostly male, counterparts, and (ii) satisfying large existing firm clients while striving to meet my personal goal, as the solo practicing attorney in the satellite office, of building a thriving client base in what was at the time a relatively new satellite office. Thankfully, our office now services hundreds of clients and helps sustain six partners, one associate and growing. Unfortunately, there is no short cut, growing our client base and our local bandwidth took time, hard work/extra hours, patience and confidence from myself and my colleagues and great mentors. Finding ways to go the extra mile for clients, being a great working group team member, providing as much service and attention to detail on the small transactions as the large and anticipating issues/needs of clients go a long way in building client/colleague respect and referrals.
What advice would you offer to your younger self or other women embarking on a career in public finance?
Public finance is a great career choice. For the most part I have found the professionals in our industry very collegial, knowledgeable and hard working. Better yet you are working on important projects that benefit the public. Enjoying what you do makes a huge difference.
As far as advice, a few thoughts. Don’t be afraid to step outside your comfort zone. Some of my biggest growth opportunities resulted from stepping outside the box. You might find a niche you like and are really good at that you might not otherwise have experienced.
Also, self-care is very important. Planning and taking time off for yourself and your family is important to the longevity of your career and to avoid burn out. With remote work and many clients expecting instantaneous responses and results it gets harder to unplug but it is important to do so from time to time.
If you are just starting your career, remember your skills that got you to this point are important and translate well into the public finance industry: hard work, attention to detail, garnering respect while respecting others, team work, exhibiting leadership skills, mentoring others, etc.
August 2022
Teri Guarnaccia
Partner
Ballard Spahr LLP
Teri is a partner in the Public Finance Department at Ballard Spahr LLP; she also serves as the Practice Co-Leader of the firm's Public Finance Group and Co-Leader of the firm's Municipal Securities Regulation and Enforcement Team. She is also the immediate Past-President of the National Association of Bond Lawyers, having served as President from 2020 to 2021, the 10th woman to serve in that capacity. Having served as underwriter’s counsel, borrower’s counsel and bond counsel, Teri has experience with a wide range of financing structures. She is specifically known for her work on real estate financing transactions, including representation of large institutional lenders. Teri is a former editor of the Federal Securities Laws of Municipal Bonds Deskbook. Her other accomplishments include being selected in 2013, 2011, and 2007 as one of Maryland's "Top 100 Women" by The Daily Record, identifying her as one of the area's leading women who have achieved professional success and are making an impact through their leadership, community service, and mentoring; and receiving the 2009 Leadership in Law award from The Daily Record (Maryland), in recognition of her dedication of time and energy for the betterment of the profession, and of her role in mentoring future professional and community leaders. Teri is a current board member of the Eastern Associations of College and University Business Officers (EACUBO) and has previously served on the board of The Baltimore Station, The Baltimore Freedom Academy and Baltimore Community Lending. She is a graduate of Tulane University and Cornell Law School.
What advice would you offer to your younger self or other women embarking on a career in public finance?
Be the person who asks questions when you don’t know something and the person who answers them kindly when you do.
July 2022
Genevieve Jopanda
Chief of Staff to Treasurer Fiona Ma
State of California
Genevieve currently serves as the Chief of Staff to California State Treasurer Fiona Ma. With her 20 years of business operations experience with expertise in leadership and organizational development, Genevieve has had an immediate impact as Chief of Staff serving as the liaison between senior leaders and staff and overseeing the daily operations of numerous state programs and divisions. The State of California is the world’s fifth-largest economy, with the State Treasurer’s Office processing more than $2 trillion in transactions within a typical year. Genevieve has been providing strategic and thoughtful leadership to those within the State Treasurer’s Office by increasing efficiencies into existing operations. She has also been a significant advocate for women within public finance.
Genevieve began her political career as a District Liaison to Speaker Pro Tempore Fiona Ma in 2010, serving as liaison to Northern San Mateo County. She has served on the Daly City Parks and Recreation Commission, as former National Co-Chair of KAYA: Filipino Americans for Progress, and is a founding member of Filipinos for Obama, which became the grassroots model using the strength of affinity groups nationwide. She is most recently the Chair Emeritus of the Filipino American Caucus of the California Democratic Party and is also a recipient of the Filipina Women’s Network Global 100 Most Influential Filipina Award.
Her previous positions consist of serving as Customer Service Training Supervisor for the San Francisco Chronicle, where she implemented training reform to accommodate the diverse learning speeds of new hires; as South Bay Operations Director for the Hertz Corporation, managing seven off-airport locations leading the lowest performing region to be the eighth most profitable region in the nation; as Northern California General Manager for Zipcar, Inc., leading the most competitive region in the United States to profitability; as Programs, Events and Marketing Director for the Palo Alto Chamber of Commerce; and as the first Executive Director of San Francisco B Free Campaign public health awareness program, leading the largest and most aggressive Hep B screening project in the country funded by the U.S. Centers for Disease Control.
Genevieve has been feeding her passion for community advocacy at a very young age and continues to do so by volunteering with a focus on anti-domestic violence awareness, Filipino WWII Veterans advocacy, and mentoring at risk youth through college-career transitioning. She is currently the Co-Chair of the Deputy Treasurers and Chief of Staff Committee of the National Association of State Treasurers. Genevieve was born and raised in the San Francisco Bay Area and currently splits her time between Sacramento and San Francisco with her dog, Marley Duke.
What is the biggest hurdle you’ve had to overcome during your career to get to where you are today?
The biggest hurdle I have had to overcome is myself. Imposter syndrome is real, and even writing this response and accepting this feature makes me feel guilty. We need to stop self-editing and feeling like a fraud when we are offered a higher position, an award or recognition, or even given a compliment. I surround myself with great mentors and sponsors who remind me of my value. That has been my fuel and at times helped convince myself that I am worthy of whatever it is I am trying to convince I am not worthy of.
What advice would you offer to your younger self or other women embarking on a career in public finance?
I would offer 2 pieces of advice:
1. Don’t give people a reason to leave you out: In a career in public finance or in any career, your competitors will find reasons to exclude you to advance past you. Outsmart them. Be an even better expert than they are. Knowledge and skill are so powerful and they say that education is the biggest neutralizer. The right people will notice. If they don’t, then go somewhere else where you will feel and be seen.
2. Don’t give people a reason to say anything bad about you: Despite how difficult the situation can be, always carry yourself with class and sophistication. People are more likely to remember you for how you reacted and handled yourself over what happened to you. Always be above it.
Together, outsmarting and upskilling coupled with strong emotional intelligence is lethal to your competitors.
June 2022
Jennifer Fredericks
Director of Business Development
Ice Miller LLP
Jennifer is the Director of Business Development for Ice Miller, supporting national sales initiatives with a focus on the needs of public clients across the firm in practice areas such as traditional public finance, P3, housing, higher education, healthcare, cyber and cannabis. On the conference circuit as well as through social media, Jennifer can be found making connections around the country to expand the network of Ice Miller partners and matching the needs of clients and intermediaries with the depth of experience Ice Miller offers.
Prior to joining Ice Miller in August 2021, she was a Vice President of Business Development at BNY Mellon, where she led corporate trust business development efforts for the public finance sector in the Midwest and Northeast. She previously served as Regional President and Vice President of product program and retail operations for the Girl Scouts of Greater Chicago and Northwest Indiana. Previously, Jennifer worked in corporate escrow and commercial paper as an Assistant Vice President in JPMorgan Chase’s Worldwide Security Services Group.
Jennifer currently serves as Vice President of Conference and board member of national Women in Public Finance and the Miller Community Fund. She is a prior board member of Chicago Women in Public Finance and previously was the Chair of BNY Mellon’s Women’s Initiative Network. Jennifer also knits for several charitable organizations in need of hats, gloves and scarves, such as Knots of Love and Indiana Youth Group. Jennifer is also a member of Northeast Women in Public Finance, and was recognized as a 2021 Trailblazer, honoring women in public finance who are helping to define a new generation of leaders.
She is also an adjunct professor at her alma mater, Calumet College of Saint Joseph, where she graduated with a Bachelor of Science. She earned her Master of Business Administration from Purdue University.
What is the biggest hurdle you’ve had to overcome during your career to get to where you are today?
I did not grow up in a family where college was the next logical step after high school, so much of my college experience was nights and weekends “catching up” with degrees required for the jobs I already had. By the time I earned each degree it never seemed something to celebrate as I felt I was behind. Through generous mentors and sponsors I found my way and eventually discovered the perfect role to maximize my network and abilities. Since then, I have also found my voice and do my best to speak up for nontraditional students and people finding their way in public finance… I will always use my network to help others find their next step.
What advice would you offer to your younger self or other women embarking on a career in public finance?
Be confident in what you know and be clear in what you do not know. There is always something to learn in public finance and being curious is the key to success… curious about deal structures, people and parts of public finance outside your wheelhouse. Make time for people with more experience than you and bring people into the room who have less experience than you. Public finance is a careful balance of learning, teaching and collaborating to bring the most brilliant minds and ideas together to solve challenges for communities. Public finance is one of the most impactful ways to change the world.
WPF thanks Jennifer for her enthusiasm in supporting women in our industry in so many different ways and for all of her valuable contributions to our organization.
May 2022
Natalie Jaresko
Former Executive Director
Financial Oversight and Management Board for Puerto Rico
On December 4, 2014, Natalie Jaresko received a Ukrainian passport and was sworn in as the first female finance minister of Ukraine.
Ukraine had recently been invaded by Russia, and it was struggling with a collapsing economy and a debt load that was impossible to repay. Ukraine needed to restructure the debt, build an army to defend itself against a nuclear power, and balance its budget. It was a monumental task: 7% of the territory was occupied and 20% of the GDP had been destroyed.
Natalie sat at the table with heavyweights like Christine Lagarde, the head of the IMF at the time; Joe Biden, then Vice President of the U.S., and Angela Merkel, then German Chancellor, to negotiate a way forward for Ukraine.
She led the successful negotiation and implementation of a $40 billion balance of payments package, including the largest IMF program in the institution's history at the time.
She reduced the budget deficits while securing the funds to build a successful military that keeps defending Ukraine today, in addition to restructuring Ukraine's $18 billion of privately held government debt at a 20% haircut negotiated with some of the largest and toughest investors on Wall Street.
Natalie returned to the U.S. in 2017 to become executive director of the Financial Oversight and Management Board for Puerto Rico. After decades of fiscal challenges, economic decline, and a dramatically shrinking population, Puerto Rico found itself with almost $130 billion of liabilities and unfunded pension obligations, which was unsustainable.
Congress created a legal path for Puerto Rico to restructure its debt, and created an Oversight Board with two mandates: (i) restore Puerto Rico's access to capital markets, and (ii) help achieve fiscal responsibility.
The seven Oversight Board members needed, as Chairman David Skeel likes to put it, a “quarterback” to ensure the legal mandates were fulfilled: “Smart, tireless, and creative,” Skeel said. Natalie Jaresko is all that.
In Puerto Rico, Natalie led the largest public sector bankruptcy in U.S. history, broke more than a decades-long cycle of deficit spending, and again forced budgetary transparency.
For Natalie, Puerto Rico was an opportunity to show what government can do for its people. She ensured balanced budgets while increasing funding for health and public safety.
She led negotiations with creditors that reduced $72 billion of debt to $34 billion, and she made sure a debt management policy existed to avoid the practices of the past. The agreement with creditors for the government debt alone, now confirmed by the U.S. District court and fully effective, provided fair payouts for creditors while saving Puerto Rico more than $50 billion in debt service.
Ending the Puerto Rico government's bankruptcy will allow the economy to grow and the people to prosper.
WPF thanks Natalie Jaresko for generously taking the time to share her inspirational story at our 2021 annual conference in Chicago.