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Girard Miller

Girard Miller

Contributor

Girard Miller retired in January 2026 as Governing’s finance columnist, having contribued some 200 biweekly columns after five years of monthly commentary for his “Benefits Beat” series. He expects to continue submitting occasional guest commentaries.

Miller was formerly an investment and public finance professional, and the author of numerous professional publications including the 2019 book “Enlightened Public Finance.” His professional career spanned 45 years of leadership in public finance and investments, which included the presidency of two national mutual funds. He has sponsored collegiate scholarships in his field for 25 years. Now residing in southern California, he can be contacted through LinkedIn.

If stocks keep declining, the outlook for pension obligation bonds improves. State and local financial teams should prepare now for a cyclical opportunity.
Recent investment losses have highlighted provisions that are missing from most municipal money management contracts: full disclosure of the downside and stronger risk controls.
Mass shootings are costing governments, schools and families billions. Those who sell, buy and harbor AR-15-style firearms and other pseudo-military killing machines should bear the financial burden.
Rising interest rates have triggered substantial market losses from Golden State treasurers’ untimely investments of idle cash. It’s time for reforms wherever similar portfolios are now bleeding red ink.
If autocracy is moving the world toward deglobalization, geopolitical investment principles should complement environmental, social and governance factors. There’s a lot for pension boards and investment managers to keep in mind.
With the Federal Reserve raising interest rates, the yields on money market funds, state investment pools and bank accounts lag the payouts on safe securities. Staff needs to do its upside/downside homework.
Government workers are going to press for wage increases that — at a minimum — catch them up to rising prices. Budgeters and labor negotiators need to be careful not to lock in terms that put them in a fiscal squeeze in the future.
The White House has taken the first step. It’s time for our governments at every level to underwrite a public-private “solidarity bridge” to host many more: up to a million refugees and wartime orphans.
Many want to sanction Putin and Co. at every turn, but it’s a mistake to move too quickly. Pension funds actually don’t hold that much in Russian assets, and they're sitting ducks for crafty, amoral traders.
Legalized online wagering is already hauling in substantial state revenue, but additional taxation will need a uniform, multistate approach that might also take in “gamified” financial trading. And it’s time to do a better accounting of the growing social costs.