Doreen M. Frasca, a pioneer in the municipal finance industry, died on Sept. 16 after a long battle with cancer. She was 68.
A 45-year Wall Street veteran, she achieved national prominence as an expert in advising governments on capital development at airports.
Ms. Frasca was also one of the earliest champions of public-private partnerships, where she saw her role as protecting governmental owners by ensuring that risks and rewards were apportioned equitably. She was a strong advocate for her clients throughout her career and for achieving the best results for the public.
"Doreen was a pioneer in our industry — a successful woman who broke many a glass ceiling and brought others along with her," said former Municipal Forum of New York President Marian Zucker, U.S. public finance sector lead on housing at S&P Global Ratings. "Doreen paired expertise and drive with genuine warmth and dedication to her clients' best interest. The Municipal Forum of New York mourns her passing and extends our condolences to her family."
John Hallacy, founder of John Hallacy Consulting LLC, remembers Ms. Frasca as a strong leader who was always optimistic and supportive.
"I worked with Doreen for a number of years and I always recall how cheerful and fun she was along with her seriousness about the work," he said. "She was a leader and was always strong about rallying you to give her your best thoughts and insights about the task at hand and she made you feel good about doing so. When she and her husband Tom Mead joined forces they were even more joyful and productive at the same time. My thoughts and prayers go out to Tom and the family."
Ms. Frasca entered the municipal industry in 1977, working on the municipal bond trading desk at Dillon Read.
After graduation, Ms. Frasca first looked at going into corporate finance, but ultimately decided on public finance.
"My heart was in municipals," she told
"I also thought that municipals had been terribly underrated by everybody — we were the red-headed stepchild — but actually our business is extremely complex: it's a three-dimensional chess game. And where you have the intersection of politics and money, things get very interesting," she said.
After earning an MBA in finance from Columbia University, she joined Merrill Lynch, ultimately becoming a managing director. During her 15 years at Merrill, she financed more than $20 billion in senior-managed transactions, including the first commercial paper program for a municipal issuer and the first interest-rate swap.
At Merrill, she headed two specialty groups — Airports & Transportation and Resource Recovery — along with a regional group covering the Southern region of the United States. In Merrill's Municipal Securities and Public Finance Group, she served as a member of both the Executive and the Diversity Committees.
In 1996, after leaving Merrill Lynch, Ms. Frasca began a long association with the New York Port Authority, advising it on the development of passenger terminals at the New York airports. Her initial work was as advisor on the business and financial structure of the Terminal 4 redevelopment at the
"Doreen was truly one of a kind and an amazing partner over the past 25 years," Cushine said. "Her dedication to municipal finance and sound transportation policy was only surpassed by her commitment to her team, her clients and her colleagues in the industry. She will be greatly missed."
As president of Frasca & Associates, she served as advisor on the redevelopment of LaGuardia Terminal B and supporting infrastructure at LaGuardia, as well as Terminal C.
"New York City is deeply saddened by Doreen's passing," according to a statement sent to The Bond Buyer by the city. "She has been a lion of the industry and a great partner to the city. She will be sorely missed. We extend our condolences to her family and colleagues."
Ms. Frasca also advised the governors of Connecticut and Massachusetts on the implementation of operational, financial and governance best practices at Bradley International Airport and Massport, respectively. These reports led to improved transparency and meaningful institutional reform.
A Bronx native, Ms. Frasca served on the Board of the New York Historical Society and also held a leadership role with the Women's Campaign Fund in the early 2000s. She was appointed to the board of the New York Metropolitan Transportation Authority and served from May 20, 2008, through June 15, 2011, where she chaired the Transit Committee. She was also a mayoral appointee to the Board of the New York City Off-Track Betting Corp.
As a board member of the Regional Plan Association, she helped formulate the transportation recommendations in the Fourth Regional Plan.
Tom Wright, president and CEO of the RPA, said Ms. Frasca served on the board during an especially important time, just as the organization began working on the Fourth Regional Plan.
"As a founding member of our Transportation Advisory Committee, she played a major role in shaping RPA's recommendations for improving the region's infrastructure — especially our 2018 report Upgrading to World Class — and RPA deeply benefited from her experience. She was a wonderful and insightful person who will be dearly missed," Wright said.
In 2019, she was the recipient of the Municipal Forum of New York's
"Educating the next generation about the industry and getting them enthusiastic about the important things we all do is how we leave our mark on the future," Ms. Frasca said at the time.
Ms. Frasca is survived by her husband, Thomas Mead, a municipal finance veteran and currently co-head of public finance at Drexel Hamilton LLC.
A memorial service will be announced. Her family suggests contributions in her memory be made to the
