Jay Rosengard is Lecturer in Public Policy at John F. Kennedy School of Government, Harvard University. He has 35 years of international experience designing, implementing, and evaluating development policies in public finance and fiscal strategy, tax and budget reform, municipal finance and management, intergovernmental fiscal relations, banking and financial institutions development, microfinance, SME finance, and public administration. Mr. Rosengard is director of the Mossavar-Rahmani Center for Business and Government's Financial Sector Program, which focuses on the development of bank and nonbank financial institutions and alternative financing instruments that include microfinance (small-scale lending and local savings mobilization), mainstream commercial banking (general and special-purpose banks), and wholesale financial intermediation (municipal development funds, venture capital funds, pooled financing, secondary mortgage facilities, and securitization).