Mr. Louis H. Schimmel, Jr.
Can Detroit’s Problems Be Corrected by an Emergency Financial Manager?
Making changes to Act 72 would be essential for an EFM to have the necessary tools to deal with the city of Detroit’s management and fiscal problems.
Louis H. Schimmel Jr. is director of municipal finance for the Mackinac Center for Public Policy and a member of the Center's Board of Scholars. Schimmel is an entrepreneur and former emergency financial manager for the city of Hamtramck.
Schimmel was appointed receiver for the debt-ridden city of Ecorse, Mich., by the Wayne County Michigan Judicial Circuit Court on Dec. 3, 1986. He served as receiver for 3 years and 9 months, eliminating the city's $6 million deficit by negotiating unique union contracts and privatizing nearly all of the city’s services. In 1990, Schimmel received the Outstanding Service and Leadership in the Public Sector award from the Michigan Chamber of Commerce.
On August 1, 1992, Michigan Gov. John Engler appointed Schimmel to the Michigan Public-Private Partnership Commission. The commission submitted an extensive report to the governor for improving service delivery and increasing efficiency in state government.
Schimmel’s vast background in municipal finance includes working as executive director of the nonprofit Municipal Advisory Council of Michigan, a statistical clearinghouse for U.S. investment bankers who underwrite or invest in Michigan municipal bond issues. Schimmel frequently speaks and writes on municipal finance matters, advises state and local officials on the marketing of municipal bond issues and consults with municipalities on reducing their operating costs. He is recognized in the municipal bond industry as an authority on the creditworthiness of Michigan municipal debt issues.
Schimmel is a past president of the Bond Club of Detroit. He served on the board of directors and executive committee of the Pontiac State Bank from 1972 to 1988, and he was instrumental in the sale of Pontiac State Bank to the National Bank of Detroit. Schimmel was also on the Waterford School Board for eight years, serving two years as board president.
Schimmel has been featured in newspapers and magazines, including The Wall Street Journal and The Detroit News, for his success in eliminating the city of Ecorse's deficit. Schimmel is a graduate of Michigan State University and resides in Waterford, Mich.