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About Us | Leadership | Tom Kozlik
Tom Kozlik
Head of Public Policy and Municipal Strategy

As Head of Public Policy and Municipal Strategy, Kozlik advises the firm’s businesses and clients on strategies related to U.S. public policy, public finance, and infrastructure. He publishes regular commentary that provide insight into current trends affecting these themes across a variety of sectors and geographic regions. Kozlik is frequently featured in print, digital, and broadcast news segments and regularly offers his expertise as a keynote speaker and panelist at industry conferences and events across the country.

Download Tom Kozlik’s bio here.


Areas of Focus


  • Public policy, politics, elections, and economic trends as they relate to the financial implications for U.S. public finance and infrastructure
    • Impact of fiscal policy and politics on financial markets, public finance and infrastructure
    • Technology, demographics, future of work, bond ratings, crime, public pensions, cybersecurity, climate change, generally and as they relate to public finance and infrastructure
    • Public finance, state, and local government employment and funding trends
    • Public finance, state, and local debt policy
    • Select federal and state tax policy (SALT for example)
  • Municipal bond market related themes
    • Sectors including state & local government, schools, healthcare, higher education, housing, public power, transportation, water, and sewer
    • Municipal bond and state and local government credit quality (investment grade)
    • Bond investment strategy
  • Infrastructure


Examples of Recent Commentary and Media


VIDEO – Bloomberg TV: Why Muni Managers Are So Bullish

VIDEO – CNBC: Mass Transit, State & Local Government Spending, Tax Environment Expectations

Commentary: 2023 Municipal Sector Credit Outlooks

Commentary: A Public Finance and Infrastructure Fiscal Policy Checklist and a Warning

Bloomberg: Issuance Seen Posting Modest 2023 Rebound

Blog: A New Model of Work is Here to Stay, We are Closely Watching How It Evolves

Podcast: Public Pensions, Still a Risk for Many Public Finance Credit Profiles


About Tom Kozlik


Tom Kozlik joined HilltopSecurities in 2019, bringing more than two decades of experience to his role. Kozlik is a nationally recognized public policy analyst and investment strategist who brings unique insights to his commentary and analysis of public policy and market trends, opportunities, and challenges. Smith’s Research and Gradings has included him in both the generalist and sell side director of research categories of its Municipal All-Star Team. He also has been voted to Institutional Investor’s All-America Fixed Income Research Team and Greenwich Associates named him one of the Most Helpful Analysts in Municipal Bonds. In addition, Kozlik has taught graduate-level public finance courses at the University of Pennsylvania’s Fels Institute of Government, where he earned a master’s degree in Government Administration.

Get to Know Tom

years coaching youth hockey
Star Wars celebration event attended
rides in RAGBRAI (Register's Annual Great Bicycle Ride Across Iowa)
"It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently."
Warren Buffett
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