The Treasury Department is forming a new unit to oversee the municipal bond market, reports the Wall Street Journal.

In the wake of financial crises in places like Detroit and Puerto Rico, the Treasury will focus on troubled borrowers, an official told the newspaper.

The unit will reportedly be headed by Kent Hiteshew, a veteran public-finance banker at JP Morgan Chase. Hiteshew, who will start in mid-May, is currently managing director at JP Morgan Chase responsible for public finance in the Northeast U.S. as well as the bank's housing finance group.

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