Paul Rosenstiel is a board member of the California State Teachers’ Retirement System (CalSTRS), the second-largest public pension system in the US. He was a public finance investment banker for nearly three decades. Most recently, he was a managing director at Stifel; he was also the managing partner of the San Francisco office of De La Rosa & Co. for 15 years. As an investment banker, he assisted state and local governments in financing infrastructure through the issuance of municipal bonds. His clients included the State of California and many of its local governments, water agencies, transportation agencies, and other providers of infrastructure. From 2007 to 2009, he served as deputy state treasurer, overseeing the issuance of state debt and representing Treasurer Bill Lockyer on the board of the California Infrastructure and Economic Development Bank. In 2006 he was policy director for Steve Westly’s gubernatorial campaign. He chairs the board of the California Budget and Policy Center, and serves on the board of advisors of the Global Projects Center at Stanford University. He received his MBA from Stanford.