Director
PFM Financial Advisors
Liang is a director in PFM’s Arlington office. She joined PFM as an analyst in July 2010, focusing on transportation financings and long-term transportation capital planning. Her client engagements frequently include design and implementation of complex plans of finance for large capital programs, refunding opportunity evaluation and execution, and credit analysis. The project financings that Liang has completed or is currently working on include Grand Parkway in Texas, Louisville Bridges in Kentucky, Parallel Thimble Shoal Tunnel, Hampton Roads Express Lane Network, Long Bridge Project in Virginia, and Hudson Tunnel Project between New York and New Jersey, as of 6/12/2026. She specializes in USDOT/Build America Bureau’s direct loan programs (TIFIA and RRIF), having completed twelve loan transactions representing borrowers and also serving as financial advisor to the Bureau. She oversees PFM’s Transportation Analyst financial modeling training program. Liang has participated on debt transactions totaling over $10 billion, including one Bond Buyer Regional Deal of the Year.
As uncertainty over federal funding remains, the status of the highway trust fund and Congress’ willingness to fill the holes in it has moved state and local governments to foot more of the country’s infrastructure bills. What is the industry doing to manage the funding burdens?