Detroit Begins Road to Recovery, Board Named to Oversee Finances

It's going to be a long road ahead but Detroit is starting to get back on its feet. A board has been named to keep an eye on Detroit's finances following the city's emergence from bankruptcy. The first meeting of the Detroit Financial Review board will be held on Wednesday to discuss restructuring and financial plans. Michigan Governor Rick Snyder has named five members to the commission and tapped former New York Governor Richard Ravitch as special liaison and senior financial adviser. Ravitch was a key player in guiding New York out of its 1975 financial crisis. Federal Judge Steve Rhodes approved Detroit's exit from the largest municipal bankruptcy in U.S. history on Friday, November 7th.