Muñoz earned his BBA degree in accounting at the University of Texas at Austin (Business Honors Program 1974).

[5] Muñoz was an assistant secretary and chief financial officer of the United States Department of the Treasury from 1993 to 1997.

When OPIC's future was in danger of not being reauthorized by the US Congress, Munoz is credited with turning things around for the agency and received bi-partisan support for its continuation as the primary agency for assisting private sector investments in the Emerging Market Countries.

[8] Muñoz is a member of the board of directors of Altria Group (since 2004), Marriott International (since 2002)[3] and National Geographic Society.

Muñoz recently retired from his board positions on PepsiCo (in 2023) and Black Rifle Company (in 2024).

[10] Muñoz is co-author of the book Renewing the American Dream: A Citizen's Guide For Restoring Our Competitive Advantage (2010, IMC Publishing).