BDA today submitted comments to FINRA in response to FINRA Notice 20-42, “FINRA Seeks Comment on Lessons From the COVID-19 Pandemic.” FINRA requested comment on how firms have managed through the pandemic and what actions FINRA should take going forward. The letter can be viewed here. BDA told FINRA “Firms have generally reported that after the market disruption…
Author: Bond Dealers of America
The Washington Weekly – Munis Considered in Stimulus Debate
As the Biden Administration works to close its second full week in office, both of which have included a flurry of executive actions and little legislative progress, a deal on additional stimulus seems imminent, but questions remain on its size and scope. President Biden touted bipartisanship in his 2020 presidential run, and he still appears…
Momentum Grows for Additional Stimulus
No Bond Provisions Expected to be Included Today, following a 2 hour Oval Office meeting last night with a group of senior Republican Senators and the President and Vice-President, stimulus discussions seem to be heating up. Democrats remain adamant that the package should be around $2 trillion dollars and contain direct and unencumbered funding for state…
MSRB to Reduce Transaction Fees for Dealers
The MSRB Board announced today that they will reduce dealer transaction fees by 40 percent for 18 months beginning April 1, 2021. This will apply to underwriting assessments as well as the transaction and technology fees. The MSRB has told us informally that they estimate this fee reduction will save dealers $19 million over the…
BDA Announces Newly Formed MBFA Council
Today, the Bond Dealers of America launched the new Municipal Bonds for America (MBFA) Council: The press release can be viewed here Today’s story in the BondBuyer story can be viewed here We Are: Investors, Underwriters, Municipal Advisors, Insurers, Platforms, and Bond Counsel Advocating for the Municipal Bond Market and America’s Infrastructure Municipal Bonds for America is…
“Bonding Time” podcast – Tom Kozlik of Hilltop Securities
This installment of Bonding Time features Tom Kozlik of Hilltop Securities discusses the Biden Administration’s legislative and executive agenda and the potential impact on the municipal bond market. Bonding Time will feature a selection of market experts to discuss the current state of the municipal market combined with Federal legislative and regulatory policies impacting muni market structure. Topics will…
BDA Calls on Biden Administration to Support and Embolden Municipal Bonds
Today, the BDA submitted a letter to President-Elect Joe Biden outlining the importance of the tax-exemption and discussed municipal market priorities that his administration should consider as they begin work on an infrastructure and public works plan. The letter can be viewed here. Beyond calling on the administration to embrace and embolden tax-exempt municipal financing,…
BDA Comments on MSRB Strategic Priorities
BDA today filed a comment letter with the MSRB on Notice 2020-19, “MSRB Requests Input on Strategic Goals and Priorities.” The letter can be viewed here. In our letter, we provide views on topics such as the SEC’s proposed Exemptive Order on the role of Municipal Advisors on Private Placements, MSRB finances, retail order periods, the…
SEC Does Not Plan to Extend TCE
Major Advocacy Win for BDA Following an extensive advocacy campaign, which included nearly a dozen meetings and multiple letters in opposition, the BDA has today learned that the SEC does not plan to extend the Temporary Conditional Exemption for MA’s. In a letter to Representative French Hill (R-AR), SEC Chair Jay Clayton, while explaining the…
The Washington Weekly: Stimulus, Shutdown or Both?
After 6+ months of negation, Congress appears to be on the brink of passing an additional stimulus bill. The package, which will most likely be attached to the year-end funding bill, looks to be approaching $1 trillion dollars but is not expected to include additional direct funding to state and local governments. While the package provides…