No Muni Provisions but Provides Direct Aid to State and Local Governments House Leadership has introduced a slimmed down HEROES Act, a $2 trillion dollar stimulus package in response to the recent pressure by the House Problem Solvers Caucus. The package, a compromise bill that is $1 trillion less than the original HEROES Act…
Author: Bond Dealers of America
FHFA Continues Support of BDA Capital Building Proposal for Fannie and Freddie
Last week, Mark Calabria, Director of the Federal Housing Finance Agency announced results of an interagency review of mortgage giants Fannie and Freddie and the potential dangers they pose to the mortgage market. A major outcome of the study was the unanimous support for “capital building” a position laid out the BDA’s 2019 GSE White Paper.…
The Washington Weekly – Muni Provisions Sidelined
For the past few weeks, it appeared that Congress was headed towards a government shutdown, in the middle of a pandemic, less than 6 weeks to a presidential election, with no deal in sight. This week, cooler heads prevailed, and disaster has been adverted-for now. House Leadership, along with Trump Administration officials struck a short…
House Legislation to Require Fed Facilities Use More Ratings Firms
Yesterday, the House passed legislation that would require the Federal Reserve and the Treasury Department to expand the number of credit rating firms allowed to participate in Covid-19 financial market support programs. The bill would intervene in the Fed and Treasury’s bond-buying programs by forcing them to accept securities rated by any credit rating agency recognized…
Senator Toomey Pushing to Wind Down Municipal Liquidity Facility
Today, the Congressional Oversight Commission, an oversight panel established by the March CARES Act, hosted a hearing to discuss the Municipal Liquidity Facility. The hearing featured representatives from the Federal Reserve, think-tanks, rating services and leadership of the issuer advocacy group GFOA. The hearing notice can be viewed here. The issuers featured universally noted that…
The Washington Weekly: Stimulus Runs Dry
Expectations were low for immediate Federal relief for the stalling US economy following the 5 week Congressional August recess. However, 2 days into the September session, any hopes have been swiftly dashed , a quick reminder of the Washington gridlock experienced prior to the COVID-19 outbreak. Yesterday, the narrow “skinny” Senate stimulus package failed to break filibuster, 52-47, a…
BDA is Unveiling “Fixed Income Insights” E-Magazine
*Coming This Fall* This November the BDA is unveiling Fixed Income Insights – a quarterly magazine focused exclusively on the US bond markets. Fixed Income Insights will include – Interviews with bond market leadership, policy makers, regulators and investors A quarterly look at markets with insights from traders, bankers and analysts Regulatory corner – an update, review, analysis…
BDA’s Taxable Fixed Income Focus August 2020
GSE Reform: The BDA continues to advocate for reform of the Government Sponsored Enterprises (GSE) Fannie Mae and Freddie Mac. Recently, as part of the BDA’s effort to grow political intelligence for membership, a GSE policy brief was developed that covers the history of GSE’s and discusses current happenings and BDA actions, while handicapping potential future…
BDA Continues to Lobby Against SEC Temporary Conditional Exemption
BDA is your DC based lobbyist and advocate hired by you to aggressively work Washington, DC – boots on the ground lobbying to influence regulation and legislation that impacts the US bond markets. As such, BDA continues to lead the lobbying fight against the TCE and any action by the SEC to make such exemption permanent, whether…
Fixed Income Leadership Webinar – RECAP
Recap with Links to Each Webinar August 5 – 3 pm ET Market Structure, Technology, and FIMSAC: The fixed income markets are more electronic, more automated, and more transparent than ever before. Have regulations caught up with market developments? Hear from two industry leaders, both members of the SEC’s Fixed Income Market Structure Advisory…