Today, Senators Roger Wicker (R-MS) and Michael Bennet (D-CO) formally introduced legislation that creates a new Build America Bonds program exempt from sequestration titled, the American Infrastructure Bonds Act. The bill, which is supported by the BDA and multiple state and local government groups, would create a new class of “direct-pay” taxable municipal bonds to help struggling…
Author: Bond Dealers of America
BDA Calls SEC’s Municipal Advisor Exemption “Dangerous.”
BDA today sent a letter to SEC Chairman Jay Clayton on the Temporary Conditional Exemption the SEC issued last month with regard to Municipal Advisors’ role in bank placement transactions. In our letter we highlight the risks associated with the TCE and critique the SEC’s justifications. We cite testimony Chairman Clayton presented last week before…
BDA Sends Letter of Support to Senators Wicker (R-MS) and Stabenow (D-MI) on Advanced Refundings
BDA Support for HR 2 and Muni Bond Provisions – Including IDB Expansion
AR bill being introduced in Senate today BDA today sent a letter to House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) in support of HR 2, the Moving Forward Act. HR 2 would reauthorize federal surface transportation grant programs as well as restore tax-exempt advance refundings and make other improvements…
BDA Support for HR 2 and Muni Bond Provisions – Including IDB Expansion
AR bill being introduced in Senate today BDA today sent a letter to House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) in support of HR 2, the Moving Forward Act. HR 2 would reauthorize federal surface transportation grant programs as well as restore tax-exempt advance refundings and make other improvements to…
Municipal Coalition (including the BDA) Weighs in on Infrastructure Bill
The House of Representatives is expected this week to take up H.R. 2, the Moving Forward Act, legislation to reauthorize and enhance infrastructure finance. Today a coalition of 25 municipal-focused organizations including BDA sent a letter to all members of Congress supporting HR 2 and urging congressional approval. The bill includes a number of municipal…
Fed Economists Cite Municipal Market’s Recovery
Economists at the Federal Reserve Bank of New York released a report yesterday on the performance of the municipal market during the pandemic. The report highlights the extraordinary volatility and yield spikes in the municipal market in March and the stabilization that has occurred since. The report examines trends such as the movement of the…
Fed Announces Start of Primary Market Corporate Credit Facility
The Federal Reserve announced yesterday that their Primary Market Corporate Credit Facility (PMCCF) has begun operations. The Fed announced the PMCCF in March as one element of their pandemic response. Under the program, the Fed has committed to buy certain new issue corporate bonds and syndicated loans from qualified issuers. The Fed will focus on deals with …
MSRB releases guidance on Rule G-23 and the SEC’s Temporary Conditional Order
The MSRB this afternoon released guidance addressing the interaction of MSRB Rule G-23 and the SEC’s Temporary Conditional Order related to the role of Municipal Advisors in bank placement transactions. The guidance is in the form of an addition to the MSRB’s COVID-related frequently asked questions. As you may recall, BDA reported last Friday that the MSRB…
House Committee Discusses SEC Temporary MA Order
The House Financial Services Committee Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets held a hearing this afternoon titled “Capital Markets and Emergency Lending in the COVID-19 Era.” SEC Chairman Jay Clayton was the sole witness. The hearing focused on the US capital markets’ response to the virus crisis and steps the SEC has taken to…