*A Video Recording of Event Included* Yesterday, the BDA hosted representatives from the SEC, FINRA and the MSRB for its bi-annual Fixed Income Legal and Compliance Roundtable. 75 fixed income professionals from over 35 firms participated in this roundtable at which pressing regulatory and legal issues were discussed. A video recording of the event can…
Author: Bond Dealers of America
Washington Weekly: Congress Waiting for Recess
Following a surprising May jobs report in which the U.S economy gained over 2 million jobs, vastly higher than the projected 7 million job loss, odds of an immediate stimulus package took a direct hit. Its not time to rule out additional measures, but direct funding to state and local governments will have to wait…
BDA to Join CDFA in Support of Industrial Development Bonds Legislation
The BDA is joining forces with the Council of Development Finance Agencies in support of the Modernizing Agricultural and Manufacturing Bonds Act (MAMBA). The bill, sponsored by Reps. Stephanie Murphy (D-FL) and Darin LaHood (R-IL), would modernize the Internal Revenue Code as it relates to small issue bonds, specifically the private activity bond rules for first-time farmers…
Ways and Means Continues Work on Surface Transportation Bill
Tax Provisions Expected Later this Month The BDA has learned that the House Committee on Ways and Means today will conduct an internal conference call to discuss next steps in development of the tax title to the recently introduced Invest in America Act, a reauthorization bill focused on surface transportation and environmental impacts. Many expect…
House Legislators Urge Fed to Expand Municipal Liquidity Facility
Coincides with BDA Lobbying Efforts to Expand MLF Yesterday, a bipartisan group of House legislators wrote the Fed asking to further lower the population thresholds for issuer participation in the Municipal Liquidity Facility (MLF). This follows the BDA’s April 15th letter in which the BDA urged the Fed to expand the scope of the MLF, stating that…
BDA Submits Comments in Support of FIMSAC Rule 17a-7 Proposal
Following the June 1st FIMSAC meeting, the BDA submitted comments to the SEC in support of the Committees proposal titled, Preliminary Recommendation Regarding Modernizing Rule 17a-7 under the 1940 Act. The BDA believes the proposal would provide significant benefits for investors in certain fixed bond mutual funds without any threat to safety, or fair pricing, however…
MSRB Submits A-3 Amendments to SEC PFM Request Not Included
As we reported on Friday, the MSRB has sent to the SEC for final approval changes to MSRB Rules A-3 and A-6 related to board membership. The amendments will, among other things, reduce the board size from 21 to 15 and specify that anyone seeking a public board seat who previously worked for a regulated…
SMCCF Update: BDA Speaks with NY Fed on Status of Facility
Following conversations with staff at the New York Fed,the BDA has learned some additional information about the Federal Reserve’s Secondary Market Corporate Credit Facility. A PDF of the BDA update from the Fed can be found here. **All of BDA COVID-19 advocacy with the Fed, Congress, and Administration can be found here. SMCCF Update When they…
Fed Expands Scope of Eligible Issuers for Municipal Liquidity Facility
The Federal Reserve today announced that they will again expand the scope of cities that will be able to borrow directly from the Municipal Liquidity Facility (MLF). This comes after pressure from Capitol Hill concerning the ability for smaller and rural localities to access the program. The updated fact sheet can be viewed here **BDA…
House Introduces Surface Transportation Package Bond Provisions not Included in Initial Draft
Today, the House Committee on Transportation and Infrastructure introduced the Invest in America Act, a reauthorization bill focused on surface transportation and environmental impacts. The bill is part of the original Moving America Framework, the House Democrats January infrastructure outline, however this package includes no bond provisions as the original framework provided. The BDA continues…