Today, (March 20, 2020) the Federal Reserve announced that they would expand the recently initiated Money Market Mutual Fund Liquidity Facility to include municipal funds. Following support of the BDA and the Public Finance Network, this expansion to its emergency program is aimed to further provide liquidity to money market mutual funds by providing dealer…
Author: Bond Dealers of America
House Committee Considers Muni Market Support
The House Financial Services Committee released an outline of Chair priorities for next steps in stimulus response to the Coronavirus outbreak. Included in the outline were two municipal bond provisions aimed to help the market by supporting issuers. While all details are yet to be made public, the draft calls for: Support State, Territory, and…
BDA Urges Fed to Take Action to Assist Municipal Market
Today, March 18, 2020, following feedback received from membership, the BDA submitted a letter to the Federal Reserve Chairman Jerome Powell addressing particular needs of the municipal markets to offset the negative impacts of the Coronavirus and in response to the announcement of the establishment of a Primary Dealer Credit Facility (PDCF). The letter, which can…
The SEC’s Proposed Private Placement Exemptive Order Is Unnecessary, Would Damage the Market, and Should Be Rejected
I read with interest the recent op-ed on the SEC’s proposed Exemptive Order governing the role of Municipal Advisors on private placement transactions. (Susan Gaffney, “Setting the record straight on SEC Order,” March 11, 2020.) The piece is misleading and factually inaccurate in several respects. First, the proposed Exemptive Order clearly recognizes that the kinds…
Advancing Municipal Bonds and Infrastructure: BDA Co-Hosts Infrastructure Roundtable on Capitol Hill with Public Finance Network
Yesterday (March 3, 2020), the BDA along with the Government Finance Officers Association, National Association of Counties, American Public Power Association and BDA member firm Hilltop Securities hosted a roundtable on Capitol Hill titled, Muni Bonds 101: Modernizing Infrastructure into the 21st Century. The event was kicked off by an introduction from Congressman Steve Stivers…
Aggressively Building Out Fixed Income Advocacy
BDA Hires Michael Decker as Head of Federal Policy and Research; Brett Bolton to Head of Government and Industry Relations Washington, D.C. – March 2, 2020—The Bond Dealers of America today announced it has hired Michael Decker as SVP, Federal Policy and Research. In this role, Michael will focus on federal regulatory and legislative policy in…
Infrastructure Roundtable on Capitol Hill
BDA Partnering with the Public Finance Network, GFOA, the National Association of Counties, the American Public Power Association and BDA member firm Hilltop Securities Next week, the Municipal Bonds 101: Modernizing Infrastructure into the 21st Century. The flyer circulated on Capitol Hill can be viewed here. The panel will be moderated by Anne Burger Entrekin, Hilltop…
BDA Submits Testimony and Will Host Capitol Hill Briefing in Support of Infrastructure Proposal
Today, February 12, 2020, after consultation with the Municipal Bond Executive Committee, the BDA submitted testimony to the House Committee on Ways in Means in response to a recent hearing titled, Paving the Way for Funding and Financing Infrastructure Investment and in support of the House infrastructure principles document. The BDA Comments can be found…
BDA Responds with Narrowly Tailored Parameters to Any Potential Exemptive Relief for Municipal Advisors
After multiple meetings at the SEC including with the Chair, all Commissioners, and staff leadership at the Office of Municipal Securities and Trading and Markets, today (1/28/20) the BDA submitted comments to the SEC that would narrowly tailor the proposed exemptive order. Following extensive work with the BDA working group and outside counsel Davis Polk…
SEC Pulls Back TRACE Pilot – Big Advocacy Win for BDA Members
Regulators have halted a plan to test whether delayed disclosure of corporate bond trades would boost market liquidity after BDA and others lobbied against the proposal. The move comes after widespread opposition from firms like Vanguard, Citadel, and others. BDA was the only sell-side trade group to join in opposition to the proposal. You can…