Members of the Bond Dealers of America (BDA) recently completed a 10-year retrospective survey on the cost of regulation and the associated impact to regional, middle-market, and small firms exclusively focused on the U.S. fixed income markets. Our members were asked to compare their firm’s legal and compliance costs from the beginning of the 2008…
Author: Bond Dealers of America
BDA Submits Testimony Outlining Priorities to House Ways and Means
Today (April 8, 2019), after consultation with Municipal Bond Committee leadership, the BDA submitted written testimony to the House Committee on Ways and Means in response to their recent hearing titled, “The 2017 Tax Law and Who it Left Behind.” The testimony focused on BDA priorities, including the reinstatement of advance refundings, expansion of PABs, BQ bonds,…
Bond Dealers of America Forms Working Relationship with Michael Decker – Enhancing Representation of Member Firms and Overall Fixed Income Advocacy
Washington, D.C. – March 21, 2019—The Bond Dealers of America today announced it has formed a working relationship with Michael Decker, former co-head of the Municipal Securities Division at SIFMA, to broaden and deepen the BDA’s overall fixed income advocacy and representation of member firms. Michael will strategically focus on federal regulatory and legislative issues…
BDA Comment Letter: Draft Interpretation of Application of MSRB Rules to Certain Prearranged Trading
After consultation with various members and committees, the BDA has submitted a comment letter in response to the MSRB request for comment on draft interpretive guidance concerning the application of MSRB rules and prior interpretive guidance to certain prearranged trading in connection with primary offerings of municipal securities. The comment letter can be viewed here. The BDA…
MSRB Establishes New Effective Date for Advertising Rules and Adopts BDA Position on Social Media Guidance
Today, February 26, 2019, the MSRB established the effective date for amendments to MSRB Rule G-21, on advertising by brokers, dealers and municipal securities dealers, and new MSRB Rule G-40, on advertising by municipal advisors (the “advertising rules”), and established new interpretive guidance to the rules on the use of social media. The MSRB also amended the advertising…
Mayors in Support of Advance Refundings
Today, executive chair of the Municipal Bonds for America (MBFA) Coalition Steve Benjamin, Mayor of Columbia, S.C., submitted an opinion piece to the Bond Buyer advocating for the full reinstatement of advance refundings, while also explaining why this important financing tool is significant for local government infrastructure investment and local control. You can view his commentary online here. An…
BDA Participates in U.S. Chamber National Infrastructure Forum
On February 5, 2019, the U.S. Chamber of Commerce hosted a major policy event titled, “America’s Infrastructure: Time to Invest,” in partnership with the Bond Dealers of America, at the Chamber Headquarters in Washington, D.C. The forum focused on encouraging federal investment in infrastructure, specifically to increase economic growth while updating the country’s lagging infrastructure…
2018 BDA Regulatory and Legislative Accomplishments
In the past few years of massive regulatory change, the BDA has remained focused on the highest priority issues impacting the U.S. fixed income markets and provided its members with valuable opportunities to engage directly with regulators. The BDA also provides its members with in-person access to key Capitol Hill policymakers on the Senate Finance…
Save the Date: Upcoming BDA Infrastructure Events
As the 116th Congress kicks off in early 2019, attention will turn to major policy initiatives that were unfinished in the previous session and at the top of this priority list will be infrastructure. The BDA is planning events in the coming months to further its position as a thought leader on infrastructure finance – from a…
BDA’s 116th Congress Policy Outlook
In the first month following the end of a unified Republican Congress and presidency, the federal government continues in what is now the longest shutdown in U.S. history. A new Democratic majority in the House is trying to gain traction on major issues like infrastructure, GSE reform, healthcare and technical corrections to the 2017 tax…