We welcome the Fed’s support for the market and we are hopeful this facility will provide needed help to municipal issuers. We are looking particularly at how smaller issuers will access the facility. We look forward to working with the Fed and others to ensure that any extraordinary help for the market is applied as…
Category: Muni Market Advocacy
Advocacy during the Covid-19 crisis
Fed Announces Municipal Liquidity Facility
Announcement Follows BDA Letter / Recommendations to the Fed The Federal Reserve today announced the guidelines of the Municipal Liquidity Facility, authority that was provided by the recent passage of the CARES Act. The fact sheet can be viewed here. Last week, the BDA urged to the Fed and Treasury to take action in the primary…
Capitol Hill Update: Infrastructure Push Slowed
Congress Turns Focus Back to Direct Funding to Cities Last week, the House of Representatives announced its push to include a massive infrastructure package into a future “stimulus phase 4” bill. This idea ran into strong Republican push-back in the Senate, and seems to have been tabled for the potential April stimulus legislation. This week,…
Politico and the Bond Buyer Feature BDA Letter to Federal Reserve – Pressing for Muni Market Action
Both Politico and the Bond Buyer had featured articles covering the BDA’s second letter to the Federal Reserve and Treasury – encouraging aggressive action to provide support for the municipal bond market. The BDA letter can be viewed here. Politico: Bond Group asks Treasury, Fed for Robust Municipal Support BondBuyer: BDA Urges Fed to Provide Short-Term…
BDA Urges Fed to Provide Additional Support for Muni Market
Today, following extensive work with the Muni Exec Committee, the BDA submitted a letter to the Federal Reserve and Treasury urging them to take action in the municipal market due to historic price volatility, cancellation or postponements of new issuance, and significant deterioration of liquidity. The letter can be viewed here. This call to action follows a…
Press Release: BDA Statement on Infrastructure, Congressional Action, and Municipal Bond Market Provisions
The Bond Dealers of America applauds Congressional leaders and the White House for making infrastructure a priority in the recovery from this ongoing national emergency. The BDA is encouraged that Speaker Pelosi plans to go forward with the House “Moving Forward Framework” that prioritized municipal bonds, while outlining the need for the restoration of tax-exempt…
Bi-Partisan Push for Infrastructure Emerges
BDA Leading Advocacy for Member Priorities The President and Congressional leaders have this week turned their focus to infrastructure investments as a major component of the next round of stimulus in response to the ongoing COVID-19 pandemic. Discussions are still in the initial phases, but bi-partisian support for a “phase 4” package that includes direct funding for infrastructure seems…
House Passes Stimulus Bolstering Municipal Market
This afternoon, the House passed the CARES Act, (H.R. 748), a broad, $2 trillion dollar stimulus package in response to the ongoing COVID-19 pandemic. The legislation is exepected to be signed into law by President Trump later Friday. The BDA applauds Congress for taking quick and effective action to stem the economic uncertainty associated with the…
BDA Applauds Senate’s Efforts to Support Municipal Market
Last night, (March 26, 2020) the Senate passed the CARES Act, (H.R. 748), a broad, $2 trillion dollar stimulus package in response to the ongoing COVID-19 pandemic. The BDA applauds the Senate’s quick and effective action to stem the economic uncertainty associated with the virus crisis. We note particularly Section 4003 of the Act providing…
Senate Stimulus Takes Steps to Add Liquidity to Municipal Market
After extensive effort from the BDA and its membership, the Public Finance Network, and issuers and market participants nationwide, the Senate has included provisions aimed to stabilize the municipal market in a sweeping $2 trillion dollar stimulus package that will likely pass later today. While at this time it is uncertain if the House will return…