Yesterday, the House advanced the $3.5 trillion budget reconciliation framework, a legislative vehicle to be used for additional infrastructure spending after weeks of back-and-forth between a small caucus of Democratic moderates and House Leadership. The group pushed for a vote on the Senate bipartisan infrastructure package before advancing the budget framework, however, conceded, pushing the…
Category: Fed and Stimulus Activity
House Returns to Debate Infrastructure Legislation – MBFA and BDA Continue to Advocate for Muni Priorities
Today, the House returns from August recess for a week-long session to debate budget reconciliation instructions and voting rights legislation. At this time, House leadership remains steadfast in their position that the Chamber will not debate the Senate bipartisan infrastructure package until the budget reconciliation package, which will serve as a vehicle for additional infrastructure…
White House Infrastructure Details Slowly Emerge
BDA and MBFA Continue to Engage with Hill and Administration Promoting Bonds While nothing has been officially released, details continue to trickle out of the White House on the parameters of a likely $3 trillion spending plan on infrastructure. As part of the Biden Administrations Build Back Better plan, following the passage of COVIDstimulus, infrastructure…
Stimulus Clears Senate – Legislation Includes State and Local Aid but No Muni Provisions
This weekend, the $1.9 trillion dollars American Recovery Act took a huge step forward bypassing the Senate on a party-line vote. While the package does not include any muni provisions, of note is $350 billion in direct aid to state and local governments. All indications are the bill will face little resistance in the House,…
Momentum Grows for Additional Stimulus
No Bond Provisions Expected to be Included Today, following a 2 hour Oval Office meeting last night with a group of senior Republican Senators and the President and Vice-President, stimulus discussions seem to be heating up. Democrats remain adamant that the package should be around $2 trillion dollars and contain direct and unencumbered funding for state…
BDA 2021 Policy Focus
The BDA is the established advocate and thought leader in Washington, DC for the US bond markets. No other group is as focused or aggressive and below is an example of the BDA’s bond market policy focus as we roll into 2021 For more information please visit bondmarket.org or contact us at 202-204-7900. 2021 Federal…
Powell Questions Treasury Actions: Discussion of Stimulus Resurfaces
Following Treasury’s announcement of the closure of serval emergency lending facilities at years end including the Municipal Liquidity Facility (MLF), Fed Chairman Jay Powell has continued to publically rebuke the action. Yesterday, testifying alongside Treasury Secretary Mnuchin during a Senate Banking Committee hearing, Powell stated: “The risk of overdoing it is less than the risk of…
Treasury not Expected to Extend Municipal Liquidity Facility
The U.S. Department of Treasury last week responded to written questions from the CARES Act Congressional Oversight panel charged with monitoring the Treasury’s stimulus programs, stating that they do not believe that the Municipal Liquidity Facility (MLF) should be extended beyond its current sunset date of December 31, 2020. These echos recent comments from CARES Act Congressional Oversight…
House Introduces Updated Stimulus Package
No Muni Provisions but Provides Direct Aid to State and Local Governments House Leadership has introduced a slimmed down HEROES Act, a $2 trillion dollar stimulus package in response to the recent pressure by the House Problem Solvers Caucus. The package, a compromise bill that is $1 trillion less than the original HEROES Act…
FHFA Continues Support of BDA Capital Building Proposal for Fannie and Freddie
Last week, Mark Calabria, Director of the Federal Housing Finance Agency announced results of an interagency review of mortgage giants Fannie and Freddie and the potential dangers they pose to the mortgage market. A major outcome of the study was the unanimous support for “capital building” a position laid out the BDA’s 2019 GSE White Paper.…