Yesterday, the House passed legislation that would require the Federal Reserve and the Treasury Department to expand the number of credit rating firms allowed to participate in Covid-19 financial market support programs. The bill would intervene in the Fed and Treasury’s bond-buying programs by forcing them to accept securities rated by any credit rating agency recognized…
Category: Fed and Stimulus Activity
Senator Toomey Pushing to Wind Down Municipal Liquidity Facility
Today, the Congressional Oversight Commission, an oversight panel established by the March CARES Act, hosted a hearing to discuss the Municipal Liquidity Facility. The hearing featured representatives from the Federal Reserve, think-tanks, rating services and leadership of the issuer advocacy group GFOA. The hearing notice can be viewed here. The issuers featured universally noted that…
DC Update: Muni Amendments Submitted for Senate Stimulus Package
Today, Senators Roger Wicker (R-MS) and Debbie Stabenow (D-MI) introduced amendments to the HEALS Act that would fully restore advance refundings and create a new BABs program exempt from sequestration. The Chamber still remains far from a deal with the House and Administration, with little progress made this week. The Advance Refundings legislation can be…
Amendment Introduced in Senate to Expand Municipal Facility to Underwrite Credits that Incur a Loss
As the Senate continues to debate a potential stimulus package, Senate Banking Chairman Mike Crapo (R-SD) has introduced an amendment that would expand the Feds authority granted in the CARES Act to allow the Municipal Liquidity Facility to underwrite credits that may incur loses, without expanding the list of eligible entities. Text of the amendment can…
Senate Introduces Narrow Stimulus Package
Senate Champions Continue to Press for Inclusion of Muni Provisions This week, the Senate Majority Leader released a piecemeal stimulus package that has left more questions than answers. The package, which includes no additional funding to state and local governments or any municipal bond provisions, is currently struggling to find support from either Republicans or…
Congress Returns with Limited Time to Pass Additional Stimulus
Muni Provisions Unlikely to be Included Congress returns to DC today with only two legislative weeks remaining prior to the annual August Recess to take bold action in response to the ongoing COVID-19 pandemic. With some emergency provisions, such as unemployment insurance extensions from the CARES ACT slated to expire at the end of this week, time…
Infrastructure Bond Legislation Introduced in Senate with Support of BDA
Today, Senators Roger Wicker (R-MS) and Michael Bennet (D-CO) formally introduced legislation that creates a new Build America Bonds program exempt from sequestration titled, the American Infrastructure Bonds Act. The bill, which is supported by the BDA and multiple state and local government groups, would create a new class of “direct-pay” taxable municipal bonds to help struggling…
BDA Sends Letter of Support to Senators Wicker (R-MS) and Stabenow (D-MI) on Advanced Refundings
[pdf-embedder url=”https://bondmarket.org/wp-content/uploads/2020/07/Wicker_AR_Ltr.pdf”]
BDA Support for HR 2 and Muni Bond Provisions – Including IDB Expansion
AR bill being introduced in Senate today BDA today sent a letter to House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) in support of HR 2, the Moving Forward Act. HR 2 would reauthorize federal surface transportation grant programs as well as restore tax-exempt advance refundings and make other improvements…
BDA Support for HR 2 and Muni Bond Provisions – Including IDB Expansion
AR bill being introduced in Senate today BDA today sent a letter to House Speaker Nancy Pelosi (D-CA) and House Minority Leader Kevin McCarthy (R-CA) in support of HR 2, the Moving Forward Act. HR 2 would reauthorize federal surface transportation grant programs as well as restore tax-exempt advance refundings and make other improvements to…