NABL to hold first 'member-wide' Capitol Hill advocacy fly-in

Bloomberg News

The National Association of Bond Lawyers is set to hold its first-ever "member-wide" Capitol Hill advocacy fly-in ahead of its annual conference next week. 

The fly-in offers an opportunity for NABL members to meet with members of Congress as well as their staff to advocate for tax-exempt municipal bonds. It is slated to occur Sept. 9 and on the morning of Sept. 10. 

"We made the decision a few years back to hold our annual conference for 2025 in Washington, D.C., so it seemed like a logical time to pilot our first member-wide advocacy fly-in," NABL President Jason Akers, a managing partner at Foley & Judell in New Orleans, said, noting that "NABL routinely does smaller advocacy fly-ins with groups like our board of directors." 

Approximately 40 NABL members are planning to participate in the fly-in, "but I wouldn't be surprised if the number picks up a bit with partners joining onto their colleagues' meetings," said Brian Egan, NABL's chief policy officer. 

"Our participants are making outreach to more than 70 offices across Capitol Hill," Egan said. 

While the tax exemption for municipal bonds was preserved under the One Big Beautiful Bill Act that President Donald Trump signed into law in July, Egan emphasized the need for continued vigilance. Tax exempt bonds were protected as a result of "the market's immense advocacy efforts this year," he said. 

"Participants from every corner of the municipal market spent months making sure nearly every office in Congress understood that municipal bonds build the communities in their districts and ultimately save the American taxpayer in the form of lower state and local borrowing costs," Egan said. "To look back on the successes of this year's advocacy endeavors and say 'well I guess we can rest on our laurels now' would be a grave mistake, especially when congressional leadership is already discussing a second potential reconciliation package."

The key lesson is "advocacy works--- keep it up," Egan said. 

The stakes may have been raised last month when a conservative think tank, the Economic Policy Innovation Center, issued a memo specifically targeting the muni tax exemption for elimination. While the group is a relative newcomer among the Washington think tanks, having only been established in 2023, its memo served as a reminder to advocates that the issuer of the exemption isn't closed.

"Other lobbies are already on the Hill making the case for why their expensive priority is more important than community finance," he said. "As soon as you step back from the table, you may wind up on it." 

The fly-in will precede NABL's annual conference and business meeting, which will be held from Sept. 10 to Sept. 12.

Incorporated as an Illinois non-profit corporation in 1979, NABL "exists to promote the importance and integrity of the municipal market by advancing the understanding of and compliance with the law affecting public finance," according to its website. 

The group was not historically focused as heavily on Washington advocacy, but made a concerted effort to increase its presence following the passage of the Tax Cuts and Jobs Act in 2017.