New York's plans to increase participation by minority- and women-owned underwriting firms on state bond deals took a big step forward yesterday with the approval of a standardized request for proposals template by a state task force.

The new RFP process calls for a target of having a so-called minority and women-owned business enterprise participate on all state-backed bond deals, allows the issuer to require that an underwriter partner with an MWBE, allows firms to list experience managing similar deals outside of New York on the RFP application, and allows authorities to change an underwriter's position within a syndicate.

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