BDA

This is the first time a coalition representing the buy-side, sell-side and others on the business side of public finance will lobby for specific municipal bond provisions on the Hill.

Dealers said the pandemic has highlighted the challenges of outdated rules and the need to modernize them.

Candidates for the next U.S. Secretary of Transportation bring something new to the table than in previous years — deep understanding of the municipal bond market.

The majority of the spending was $21.36 million devoted to lobbying members of Congress and federal agencies over the 12 months that ended June 30.

Market participants say the year long process to find a new leader for the Municipal Securities Rulemaing Board resulted in a good pick.

If changes are made to regulating alternative trading systems, it would be the biggest change to the regulation of fixed income trading platforms since 1998.

From June to July, not many municipal advisors relied on the SEC's temporary exemption and some sources say they don't expect it to be heavily used.

An independent municipal advisor said recent efforts made by broker-dealer advocacy groups are part of a "membership battle."

On Tuesday, the Federal Reserve reduced interest rates in its Municipal Liquidity Facility by 50 basis points in each credit rating category.

Changes to the MSRB come a year after the proposal of legislation that would decrease the size of the board and increase the cooling off period for public board members.

Several groups are arguing their case to keep their seats on a smaller board.

Jay Clayton's recent testimony to federal lawmakers was "troubling," the dealer group said in a letter to the SEC chairman.

The House is expected to pass a $1.5 trillion dollar infrastructure package, mostly along party lines, while a bipartisan Senate bill to restore advance refunding may build momentum in that chamber.

The SEC released an emergency order Tuesday that would allow municipal advisors to facilitate some private placement deals, which have seen an uptick during the pandemic.

A sticking point for dealers is the MSRB's proposal to reserve two seats on its board for municipal advisors.

Dealer groups supported the MSRB's move, saying it would remove a disincentive to use the Fed's short-note program.

Market participants want the Fed to get the program up and running by the end of this month.

The Fed’s rates send a signal to the municipal market that it wants it to survive on its own.

The House is expected to release a stimulus package in the next few days.

The MSRB is looking to cut back on repetition in its broker-dealer suitability rules, which is a welcome change for the dealer community as Reg BI goes into effect in less than two months.