BDA

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.