BDA

Broker-dealers oppose a proposed change to MSRB's governance rule that would reserve two seats for municipal advisors.

Groups representing dealer firms and issuers both weighed in positively Monday evening after the Fed’s afternoon decision that it will expand its Municipal Liquidity Facility in both scope and duration.

The Municipal Liquidity Facility will purchase up to $500 billion of short-term notes.

BDA wants the he Fed to consider a standby, short-term lending facility for states and localities experiencing cash flow timing shortfalls.

Demonstrating compliance with pricing and supervision rules has been challenging in the COVID-19-influenced market.

BDA told Fed Chair Jerome Powell that two existing programs could help the muni market overcome the impact of the virus.

“Anybody who’s having an event between now and May is considering what to do about it,” said Mike Nicholas, CEO of the Bond Dealers of America.

Congressional offices may decide to minimize or ban face-to-face meetings as virus concerns grow.

Rep. Steve Stivers, R-Ohio, is looking to attach tax-exempt advance refunding to an appropriations bill or other suitable legislation.

The longtime muni lobbyist is now BDA's vice president of policy and research, after having played a less formal role over the past year.