Treasury Department

Economists also expect the Fed's balance sheet to more than $10 trillion as policymakers look to lift the country from a recession brought on by the coronavirus pandemic.

In a letter, three issuer groups made specific recommendations to the Federal Reserve and Treasury.

The National Association of Bond Lawyers wants Treasury to fill the position formerly held by John Cross III.

Members of GFOA’s Debt Committee agreed Monday to form a working committee that will publicize the issues involved in the transition among the organization’s more than 21,000 members.

The new alternative reference rates cited by Treasury and the IRS include the Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York and the Federal Funds Rate.

In formal comments filed with the federal government and separately to GASB, municipal finance groups have given the regulators generally high marks.

In 2012 John Cross became the first person to head the independent Office of Municipal Securities at the U.S. Securities and Exchange Commission.

Cross, who served as associate tax legislative counsel at the Office of Tax Policy until Friday, said that he resigned in order to be closer to family.

The sections pertaining to public finance can be implemented immediately.

The proposed transition regulation addresses the possibility that such a modification of a debt instrument, derivative, or other financial contract could be a taxable transaction for federal income tax purposes or could result in other tax consequences.