Biden Administration

Tax exempt coupon income may be included in a proposed 3% high income surcharge in the reconciliation bill, Citi says

Friendly market provisions, including a direct-pay bond program and restoration of advance refundings, will head to full House after approval by Ways and Means Committee.

SALT relief was not part of the initial language in the reconciliation bill, but several moderate Democrats say they won't support the legislation without it.

Cheered by the inclusion of key muni market priorities in tax legislation unveiled over the weekend, muni market advocates must now battle to keep them there.

In the first quarter of 2021, state personal income rose by 14.4%, the largest year-over-year increase since reporting began in 1948.

The absence of advance refunding and a direct-pay bond program in the bipartisan infrastructure package has lobbyists pushing for inclusion of those things in the reconciliation bill, a matter only weeks away.

The members of Congress, in asking that Biden find some other, unspecified, nominee, are going against the preference of Treasury Secretary Janet Yellen, who has told Biden advisers that she wants to see Powell renominated.

Federal Reserve Gov. Lael Brainard spoke with the Biden-Harris Federal Reserve transition team in January and with the president’s Council of Economic Advisers in May, her calendar shows.

Tom Kozlik, head of municipal strategy and credit, Hilltop Securities

Community banks have played and will continue to play a key role in supporting local economies across the country. Join us in a lively conversation with Dennis E. Nixon, President & CEO of International Bank of Commerce (Laredo, Texas) & Chairman, International Bancshares Corporation and Eddie Aldrete, Senior Vice President at International Bank of Commerce as we discuss: (1) the need for bankers and the business community to become involved in political issues. From minimum wage and issues that affect small businesses to regulatory issues that directly affect the banking industry, banking and business leaders need to be thought leaders in the public conversation and (2) how bankers can play a pivotal advocacy role in the free trade process.

The House's powerful speaker will need to win the votes of moderates.

The legislation passed the Senate by 69-30 setting the stage for House lawmakers to work on it and for Senate Democrats to weigh a social infrastructure agenda.

Treasury has already halted the sale of state and local securities, known as SLGS.

While the bipartisan deal includes some helpful provisions, it does not contain any of the top priorities of municipal bond market advocates.

A bipartisan group of senators negotiating a broad infrastructure deal has reached accord on a plan, the top Republican negotiator said, and debate could begin in the full chamber as early as Wednesday night.

Federal Reserve Chairman Jerome Powell has won over a number of influential Senate Democrats who are prepared to back him for another term, though a key pair remain holdouts and are unhappy with his leadership on regulation.

Bill Glasgall of the Volcker Alliance and Bond Buyer Northeast Regional Editor Paul Burton will explore how states have balanced priorities during the pandemic, and what challenges await.

Federal Reserve Chair Jerome Powell enjoys broad support for his renomination among top White House advisers, though the decision is expected later this year.

Wednesday will be the first Senate vote on advancing a bipartisan infrastructure deal.

President Joe Biden said he believes the surge in U.S. inflation is temporary and that he has told Federal Reserve Chairman Jerome Powell that he respects the central bank’s independence.