Muni Minute: Crunch Time for Congress

In the latest installment of Muni Minute – The Bond Buyer's 60-second video series that examines a top municipal market story that will impact the coming week – we look at Congress' return to work, and the issues that they have to face before the end of the legislative year, such as passing appropriation bills, confirming SEC nominees and looking at expanding the liquidity rules to add more munis.

VOICE OVER: Congress returns to Washington this week, but they won't be back in the Capital for long. There aren't many working days left on the legislative calendar this year. Only 33 in the house and 43 in the Senate. That's not much time to get a lot done. There's a lot left to be done. Lawmakers have to pass a stop-gap funding or continuing resolution to provide money for the new fiscal year, which starts October 1st since they haven't passed any appropriations bills yet. SEC observers are hoping the full Senate confirms President Obama's nominees Hester Peirce and Lisa Fairfax. A senate panel has already recommended their approval.

Dealers and issuers would like Congress to pass legislation making bank regulators count more municipal securities as high-quality liquid assets. The house has already passed a bill designed to do just that and the GFOA is urging its members to write their senators to get them to offer a companion piece. I'm Chip Barnett and this has been your Muni Minute.