Washington

Lawmakers stressed the importance to invest in infrastructure as a way for the country to recover from the pandemic.

Public pension plans already received their 2020 funding by the time that the initial economic shock wave of the pandemic occurred.

Chairman Patrick Foye said the designation will better position the authority to cope with the revenue loss from the coronavirus pandemic.

Federal Reserve action to keep credit flowing rewards risky behavior and the remedy may be tougher regulation in the future, said former New York Federal Reserve Bank President William Dudley.

The bi-state agency can apply to use the Federal Reserve’s Municipal Liquidity Facility, if it chooses.

Public finance groups expressed hope the bill’s introduction will pave the way for consideration of municipal bond provisions.

All U.S. states will be able to have at least two cities or counties eligible to directly issue notes to the Municipal Liquidity Facility program regardless of population.

Illinois did not use its maximum amount of notes in the Fed program which could mean a possible expansion of eligibility for the muni program.

Illinois said Tuesday it signed an agreement for the Municipal Liquidity Facility to purchase its one-year certificates. Closing is expected Friday.

Members of both parties raised concerns that the requirements for participating in the Municipal Liquidity Facility and Main Street Lending Program are too restrictive to benefit smaller localities and certain midsize firms.