Washington

Two Federal Reserve Bank presidents discussed how trade policy is effecting the economy; neither seemed ready to cut interest rates.

Steven Gibson became president last year and is the deputy city manager in Rock Hill, South Carolina.

Municipal Securities Rulemaking Board Chair Gary Hall said the MSRB will examine governance rules such as the time period between when individuals leave their industry jobs and when they are allowed to become public board members.

GFOA members also will elect five new members-at-large.

The positive side is the bipartisan legislation for reinstatement introduced by 10 House lawmakers last week has a high possibility of being included in any infrastructure legislation that passes that chamber.

Issuers are concerned that the Municipal Securities Rulemaking Board reopening discussion of Rule G-23 could bring back "shady" practices.

GFOA members said they were taken aback and in some cases upset about the tone of the National Federation of Municipal Analysts' letter to regulators.

Municipal bond industry groups have been clamoring for advance refundings to be reintroduced as well as an expansion of PABs and direct-pay bonds.

During the Great Recession, interest rates hit zero lower bound, which caused the Fed to make unprecedented moves, or quantitative easing, to spur the economy.

The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, according to two people familiar with the matter.