Yesterday, the BDA Board hosted House Ways and Means Chairman Richard Neal (D-MA) as part of our Engage Capitol Hill 2021 initiative for an hour-long conversation on BDA and MBFA municipal bond legislative priorities. The Chairman discussed prior Committee activity including the recently passed stimulus package, the current turn to infrastructure, and the recent hearing on municipal bond financing in which the MBFA commented.
Mr. Neal laid out a time frame for a late spring/early summer passage of an infrastructure package out of Ways and Means, reiterated his unrelenting support for the tax-exemption, and reassured the group that BDA and MBFA priorities align with the Committees.
These include:
- Restoration of tax-exempt advance refundings;
- Expansion of PABs including for ESG uses;
- Raising the BQ debt limit; and
- Reinstatement of direct-pay bonds exempt from sequestration.
It should be noted that once the infrastructure package(s) passes Ways and Means, there are still many unanswered questions.
The Chairman laid out different paths forward including a bipartisan reauthorization package similar to H.R. 2 of last Congress that passed the House, breaking an infrastructure package into multiple smaller bills, and budget reconciliation allowing for a simple majority vote for passage in the Senate.
The BDA and MBFA plan to continue to conversation with the Chairman’s staff working to ensure regardless of path, these priorities become law.
Engage Capitol Hill 2021
As a way to creatively advocate for BDA member priorities, the BDA has developed “Engage Capitol Hill,” an exclusive, invite-only, quarterly webinar series with a Member of Congress that sits on a Committee of Jurisdiction of BDA interest.
**The BDA is planning quarterly meetings with other members of Congress and senior staff that will provide opportunities for broader membership participation.
These meetings will be virtual (until Capitol Hill allows in-person activities to resume) with key Members of Congress and senior personal and committee staff on issues more relevant to the US bond markets – Infrastructure, Tax Policy, GSE Reform, and more. These are small events limited to BDA members only.
For more information please contact Brett Bolton at bbolton@bdamerica.org
