​A couple of updates for you folks…
 
1.       I had the privilege last week of speaking on a panel at the Bond Dealers of America meeting in Denver on legislative issues affecting munis. See description in agenda included below. I shared the podium with the President of the Large Public Power Council and a staffer for Colorado Sen. Bennet. My appearance was part of a reciprocal arrangement with BDA where its CEO, Mike Nicholas, spoke to us in Seattle and is part of our ongoing close liaison with this important representative of a significant part of the muni market place.
 
2.       You may have seen my quotation in today's Bond Buyer about a positive report from the Congressional Research Service – not often a source of positive reports for tax-exempt bonds – that it concluded that corporate income tax base broadening approaches that would, for example, restrict the purchase of muni's might not save significant dollars and could end up burdening nonprofits and governments. That report is attached.
 

1. A Ways and Means subcommittee held a hearing on the rising cost of higher education and how that might relate to federal direct and indirect subsidies. NACUBO testified, and we are working with it to determine whether some intervention or communication with respect to tax-exempt bonds is necessary. Preliminary indications are that that was not a significant focus as compared to endowments, for example. You can read the interesting written statements here-- http://waysandmeans.house.gov/event/39840295/

 
4.       Federated Funds and related interests have formed a coalition pushing legislation to reverse the SEC rules on the floating NAV—to get back to so called—“stable value money market funds”.  See http://protectinvestorchoice.com/#home. AHA, NACUBO and NAHEFFA have been approached to be active supporters. Advocacy Chair Martin Walke and I conferred in Seattle and our judgment is that based on the unlikelihood of any legislation passing and the unclear importance of this issue to our sector that we will, as we have in the past, take a lower profile and work more closely with the GFOA and other issuers. Some of you and your borrowers may be approached directly to get involved and if you are please let me know.
 
As always, if anyone has any questions or comments ,please let me know.