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REGULATION: SIFMA Asks for Muni Help; Letters Call for Insurer and More.(Washington)(Letter to the editor)
Byline: Andrew Ackerman
WASHINGTON - The Securities Industry and Financial Markets Association is urging the Obama administration and key Democratic lawmakers to address liquidity problems in the municipal and auction-rate securities markets by developing a federally supported insurer or reinsurer and a facility to provide letters of credit or standby bond purchase agreements.
In identical letters sent to House Financial Services Committee chairman Barney Frank, D-Mass., and Senate Banking Committee chairman Christopher Dodd, D-Conn., SIFMA said the federal government should also consider: developing a commercial paper purchase facility to buy muni debt, similar to the Federal Reserve's Commercial Paper Funding Facility, which is currently closed to tax-exempt paper; authorizing $200 billion to start new state revolving fund programs for municipal financings; modifying restrictions on pension fund investments in in-state tax-exempt bond funds; and appointing a contact at Treasury to monitor the economic …
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Source: HighBeam Research, REGULATION: SIFMA Asks for Muni Help; Letters Call for Insurer and...
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