A BDA Discussion with Congresswoman Terri Sewell (D-AL) on the Direction of the Ways and Means Committee and of Muni Bond Policy

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Congresswoman Terri Sewell (D-AL)

Congresswoman Terri A. Sewell is in her sixth term representing Alabama’s 7th Congressional District. She is one of the first women elected to Congress from Alabama in her own right and is the first black woman to ever serve in the Alabama Congressional delegation.

Congresswoman Sewell sits on the exclusive House Ways and Means Committee and brings to the committee her more than 15 years of experience as a securities and public finance attorney. Currently, in the 117th Congress, she serves as a member of the House Ways & Means Committee where she sits on three subcommittees: the Subcommittee on Health; the Subcommittee on Select Revenue Measures; and the Subcommittee on Social Security.

In her short time in Congress, Sewell has held several leadership positions including Freshman Class President in the 112th Congress. In the 117th Congress, she was selected by the Democratic Whip James Clyburn to serve as a Chief Deputy Whip, and sits on the prestigious Steering and Policy Committee, which sets the policy direction of the Democratic Caucus.

Prior to her election in 2010, Congresswoman Sewell was the first black woman partner in the Birmingham law office of Maynard, Cooper & Gale, P.C., where she distinguished herself as one of the only black public finance lawyers in the State of Alabama. A proud product of Alabama’s rural Black Belt, Congresswoman Sewell was the first black valedictorian of Selma High School. She is an honors graduate of Princeton University and Oxford University and received her law degree from Harvard Law School.

Brett Bolton, Bond Dealers of America:

Throughout your life and career, you have been a barrier breaker which is nothing short of remarkable. From the Ivy League and Oxford, to being the first African American partner at your Birmingham law firm, to being the first black woman elected to Congress from your home state of Alabama-Can you tell us a little more about your background and how this led you to Congress and a swift rise to leadership?

US Congresswoman Terri Sewell:

For me, it started right in Selma, Alabama. Many may know my hometown as one of the pivotal sites of the Civil Rights movement of the 1960’s, but for me the city and my neighbors and lifelong friends continue to be instrumental in the shaping of the person I am today. My parents were both educators in the Selma Public School system and instilled in me the drive that has continued to push me professionally. This is something I have taken to the House of Representatives and has helped me secure a seat on the powerful Ways & Means Committee and Chair of the Congressional Black Caucus Foundation.

BB:

As a former public finance lawyer, how did your experiences in the private sector direct your work on Capitol Hill—particularly the work with the House Committee on Ways and Means?

TS:

I was fortunate to join the Ways & Means Committee prior to the enactment of the Tax Cuts & Jobs Act in 2017. As a newly minted member of the committee, I saw firsthand how the seismic impact the law would have on the American people and the world I left to run for Congress. There was little to no input from those who would be impacted by the law prior to its passage. Now, the Committee and Congress are at a juncture where the decision must be made to go back and make the technical corrections to the law to account for details that were overlooked at the time.

BB:

Your interest in municipals on Capitol Hill is well known throughout the market. Many market participants had high hopes for legislative action in the 117th Congress on key provisions such as the reinstatement of tax-exempt advance refundings, raising the bank qualified debt limit and a new direct pay bond—all of which were including in your LIFT Act and the House passed Build Back Better Plan. As we know, these provisions, amongst many others, were removed for budgetary reasons and have received little fanfare since.
Do you foresee any of these provisions receiving additional consideration later this year during the Lame Duck Session of Congress? And if not, regardless of party control, how do prospects look in the 118th Congress next year?

TS:

I do think there is an appetite to address several of the unforeseen consequences that have come to light with the passage of TCJA – regardless of party control in the 118th Congress. I am confident that something like the LIFT Act will set the tone for what is possible when sound policy can offer a solution to issues, we have been hearing grow louder and louder over the past five years. My hope that there can be consensus surrounding the need to put forward a legislative package that benefits all Americans – regardless of what happens on November 8th.

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BB:

Partisanship seems to reign on the Hill outside a few notable examples in the past few years (i.e., Infrastructure and Jobs Act and the CHIPS bill come to mind). As we head into the midterm elections that potentially will create a divided government in DC, what are the prospects for bipartisan action next year? And how can bipartisanship help advance key bipartisan muni provisions such as advance refundings and raising the bank qualified debt limit.

TS:

Conversations surrounding bank qualified debt and the return of advance refunding remains paramount on my list of priorities. Let me be clear- this is not a “red or blue state” issue. It would be very difficult for you to find a municipal or county government anywhere in the United States that would be against having such tools be returned to their toolbox in the years to come. We must think of these decisions in the long-term when re-establishing additional borrowing power to our local governments to fund projects in their communities.

BB:

Regardless of which party controls the House, what do you expect the Democratic Ways and Means Committee priorities to be? And how will that agenda shift if there is a flip in control of the House?

TS:

Addressing Social Security and how the program can continue to operate & remain solvent for the next generation is one of our largest tasks before the Committee. Preservation of the Affordable Care Act and expanding upon its successes rests squarely within Ways & Means jurisdiction. I am fortunate to have the distinction of serving on both the Social Security and Health subcommittees on Ways & Means; so rest assured regardless of control of the House, I will have a seat at both tables when the time comes.