Together Advocating for a Stronger Municipal Bond Market

MBFA Mission

Municipal Bonds for America Council is a coalition of the municipal market leadership working together and in concert with issuers and State and local groups to promote and advance the municipal bond market in the context of infrastructure. This coalition, led by the Bond Dealers of America, is committed to advancing proposals that improve the municipal securities market while protecting the interests of taxpayers, investors, and state and local governments. By uniting the private sector side of the municipal business, the MBFA will work in tandem with State and local groups to promote municipal bonds in the context of infrastructure and other capital improvement legislative initiatives.

MBFA Leadership

The MBFA Council is led by a diverse and experienced group of municipal market professionals that help guide the MBFA’s advocacy in the Advisory Council and Steering Committee.
The Advisory Council is comprised of 7 former municipal market leaders that help shape the direction and principles of the coalition. The Council’s knowledge and experience are unmatched, helping the MBFA become THE thought leader in the municipal bond policy.
The Steering Committee is comprised of 20 fixed-income-focused firms representing investors, underwriters, issuers, and bond counsel. This Committee will lead the MBFA advocacy efforts and provide day-to-day counsel on policy initiatives.

MBFA Federal Policy Focus

The MBFA is focused on a plethora of municipal market priorities for advancement in the 117th Congress. These include:
  • Tax-Exempt Advance Refundings
  • Bank Qualified Bonds
  • Private Activity Bonds
  • New BAB Type Product
  • Industrial Revenue Bonds
  • Green Bonds
While most of 2021 has been focused on additional stimulus, attention is quickly turning to infrastructure and financing. Last month, Senator Roger Wicker (R-MS) introduced amendments to the American Recovery Act that would reinstate tax-exempt advance refundings and create a new direct-pay bond program exempt from sequestration called American Infrastructure Bonds.
Neither provision was given final consideration for inclusion in the stimulus package, the Senator along with his Democratic Counterpart Debbie Stabenow (D-MI), reintroduced legislation that would fully restore tax-exempt advance refundings. The bill has strong bipartisan support and is well-positioned for debate as Congress turns its attention to infrastructure and public works later this year.
Our partners in the House are on track to introduce a companion bill in the coming weeks, and that identical legislation is expected to have broad bipartisan support as well.
In conversations with staff on the Hill and with multiple agencies, it seems that while both the Administration and the Hill are focused currently on standing grant programs and reauthorization needs, they have continuously emphasized that bonds will play a major role in their package and continue to ask for our assistance once the conversation turns to finance aspects of the debate.

MBFA Events

For spring 2021, the MBFA is in the process of developing a “virtual fly-in,” with senior staff on the Hill and in the Administration. Dates are expected to be announced in the near future, with an expected event date in late spring 2021. This will be the first fly-in in what the MBFA plans to implement quarterly, both virtual, and in the future DC events. Working in concert with issuer groups and the Public Finance Network, MBFA will focus on legislative advocacy, research, and white papers, hosting educational sessions on Capitol Hill, political fundraising and events, and industry marketing and PR.

White Papers/Research and Analysis

Working in concert with issuer groups and the Public Finance Network, MBFA will focus on legislative advocacy, research, and white papers, hosting educational sessions on Capitol Hill, political fundraising and events, and industry marketing and PR. Beyond these Hill-focused documents and events, the MBFA plans to build out market research in-house and partner with outside groups and muni market professionals for discussion of market structure, innovations, both primary and secondary markets, technology.