NABL Encourages Members of Congress to sign Ruppersberger/Stivers Dear Colleague Letter
Congressmen Dutch Ruppersberger (D-MD) and Steve Stivers (R-OH), co-chairs of the House Municipal Finance Caucus, have circulated a letter to all members of the House of Representatives asking their colleagues to join them in supporting municipal bonds. The letter states in part, “Any proposal to eliminate or reduce the value of the tax exemption on municipal bonds will raise borrowing costs for our state and local governments, reduce infrastructure investment in the communities we represent, and stall or threaten job creation.” The letter is addressed to House Ways & Means Chairman Neal and Ranking Member Brady. All members of the House of Representatives are invited to sign on.
It is noteworthy that the authors of the letter are co-chairs of the Municipal Finance Caucus. The caucus is important in Congress and to our industry because it provides a forum to discuss the opportunities and challenges for states and local governments to independently fund initiatives that strengthen their communities. Key issues the caucus focuses on include: protecting the tax-exempt status of municipal debt, understanding how financial regulations treat such debt, and ensuring there is a robust market for municipal securities.
NABL Request: We would ask that you connect with your representative in the House and encourage them to sign onto the letter. As part of that outreach, please also encourage them to consider joining the Municipal Finance Caucus if they are not already a member. We would also ask that you to share this information with your issuer clients and ask them to make the same request.
Current Signers as of 4/17/19: DeFazio, Loebsack, Fitzpatrick, Riggleman, Dunn, Bacon, Soto, LaMalfa, Huffman, Peterson, Zeldin, Cole, Bonamici, Welch, Cline, Turner, McCollum, Gallego, Tonko, Ryan, Brown, Napolitano, Sewell, Norton, Price, McAdams, Lipinski, Swalwell, Morelle, Dingell, Heck, D. Johnson, Krishnamoorthi, Watkins, Duffy, Fleischmann, Carbajal, A. Gonzalez, Garamendi, Steube, Eshoo, Stanton, Meeks, Kilmer, McNerney, Latta, Grothman, Pingree, Takano, DeGette, Armstrong, Titus, Cleaver, Gonzalez, Cuellar, Brownley, Moore, Matsui, Butterfield, Van Drew, Haaland, Khanna, Bera, LaMalfa, Bustos, Brindisi, Schneider, Himes, Schiff, Cox, Cicilline, Connolly, Hastings, Roybal-Allard, Ruiz, Foster, Yoho, Gosar, Craig, Diaz-Balart, Roe.
If your representative is interested in signing on to the letter or joining the caucus, please direct them to one of the following contacts:
• David Heitlinger with Rep. Ruppersberger’s office at David.Heitlinger@mail.house.gov o
• Mark Gilbride with Rep. Stivers’ office: Mark.Gilbride@mail.house.gov.
You can find a copy of the letter here.