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FDTA to Become Law
This week’s Senate passage of the NDAA all but assures the Financial Data Transparency Act (FDTA) will become law.
The Senate passed the National Defense Authorization Act (NDAA) Thursday evening on to President Biden for signature into law. The 4300+ page package includes the Financial Data Transparency Act (FDTA), which instructs financial regulators to develop data standards and then instructs the U.S. Securities and Exchange Commission (SEC) to promulgate rules based on those standards to data submitted to information systems of the Municipal Securities Rulemaking Board (MSRB). NABL will continue to update members throughout the various rulemaking processes.
The NDAA notably excluded the ENABLERS Act, which would have added certain attorneys to the list of “financial institutions” covered by the Banking Secrecy Act (BSA). The package did include the Water Resources Development Act (WRDA) of 2022, which authorizes a broad array of water projects across the country.
Congress Punts on Approps
Congress also passed a short term extension on appropriations on Thursday evening. Since September, the federal government has been operating on a continuing resolution (CR) that expires tonight at midnight. This week’s CR maintains existing spending levels through December 23, 2022. Congressional leadership also announced an agreement to topline defense and domestic spending numbers this week, which clears the way for appropriators to finalize work on an FY2023 omnibus before Christmas. Additional legislation, including retirement savings and tax extenders, could also hitch a ride on a large omnibus package or pass as standalone legislation if bipartisan agreements are reached by next week. Read what city leaders are asking >
Update on PAYGO
Market participants remain focused on pending PAYGO scorecards that, if left unaddressed at the end of this Congress, would trigger drastic sequestration of mandatory spending, including subsidies for outstanding direct pay and tax credit bonds. Issuer groups sent another letter urging Congress to act before they adjourn.