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October 2026 Advocacy Digest
Final midterm election dash, SEC targets JPAs, IRS racial nondiscrimination proposal. Here’s what happened in October.
Editor’s Note
In an effort to better serve our members, NABL is rolling out a new advocacy digest that will compile market updates and happenings from the past month in one easy and concise roundup. Missed last month? Check out our September 2026 Advocacy Digest.
Disclaimer: The following is provided to further legal education and research and is not intended to provide legal advice or counsel as to any particular situation.
By: Brian Egan, Chief Policy Officer, NABL
FYSA — For Your Situational Awareness
Members of Congress have been out of town and on the campaign trail for most of the month with all eyes on the midterm elections next week. Emily Brock and Paige Mellerio of the Government Finance Officers Association (GFOA) joined yours truly during the 50th NABL Workshop earlier this month to share their crystal ball outlooks and opinions on the impacts to municipal bonds for each potential election outcome (as covered by The Bond Buyer).
Political Outlook 🗳️
Nobody can predict election outcomes with certainty, but there are only two broad outcomes: Republicans maintain control of the House and Senate, or Democrats take control of either or both chambers. Pollsters have mostly ruled out the former, with the latest polls strongly indicating Democrats will take the House and possibly secure a majority of seats in the Senate as well. Some degree of split control will all but rule out the chance of a partisan reconciliation bill in the 120th Congress. Even if Democrats take control of both chambers, Republicans will still control the White House and federal agencies, making the likelihood of large transformative legislation passing into law less likely. A Democratic congress would use their gavels to focus on oversight. They would likely also pursue messaging bills that may not pass into law but would signal party priorities for a future Congress.