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Friday, July 20, 2012

Hearing: Impact of Dodd-Frank on Municipal Finance

ABA Chairman Kell Kelly will testify today at 9:30 am at a House Financial Services’ Capital Markets Subcommittee hearing on the Dodd-Frank Act’s effect on municipal finance.

The hearing will cover an ABA-supported bill (H.R. 2827) -- introduced by Rep. Robert Dold (R-Ill.) -- that would provide clarity on what constitutes a municipal adviser.
ABA strongly believes that Section 975 of the Dodd-Frank Act was not intended to cover banks. Instead, it established a regulatory scheme for unregulated entities providing advice to municipalities with respect to the municipal financial products defined by Congress.

However, the SEC has proposed rules that interpret the scope of the “municipal financial products” in Section 975 far beyond the securities activities of state and local governments to reach all “funds held by or on behalf of a municipal entity.” This would mean that giving advice about traditional bank products such as deposits and loans could trigger registration as municipal advisors by most banks and each of their employees…
Read Kelly's full testimony and watch the hearing live.

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