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Friday, April 12, 2013

Municipal Advisors Bill Introduced

Sen. Mark Warner (D-VA) and Sen. Patrick Toomey (R-PA) yesterday introduced ABA-advocated legislation (S. 710) that would provide for an exemption for commercial banks and savings and loan associations from the Dodd-Frank Act provisions requiring regulation of municipal advisors.

In a letter to Senators, ABA said:
ABA believes that Congress did not intend for banks and savings institutions that are already supervised and examined to be regulated as municipal advisors. Both the exemptions in Section 975 and the fact that examination authority was provided solely to the SEC support this view. ABA strongly believes a complete exemption is required because these institutions provide such a broad array of traditional banking products and services to municipalities that any limited exemption will necessarily cover activities that should not be captured.

1 comment:

norman meier said...
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