Washington, D.C., March 29, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the reintroduction of the “Investing in Our Communities Act:”

“We commend Representatives Dutch Ruppersberger (D-MD) and Steve Stivers (R-OH) for reintroducing the ‘Investing in Our Communities Act,’ which would reinstate advance refunding.  Advance refunding is an important tool which allows state and local governments to save billions of dollars in interest costs by refinancing their outstanding debt to a lower interest rate. By reducing their debt service expenses, states and localities would free up their borrowing capacity for new investments in infrastructure and other important public projects, in turn boosting their local economies with the creation of new jobs and making public services more affordable.  Our state and local governments have a critical need, especially this deep into the COVID-19 pandemic, to fund the repair and even new construction of the bridges, roads, schools, health care facilities, water and sewer facilities, transportation facilities our communities rely on.  SIFMA appreciates these bipartisan efforts to fund infrastructure spending.”

The bill is cosponsored by John Garamendi (D-CA), Lee Zeldin (R-NY), Brian Fitzpatrick (R-PA), Andy Barr (R-KY), Joyce Beatty (D-OH), Terri Sewell (D-AL), Julia Brownley (D-CA), Eleanor Holmes Norton (D-DC), Earl Blumenauer (D-OR), Cindy Axne (D-IA), Andrew Garbarino (R-NY), Daniel T. Kildee (D-MI), James P. McGovern (D-MA), Henry Cuellar (D-TX), Haley Stevens (D-MI), Gerry Connolly (D-VA), Judy Chu (D-CA), Jimmy Panetta (D-CA), Derek Kilmer (D-WA), Dean Phillips (D-MN) and Fred Upton (R-MI).

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SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s nearly 1 million employees, we advocate for legislation, regulation and business policy, affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.