ASA Applauds Chairwoman Waters Urging Fed to Further Help Main Street
Municipal Liquidity Facility must be open to municipalities of all sizes
WASHINGTON – The American Securities Association (ASA) today came out in support of a letter sent by House Financial Services Committee Chairwoman Maxine Waters last night urging the Federal Reserve to improve its Municipal Liquidity Facility by eliminating its arbitrary population minimums and expanding access for American municipalities of all sizes.
“ASA thanks Chairwoman Waters for her leadership in urging the Fed to do more to support Main Street get through this unprecedented crisis,” said ASA CEO Chris Iacovella. “The Fed’s arbitrary population minimums for its Municipal Liquidity Facility exclude relief for too many of our nation’s cities, towns and counties. These hardworking Americans deserve our help. We also support the Chairwoman’s call for the Facility to support the secondary market as quickly as possible to relieve market pressure. It’s time for Members of Congress on both sides of the aisle to come together quickly and remedy this situation.”
Last week, ASA questioned the Municipal Liquidity Facility’s arbitrary population minimums and said the Fed missed the mark by failing to help America’s Main Street communities. Earlier this month, ASA also sent a letter to Fed Chair Powell urging the Board to use its authority to authorize a “Main Street” non-primary dealer credit facility to expand credit for the thousands of issuers in states, towns, and municipalities across the country. To read that letter, click here.
ASA’s regional financial services companies work in communities across the country to create jobs, grow the economy, and increase prosperity for all Americans. The ASA exclusively represents the capital market and private client interests of its members and seeks to promote free market principles making it easier to access financial advice and capital. ASA members help Americans save for retirement, provide Main Street businesses with capital to grow, and advise hardworking Americans how to create and preserve wealth. For the latest updates follow @AmerSecurities and learn more at http://americansecurities.org/.