ASA Statement on Fed's Humphrey-Hawkins Hearings

WASHINGTON – Ahead of Federal Reserve Chair Powell's testimony beginning today at the semi-annual Humphrey-Hawkins hearings, the American Securities Association (ASA) urged policymakers and regulators to revise restrictive capital and liquidity rules to treat municipal securities like other high-quality assets.

"Municipal bonds serve a unique public interest function in American society, yet they face a disproportionately restrictive capital and liquidity regulatory scheme," said ASA President and CEO Chris Iacovella. "ASA urges the Financial Services Committee and Senate Banking Committee to compel the Fed to adopt regulations that do not disadvantage high-quality municipal securities."

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The American Securities Association (ASA) represents the retail and institutional capital markets interests of regional financial services firms who provide Main Street businesses with access to capital and advise hardworking Americans how to create and preserve wealth. ASA’s mission is to promote trust and confidence among investors, facilitate capital formation, and support efficient and competitively balanced capital markets. This mission advances financial independence, stimulates job creation, and increases prosperity. The ASA has a geographically diverse membership of almost one hundred members that spans the Heartland, Southwest, Southeast, Atlantic, and Pacific Northwest regions of the United States.