WASHINGTON — Demand for municipal bonds is expected to increase and credit spreads get lower in the future because most regional members of the Federal Home Loan Bank system have begun accepting municipal bond issues as collateral.
That was the message Thursday during a webinar sponsored by the National Association of State Treasurers for issuers, investors, municipal advisors, bond attorneys and underwriters.
Mark Pascarella, the webinar moderator and director of debt management for the Indiana Finance Authority, said the takeaway is that higher demand is possible for municipal issuers.
“As an issuer, I have to recognize that there might be some changes I make to an official statement to make the issuance Federal Home Loan Bank eligible,’’ Pascarella said. “There’s some work we’re going to have to do on our end.’’
The payoff, he said, will include an erosion of the liquidity premium.
The Federal Housing Finance Agency has given regulatory approval over the last couple of years for the 10 of the nation’s 11 regionals to include municipal issues as allowable collateral….
The National Association of State Treasurers (NAST) today announced that it has elected Vermont State Treasurer Beth Pearce as its 2018 President during the association’s annual conference in Boston. Treasurer Pearce will succeed outgoing President Ken Miller, the State Treasurer of Oklahoma, on January 1, 2018.
“I am honored to lead this national network in its next year of transformation and growth,” said Treasurer Beth Pearce during the NAST Annual Conference. “Our country faces a number of fiscal challenges such as an aging infrastructure, rising levels of student debt, a lack of retirement readiness and financial security. NAST plays a crucial role in addressing these issues by promoting sound fiscal policy and best practice that enhances our lives, so I look forward to working with the association during the year ahead to build on this goal.”
Treasurer Pearce has served as Vermont’s State Treasurer since January 2011. She currently serves as the Senior Vice President of the NAST, and is the Past President of the National Association of Unclaimed Property Administrators (NAUPA). Alongside Treasurer Pearce, the association also appointed Utah State Treasurer David Damschen, as Senior Vice President of NAST and Massachusetts State Treasurer Deb Goldberg, as Secretary-Treasurer of NAST.
“I would like to thank Treasurer Miller for his leadership over the past year, and congratulate him for receiving NAST’s 2017 Jesse M. Unruh Award this week for his truly exceptional service to the association,” Treasurer Pearce added.
Treasurer Goldberg hosted NAST’s annual conference and presented the 2017 Jesse M. Unruh Award to Treasurer Miller on Monday during the association’s opening ceremony. The award is designated to a current state treasurer for their outstanding service to NAST, the profession and their state.
Additionally, Treasurer Miller presented awards to two state treasures and one corporate affiliate member, including:
NOW THEREFORE BE IT RESOLVED, that the National Association of State Treasurers hereby opposes legislative and regulatory measures to repeal the exemption of municipal bond interest from Federal and applicable state income taxation, to curtail the use and attractiveness of tax-exempt bonds, and to discourage investment in tax-exempt bonds and opposes any federal
legislation that diminishes the value or impairs the use of tax-exempt bonds.
BE IT FURTHER RESOLVED, that the National Association of State Treasurers supports federal initiatives to enhance the ability of state and local governments to finance vital public projects through tax exempt financing.
NOW, THEREFORE BE IT RESOLVED, by the National Association of State Treasurers:
1. NAST does not support proposals to provide states with bankruptcy protection.
2. NAST encourages Congress and the Administration to work with our members to improve the fiscal stability of governments at all levels.
On behalf of the Cash Management Policy Board, the Office of the State Treasurer (“OST”) seeks to enter into an agreement with investment management firms to provide fixed-income investment management services for the State’s cash management portfolio. The overarching goal of this RFP is to engage Vendors that will achieve superior performance under the State’s proposed New Investment Architecture and offer ongoing strategic insight as to how the Board can best balance its three-part investment mandate
WASHINGTON, D.C. – The National Association of State Treasurers (NAST) today announced it has appointed Shaun Snyder as executive director. Snyder will join the 41-year-old association on October 16, 2017.
NAST President and Oklahoma State Treasurer Ken Miller said, “After a nationwide search, I am pleased to welcome Shaun to our bipartisan association. His strong leadership abilities and proven track record will serve NAST well as we continue to expand our impact to better serve our citizens.”
The NAST Executive Committee chose Snyder following an intensive nationwide search. His job responsibilities will include managing and overseeing all association activities, including membership services, government affairs, corporate partnerships, media outreach and conference planning. He will also direct the staff, operations, and initiatives at the association.
“State treasurers are on the frontline of solving some of our country’s toughest fiscal challenges—from financing much needed infrastructure projects to helping individuals save for the rising cost of college or retirement,” said Snyder. “NAST plays a crucial role in helping state treasurers address these issues by developing best practices and promoting sound fiscal policies, so I look forward to joining this bipartisan association to build on this goal.”
Currently, Snyder serves as the Chief Operating Officer for the American Psychiatric Association, where he is responsible for working with each of the organization’s departments to ensure the association meets strategic objectives in an efficient and effective manner. Prior to joining the American Psychiatric Association, Snyder served in the same role for the Department of Health of the District of Columbia, and has served as Special Assistant to the General Counsel of the U.S. Department of Housing and Urban Development.
Snyder was born in California and spent his childhood in a number of states, including California, Wisconsin, Massachusetts, and Maryland. He received his undergraduate degree in Government and Politics from the University of Maryland, his law degree from the Georgetown University Law Center, and his MBA from The George Washington University. He is licensed to practice law in Maryland and the District of Columbia.
As a reminder, registration closes September 11th.
The three day event will be held at the Boston Marriott Long Wharf. This upscale, landmark hotel along Boston’s historic Long Wharf pier, places you moments away from attractions including Faneuil Hall Marketplace, the New England Aquarium, and the Freedom Trail. In addition to the sights and attractions of the city, this conference provides a blend of education, policy discussion, and networking that you don’t want to miss.