September 18, 2017
NOW, THEREFORE BE IT RESOLVED, that the National Association of State Treasurers fully supports the following guiding principles for infrastructure investment.
1. NAST supports the retention and protection of the exemption of municipal bond interest from federal and state income taxation.
2. NAST opposes preemption of state and local finance authority and oversight of the debt issuance process through revision or repeal of the Tower Amendment or enactment of legislation to subject state and local government issuers to federal disclosure laws.
3. NAST supports the self-regulatory structure of the municipal market, and the commitment of all issuers of the municipal securities to provide annual financial, operating, and other information in a timely manner consistent with federal and state laws and Securities and Exchange Commission rules.
4. NAST supports federal investment of state infrastructure projects with a reliable and sustainable funding source for these projects.
5. NAST supports federal infrastructure financing programs such as Transportation Infrastructure Finance Innovation Act (TIFIA) that are intended to support specific infrastructure investments with lower cost or longer-term funding.
6. NAST supports bipartisan federal legislation (H.R. 2209) that amends the 2014 Liquidity Coverage Ratio Rule (LCR) to require municipal bonds that are liquid, readily marketable and investment grade to be treated as level 2A High Quality Liquid Assets (HQLA).
BE IT FURTHER RESOLVED, that the National Association of State Treasurers urges Congress and the Administration to adopt these principles as it crafts new and important infrastructure policies, regulations, legislation and laws.
STATE TREASURERS OUTLINE INFRASTRUCTURE PRINCIPLES IN RESPONSE TO PRESIDENT TRUMP’S $1.5T PROPOSAL https://t.co/0YaZMKUsrG