Washington, D.C., April 16, 2021 – SIFMA today issued the following statement from president and CEO Kenneth E. Bentsen, Jr. on the introduction of the Local Infrastructure Financing Tools (LIFT) Act:

“SIFMA commends Representative Sewell (D-AL) for her commitment to infrastructure investment, seen today with the introduction of the Local Infrastructure Financing Tools (LIFT) Act.  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.  This legislation would reinstate tax-exempt advance refunding, an important tool which allows state and local governments to save billions 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.  The bill also reauthorizes direct pay bonds, and expands the use of bank-qualified debt, two other important tools to reduce the cost of funding for state and local bond issuers and in turn lead to additional bonding capacity to fund critical infrastructure, benefiting taxpayers and the local economy.”

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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.