SIFMA provides comments to the U.S. Senate Regarding the Qualified School Construction Bond (QSCB) program. SIFMA argues that direct-pay QSCBs and other tax-credit bonds would offer benefits to issuers, investors and the federal government; as proposed by the U.S. House of Representatives, direct-pay QSCBs at a reasonable rebate rate would avoid the inefficiencies associated with tax-credit bonds and would allow school districts to take full advantage of the assistance offered by the American Recovery and Reinvestment Act of 2009 while potentially lowering the cost to both state and local municipalities, as well as the federal government.