SIFMA letter advising the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, the Securities and Exchange Commission (SEC), and the Commodity Futures Trading Commission (CFTC) of the intention of certain financial institutions that are members of SIFMA to utilize joint ventures, as defined in the Volcker Rule. A Tax-Exempt Bond Joint Ventures Term Sheet describing the characteristics of the Bond Joint Ventures accompanies the letter.