Washington, DC Update – October 2016

Senate introduces HQLA legislation

On September 28, 2016, Senators Rounds (R-ND), Schumer (D-NY), and Warner (D-VA) introduced legislation that classifies municipal securities as high-quality liquid assets. Other original co-sponsors of the legislation include:

  • Kirk (R-IL)
  • Tester (D-MT)
  • Heitkamp (D-ND)
  • Scott. (R-SC)
  • Donnelly (D-IN)
  • Moran (R-LA)
  • Vitter (R-GA)

This groundswell of bipartisan support from members of the Senate banking committee shows the common-sense appeal of legislation that corrects the liquidity coverage ratio to include municipal securities. We look forward to increasing the number of co-sponsors across the Senate within the next month and encourage members to reach out to your Senators using the resource materials on the federal liaison center website.


IRS commissioner Koskinen invites GFOA to provide input on ACA Information Returns

On September 21, 2016, representatives of GFOA discussed with Commissioner Koskinen the process and difficulties that exist for state and local governments and political subdivisions regarding the new requirement to report information on the ACA. The discussion included recommendations for resource materials for public filers as well as communicating time and frustrations that many are experiencing dealing with TIN (tax ID number) errors. We look forward to continuing this discussion with the IRS and addressing these issues as we continue the dialogue and will report back to members on updated resources materials or other progress.