A bipartisan group of Senators (NJ's Menendez,...>

US: A bipartisan group of Senators (NJ's Menendez, OH's Brown, NC's Tillis, AK's

Murkowski) has written a letter to Tsy Secretary Mnuchin and Fed Chair Powell

urging the Fed to buy the long-term debt of state and local governments.

- "Establishing a facility to purchase municipal bonds from issuers and in the

secondary market across all points of the yield curve would ensure state and

local governments across the country can meet their financing needs as they

respond to the health crisis and lay the foundation for future economic growth."

- Currently, the Fed is only providing funding to states/municipalities for

maturities of 3 years or under.

- Mnuchin and Powell are scheduled to testify before the Senate Banking

Committee (the first such quarterly testimony required under the CARES Act) on

Tuesday May 19 at 1000ET/1500BST.