AN AN­NOUNCE­MENT IS EX­PECTED

The Bond Buyer - - Front Page - By Brian Tu­multy

Mon­day that Rep. Steve Stivers of Ohio will serve as Repub­li­can co-chair of the bi­par­ti­san Mu­nic­i­pal Fi­nance Cau­cus in the next Congress, re­plac­ing Rep. Randy Hult­gren of Illi­nois who lost in the Novem­ber elec­tion

WASH­ING­TON – An an­nounce­ment is ex­pected Mon­day that Rep. Steve Stivers of Ohio will serve as Repub­li­can co-chair of the bi­par­ti­san Mu­nic­i­pal Fi­nance Cau­cus in the next Congress, re­plac­ing Rep. Randy Hult­gren of Illi­nois who lost in the Novem­ber elec­tion.

Hul­tr­gen co-founded the group in March 2016 with Rep. Dutch Rup­pers­berger of Mary­land, who will con­tinue as the Demo­cratic co-chair.

Stivers, who serves on the House Fi­nan­cial Ser­vices Com­mit­tee, has been a Se­ries 7 li­censed se­cu­ri­ties trader and ex­ec­u­tive at Bank One. He has been ac­tive on muni pol­icy dur­ing his time in of­fice, urg­ing the Se­cu­ri­ties and Ex­change Com­mis­sion to clar­ify mu­nic­i­pal ad­vi­sor reg­u­la­tions and co-spon­sor­ing leg­is­la­tion aimed at in­creas­ing the ap­petite of money mar­ket funds for mu­nic­i­pal bonds.

He’s also served more than 30 years in the Ohio Army Na­tional Guard and holds the rank of bri­gadier gen­eral.

News of the pend­ing an­nounce­ment was pre­ma­turely re­leased Tues­day evening by the Coun­cil of Devel­op­ment Fi­nance Agen­cies in a leg­isla­tive up­date. The CDFA email to mem­bers in­cluded a let­ter from the Mu­nic­i­pal Bonds for Amer­ica Coali­tion con­grat­u­lat­ing Stivers on his new po­si­tion.

“The cau­cus and its lead­ers fought to pre­serve tax-ex­empt fi­nanc­ing dur­ing de­bate of the Tax Cuts and Jobs Act and are ex­pected to play a key role as Congress turns to leg­is­la­tion to help in the fund­ing and fi­nanc­ing of our na­tion’s core in­fra­struc­ture,” the state­ment said.

In ad­di­tion to CDFA, mem­bers of the coali­tion in­clude the Amer­i­can Pub­lic Power As­so­ci­a­tion, Na­tional As­so­ci­a­tion of Bond Lawyers, Bond Deal­ers of Amer­ica, Na­tional As­so­ci­a­tion of Health and Ed­u­ca­tional Fa­cil­i­ties Fi­nance Au­thor­i­ties, the Na­tional Coun­cil of State Hous­ing Agen­cies, the In­vest­ment Com­pany In­sti­tute, Na­tional League of Cities and Large Pub­lic Power Coun­cil.

House Repub­li­cans lost 40 seats in last month’s elec­tion and the out­come of one race in North Carolina is still not cer­ti­fied. The re­sults mean Democrats will re­gain ma­jor­ity con­trol of the House for the first time since 2010.

The pres­i­dent’s po­lit­i­cal party typ­i­cally loses seats in Congress dur­ing his first midterm elec­tion.

In ad­di­tion to Hult­gren, two other House Repub­li­cans who are muni in­dus­try al­lies -- Reps. Peter Roskam of Illi­nois and Erik Paulsen of Min­nesota – lost last month.

But on the pos­i­tive side, Rep. Richard Neal, D-Mass., who is nearly cer­tain to chair the House Ways and Means Com­mit­tee next year, is among the more than 20 mem­bers of the Mu­nic­i­pal Fi­nance Cau­cus who were re-elected.

The pend­ing an­nounce­ment about Stivers’ role in the Mu­nic­i­pal Fi­nance Cau­cus, mean­while, has been over­shad­owed this week by ques­tions about when he learned about hacked emails at the cam­paign com­mit­tee for House Repub­li­cans.

Stivers is com­plet­ing a two-year vol­un­teer role as chair­man of the Na­tional Repub­li­can Con­gres­sional Com­mit­tee, where the emails of four se­nior aides were hacked. ◽

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