Published in Last Word
In comments submitted to the Municipal Securities Rulemaking Board (MSRB), the Council expressed concerns that its proposed rule placing restrictions on political contributions made by registered municipal advisors could limit the ability of engineering firms to participate in the political process.
Under the Dodd-Frank financial services reform law, firms that advise municipalities in connection with bonds and other financial products must register with both the Securities and Exchange Commission (SEC) and the MSRB. The proposed rule would prohibit registered municipal advisors that make political contributions to municipal officials who have the ability to select municipal advisors from working for those municipalities for a two-year cooling-off period. These restrictions would apply to both contributions from the firm and from employees who provide municipal advisory services.
ACEC also requested clarification of how the rule applies to contributions to political action committees.
After the MSRB Board approves the rule, it must be reviewed by the SEC before it takes effect.
To view ACEC comments, click here.
#BusinessandTax