The U.S. House Committee on Financial Services held a virtual hearing Examining the Role of Municipal Bond Markets in Advancing – and Undermining – Economic, Racial and Social Justice. Click here to hear our very own, Gary Hall, Partner and National Head, Public Finance and Infrastructure, represent SWS to discuss the firm’s dedication to supporting HBCU’s and much more!
Congress Urged to Use Muni Tax Breaks to Help Black Colleges
The Securities Industry and Financial Markets Association supports extending the tax-exemption for the historically Black schools, board member Gary Hall, a partner at underwriter Siebert Williams Shank & Co., testified during the hearing. He said it would increase demand, result in better pricing and fit with the market’s “strong appetite” for social-impact bonds, a subset of the environmental, social and governance market.
President Joe Biden has pushed for greater funding for historically black colleges and universities, many of which were contending with sliding enrollment and financial pressures even before the pandemic shutdowns hit Black Americans disproportionately hard. The spending plan that Biden unveiled on Wednesday included a $39 billion program to subsidize tuition for students from families earning less than $125,000 at HBCUs and related institutions, among other measures.
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Written By: Shruti Date Singh