Recently in Washington

As you know, both corporate and individual tax rates were reduced in last year’s Tax Cuts and Jobs Act. Lower tax rates make tax-exempt vehicles like municipal bonds less attractive to both corporate and individual investors; with lower tax rates, they have less incentive to look for tax-exempt investments. Reduced demand for municipal bonds and other tax-exempt investment vehicles like private activity bonds (PABs) means that cities will have to increase the interest rates on new bond issues in order to attract investors.

On January 9, President Trump signed Executive Order 13822, entitled "Supporting Our Veterans During Their Transition From Uniformed Service to Civilian Life." The E.O. directs the Secretaries of Defense, Homeland Security, and Veterans Affairs to develop and submit a Joint Action Plan to provide "seamless access to mental health treatment and suicide prevention resources for transitioning uniformed service members in the year" following military service.

On January 8, President Trump signed Executive Order 13821, entitled "Streamlining and Expediting Requests to Locate Broadband Facilities in Rural America" at the American Farm Bureau Federation's Annual Convention in Nashville, TN. The E.O. is aimed at promoting the expansion of broadband Internet into rural areas that lack connectivity. Trump also signed a Presidential Memorandum addressed to Interior Secretary Ryan Zinke requiring him to develop a plan to support rural broadband deployment. Agriculture Secretary Sonny Perdue also released the USDA's Rural Prosperity Task Force Report.

On January 9, U.S. District Judge William Alsup of the Northern District of California ruled that the Trump Administration that the Deferred Action for Childhood Arrivals (DACA) program, which President Trump has said he will end on March 5, 2018, should remain in effect until legal challenges brought in multiple courts are resolved. On January 16, the Justice Department said that it would take the "rare step" of asking the U.S. Supreme Court to overturn Judge Alsup's ruling, and bypass the U.S. Court of Appeals for the Ninth Circuit. Read more...

During the week of Jan. 8, President Trump signed 17 bills into law.