Annual Report 2017

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Legislative & Regulatory Summary From Capitol Hill to You... NABL’s Office of Governmental Affairs had an exciting 2017 working on your behalf. We’ve been active on Capitol Hill, met with regulators, participated in industry coalitions, sent numerous policy letters, and produced educational documents. Together with NABL’s committee leadership, we produce tangible educational and policy documents, white papers, comment letters, and more. Tax reform kept us busy the past few years, but nothing quite compared to the flurry of activity we undertook at the end of 2017 when Congress passed, in record time, sweeping tax reform legislation. In the end, tax-exempt municipal bonds were preserved, including private activity bonds (PABs), but we lost tax-exempt advance refunding bonds and the ability to issue new tax credit or direct pay bonds. We worked tirelessly with our membership, many of you calling your Member of Congress and asking your issuer clients to do the same. We sent a plethora of communications including emails, letters, one-pagers, background pieces, and more to Capitol Hill. We talked to the press and we exhausted every avenue we had to preserve all the tools important to the municipal market. On the regulatory front, we maintain regular communication with the IRS, Treasury, SEC and MSRB. We monitor regulatory activity and submit comment letters in response to requests for comment on proposals affecting our membership. In particular for 2017, one of the industry’s success stories occurred when the IRS withdrew its proposed regulations on the definition of political subdivisions. We want to thank you for volunteering your time and expertise over the last year and we look forward to another busy year ahead. For any questions about NABL’s Governmental Affairs activity, please contact Jessica Giroux at jgiroux@nabl.org. 6
Scholarship Program Frederic L. Ballard, Jr. Memorial Scholarship The National Association of Bond Lawyers (NABL) offers up to five scholarships to law students, through the Frederic L Ballard, Jr. Memorial Scholarship Program, to attend the Fundamentals of Municipal Bond Law Seminar every year since 2012. NABL renamed its existing Fundamentals of Municipal Bond Law Seminar scholarship program to honor longtime NABL member Frederic L. “Rick” Ballard, Jr. who passed away in 2014. The decision to bestow this honor on Mr. Ballard stemmed from his longstanding commitment to educating young bond attorneys. As Mr. Ballard’s contributions to NABL touched so many of its members, NABL is confident that the Frederic L. Ballard, Jr. Memorial Scholarship Program will become part of his enduring legacy. 30 The number of scholarship recipients since 2012 47% Percentage of scholarship recipients who have become NABL members Who we look for Eligible recipients of the scholarships must be currently enrolled in the Doctor of Jurisprudence Program or Masters of Law Program at an accredited law school, and express interest in pursuing public finance law. 2017 Frederic L. Ballard, Jr. Memorial Scholarship Recipients Pictured from left to right: Taylor Stockemer, University of Arkansas at Little Rock School of Law, Portia Bailey-Bernard, Indiana University School of Law, Christa Childers, Florida State University College of Law, Andrias “Annie” Jones, University of Texas School of Law, Jacqueline Hensley, University of Oklahoma College of Law 7
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Page 3 and 4: Mission & Vision NABL’S MISSION &
Page 5 and 6: Financial Summary TOTAL REVENUES $2
Page 7: Education Summary Tax & Securities
Page 11: A Look Ahead 2017-18 President Sand

Annual Report 2017

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