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Michael Decker, Managing Director and Co-Head of Municipal Securities at SIFMA, issued a statement raising concerns over a municipal bond tax increase in the House Republican tax reform proposal. Mr. Decker stated that he is disappointed that the proposal includes both a new 10-percent tax on otherwise tax-exempt interest income and a prohibition of private-activity bonds and advance refunding bonds. Mr. Decker explained that the new tax increases would be "borne ultimately by states and localities in the form of higher capital costs," which could lead to higher state, local property and

SIFMA issued its 2013 Year in Review Report, which covers the role of the financial industry in economic growth and job creation, as well as progress in the financial regulatory reform process. Among the issues that the report identifies as being matters of political and/or regulatory concern, and as to which the report briefly expresses a view, are the following: The imposition of a fiduciary standard on broker-dealers Tax incentives for retirement savings State-run retirement plans for private-sector employees The use of eminent domain authority to seize homes that have underwater mortgages