The Bond Dealers of America has hired a communications firm to help the municipal market industry get out the word about the importance of saving the muni bond tax exemption as Congress takes on tax reform.
"The firm has Capitol Hill experience and we're retaining them to enhance our advocacy," said Mike Nicholas, BDA's CEO.
"We haven't used a strategic communications firm in a very long time," Nicholas added. "They're going to help us get our message out there more effectively about the importance of the tax exemption and especially about the impact on smaller issuer communities" if the exemption were to be terminated.
The hire comes as Congress begins to craft a massive budget reconciliation package that includes the extension of the Tax Cuts and Jobs Act. Many in the muni sector worry will target the tax exemption as a way to raise revenue to cover the TCJA provisions, which carry an estimated price tag of $4.7 trillion.
The BDA hired Washington, D.C.-based Seven Letters, which has experience working with trade associations and specializes in "bipartisan public affairs, public relations, crisis management, digital strategy and corporate engagement," according to its website.
They signed a six-month contract, Nicholas said. The firm will help with messaging on Capitol Hill and by reaching out to mainstream media like Wall Street Journal for articles and op-eds.
In 2017, the BDA hired an external lobbying firm to promote its priorities as lawmakers crafted the TCJA. This time, the group feels its lobbying team is well developed, but opted for external communications as it has no in-house communications team. The hire comes as the group plans a series of fly-ins to meet with lawmakers and staff, Nicholas said.
