A prominent voice in the municipal bond space announced his resignation Monday.
Rep. Steve Stivers, R-Ohio, announced his resignation on Twitter this morning and said he would be leaving to accept a spot as CEO and president of the Ohio Chamber of Commerce by May 16. He leaves a hole in municipal bond advocacy and an open leadership position as co-chair of the Municipal Finance Caucus.
“He was an excellent Republican leader for the Municipal Finance Caucus,” said Chuck Samuels, counsel to the National Association of Health and Educational Facilities Finance Authorities. “His contribution is very much appreciated. He will be missed. We certainly will work hard to find another Republican like him who is willing to put in the time and make the commitment and be a leader in this caucus.”
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His departure comes as lawmakers are working quickly to put together an infrastructure bill, with hopes of including key municipal bond provisions.
“He is absolutely missed, particularly when we’re at this critical juncture,” Samuels said.
In late March, Stivers and Rep. Dutch Ruppersberger, D- Md., — also co-chair of the Municipal Finance Caucus — reintroduced a bill to bring back tax-exempt advance refunding. That bill has 21 Democrat and Republican cosponsors.
Stivers was a leading voice when it came to critical legislation around municipal bonds, said Eryn Hurley, associate legislative director at the National Association of Counties. Hurley noted that Sens. Roger Wicker, R-Miss., and Debbie Stabenow, D-Mich., have also introduced a bill to bring back tax-exempt advance refunding. Just last week, Rep. Terri Sewell, D- Ala., introduced a three-pronged bill that includes restoring tax-exempt advance refunding.
“There are a couple of proposals on the Hill between both of the chambers being negotiated and talked about,” Hurley said.
Some likely candidates to fill Stivers’ spot atop the Municipal Finance Caucus are Republican members within that group as well as cosponsors of tax-exempt advance refunding bills, said Emily Brock, director of the Government Finance Officers Association’s federal liaison center.
Some of those names include Reps. Fred Upton, R-Mich., Andrew Garbarino, R- N.Y., Lee Zeldin, R-N.Y., Andy Barr, R- Ky., and Brian Fitzpatrick, R- Pa.
“Some state or local representation is also important for us because they get it,” Brock said. Diversity and representation will also be important, Brock added.
Brock said a new vice-chair of the Municipal Finance Caucus would be made in the next few weeks.
Rep. Jackie Walorski, R-Ind., could also be a potential candidate and serves on the House Ways and Means Committee. She also sponsored a bill last week that would maximize private activity bond financing for multifamily housing.
Walorski has a strong local government background, Brock said, and Upton has been an advocate for municipal finance.
Other groups commented on Stivers’ leave Monday.
“SIFMA thanks Representative Stivers for his leadership on issues of importance to the municipal securities industry, particularly on infrastructure funding, which has enjoyed bipartisan support,” said Securities Industry and Financial Markets Association President and CEO Kenneth Bentsen. “We look forward to working with both Republicans and Democrats going forward as we continue our advocacy on these important issues.”
The Bond Dealers of America called Stivers a “main force” in introducing his tax-exempt advance refunding legislation.
“Stivers voice will be missed as the Republican co-chair of the caucus, but thanks to his hard work, along with his co-chair Rep. Ruppersberger and all municipal market advocacy participants, there is a strong bench on the Republican side for his replacement,” BDA said.
The American Securities Association said the group is looking forward to the future.
“Municipal finance has a long history of bipartisan support in Congress and we look forward to working with the caucus’ new leadership to help finance America’s infrastructure, public education, and a better future for more Americans,” said ASA CEO Chris Iacovella.
Stivers is a former securities trader and is serving his fourth term on the House Finance Services Committee. Before joining the Municipal Finance Caucus, he was chairman of the National Republican Congressional Committee.
Stivers’ office confirmed that the congressman would not be running for Senate, though he had been mentioned as a possible candidate.