Levin Embarks on Small Business Jobs Bill


 Senate Finance Chairman Max BaucusMax Sieben BaucusBernie Sanders flexes power on single-payer ObamaCare architect supports single-payer system Trump has yet to travel west as president MORE (D-Mont.) is working on a similar proposal, but ranking member Chuck GrassleyCharles (Chuck) Ernest GrassleyGrassley: 'Good chance' Senate panel will consider bills to protect Mueller Overnight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea GOP state lawmakers meet to plan possible constitutional convention MORE (R-Iowa) will likely oppose an expansion to Build America Bonds.
 
The bonds offer Federal subsidies to state or local governments to defray borrowing costs on a wide array of projects, from infrastructure to public housing. Grassley argues increased subsidies don’t increase the construction of new projects, but instead go to Wall Street firms in increased underwriting fees for issuing the bonds.
 
“Build America Bonds result in higher underwriting fees for the Wall Street banks that underwrite the bonds than for traditional tax-exempt bonds,” Grassley said in prepared remarks. He added that news reports claim “Wall Street banks have made more than $1 billion in underwriting fees on Build America Bonds deals in less than a year.”
 
Baucus has not scheduled a mark up for his legislation.