WASHINGTON — Sen. Charles Grassley is opposing the expanded bond provisions included in the jobs bill the House passed Thursday, arguing that the higher subsidy rates in the legislation will just boost profits for Wall Street underwriters.

The Iowa Republican, the ranking minority member on the Senate Finance Committee, issued a statement hours after the House passed the bill late Thursday, contending that the deeper subsidies will allow underwriters to “skim the cream” by charging higher fees to municipal bond issuers.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access