id sid tid token lemma pos cblr-1737 1 1 microsoft microsoft PROPN cblr-1737 1 2 word word NOUN cblr-1737 1 3 6_2016.1_miki_final3 6_2016.1_miki_final3 NUM cblr-1737 1 4 miki miki ADJ cblr-1737 1 5 – – PUNCT cblr-1737 1 6 final final ADJ cblr-1737 1 7 live live NOUN cblr-1737 1 8 and and CCONJ cblr-1737 1 9 let let AUX cblr-1737 1 10 die die VERB cblr-1737 1 11 : : PUNCT cblr-1737 1 12 peeling peel VERB cblr-1737 1 13 back back ADV cblr-1737 1 14 on on ADP cblr-1737 1 15 municipal municipal ADJ cblr-1737 1 16 bond bond NOUN cblr-1737 1 17 regulation regulation NOUN cblr-1737 1 18 after after SCONJ cblr-1737 1 19 the the DET cblr-1737 1 20 2008 2008 NUM cblr-1737 1 21 financial financial ADJ cblr-1737 1 22 crisis crisis NOUN cblr-1737 1 23 heita heita PROPN cblr-1737 1 24 miki miki PROPN cblr-1737 1 25 municipal municipal ADJ cblr-1737 1 26 bonds bond NOUN cblr-1737 1 27 have have AUX cblr-1737 1 28 traditionally traditionally ADV cblr-1737 1 29 been be AUX cblr-1737 1 30 considered consider VERB cblr-1737 1 31 , , PUNCT cblr-1737 1 32 rightly rightly ADV cblr-1737 1 33 or or CCONJ cblr-1737 1 34 wrongly wrongly ADV cblr-1737 1 35 , , PUNCT cblr-1737 1 36 mundane mundane ADJ cblr-1737 1 37 assets asset NOUN cblr-1737 1 38 that that PRON cblr-1737 1 39 require require VERB cblr-1737 1 40 little little ADJ cblr-1737 1 41 regulation regulation NOUN cblr-1737 1 42 . . PUNCT cblr-1737 2 1 however however ADV cblr-1737 2 2 , , PUNCT cblr-1737 2 3 the the DET cblr-1737 2 4 most most ADV cblr-1737 2 5 recent recent ADJ cblr-1737 2 6 financial financial ADJ cblr-1737 2 7 crisis crisis NOUN cblr-1737 2 8 did do AUX cblr-1737 2 9 not not PART cblr-1737 2 10 leave leave VERB cblr-1737 2 11 municipal municipal ADJ cblr-1737 2 12 bonds bond NOUN cblr-1737 2 13 untouched untouched ADJ cblr-1737 2 14 . . PUNCT cblr-1737 3 1 the the DET cblr-1737 3 2 dodd dodd PROPN cblr-1737 3 3 - - PUNCT cblr-1737 3 4 frank frank PROPN cblr-1737 3 5 wall wall PROPN cblr-1737 3 6 street street PROPN cblr-1737 3 7 reform reform PROPN cblr-1737 3 8 and and CCONJ cblr-1737 3 9 consumer consumer NOUN cblr-1737 3 10 protection protection NOUN cblr-1737 3 11 act act NOUN cblr-1737 3 12 of of ADP cblr-1737 3 13 2010 2010 NUM cblr-1737 3 14 and and CCONJ cblr-1737 3 15 liquidity liquidity NOUN cblr-1737 3 16 requirements requirement NOUN cblr-1737 3 17 for for ADP cblr-1737 3 18 banks bank NOUN cblr-1737 3 19 , , PUNCT cblr-1737 3 20 enacted enact VERB cblr-1737 3 21 in in ADP cblr-1737 3 22 response response NOUN cblr-1737 3 23 to to ADP cblr-1737 3 24 the the DET cblr-1737 3 25 2008 2008 NUM cblr-1737 3 26 financial financial ADJ cblr-1737 3 27 crisis crisis NOUN cblr-1737 3 28 , , PUNCT cblr-1737 3 29 have have AUX cblr-1737 3 30 had have VERB cblr-1737 3 31 far far ADV cblr-1737 3 32 - - PUNCT cblr-1737 3 33 reaching reach VERB cblr-1737 3 34 effects effect NOUN cblr-1737 3 35 in in ADP cblr-1737 3 36 the the DET cblr-1737 3 37 banking banking NOUN cblr-1737 3 38 industry industry NOUN cblr-1737 3 39 as as ADV cblr-1737 3 40 well well ADV cblr-1737 3 41 as as ADP cblr-1737 3 42 the the DET cblr-1737 3 43 municipal municipal ADJ cblr-1737 3 44 bond bond NOUN cblr-1737 3 45 market market NOUN cblr-1737 3 46 . . PUNCT cblr-1737 4 1 while while SCONJ cblr-1737 4 2 the the DET cblr-1737 4 3 registration registration NOUN cblr-1737 4 4 requirements requirement NOUN cblr-1737 4 5 for for ADP cblr-1737 4 6 municipal municipal ADJ cblr-1737 4 7 advisors advisor NOUN cblr-1737 4 8 have have AUX cblr-1737 4 9 garnered garner VERB cblr-1737 4 10 much much ADJ cblr-1737 4 11 attention attention NOUN cblr-1737 4 12 , , PUNCT cblr-1737 4 13 other other ADJ cblr-1737 4 14 provisions provision NOUN cblr-1737 4 15 may may AUX cblr-1737 4 16 negatively negatively ADV cblr-1737 4 17 impact impact VERB cblr-1737 4 18 the the DET cblr-1737 4 19 liquidity liquidity NOUN cblr-1737 4 20 of of ADP cblr-1737 4 21 the the DET cblr-1737 4 22 municipal municipal ADJ cblr-1737 4 23 bond bond NOUN cblr-1737 4 24 market market NOUN cblr-1737 4 25 and and CCONJ cblr-1737 4 26 raise raise VERB cblr-1737 4 27 the the DET cblr-1737 4 28 costs cost NOUN cblr-1737 4 29 of of ADP cblr-1737 4 30 raising raise VERB cblr-1737 4 31 capital capital NOUN cblr-1737 4 32 for for ADP cblr-1737 4 33 municipalities municipality NOUN cblr-1737 4 34 . . PUNCT cblr-1737 5 1 this this DET cblr-1737 5 2 note note NOUN cblr-1737 5 3 focuses focus VERB cblr-1737 5 4 on on ADP cblr-1737 5 5 three three NUM cblr-1737 5 6 provisions provision NOUN cblr-1737 5 7 , , PUNCT cblr-1737 5 8 all all PRON cblr-1737 5 9 of of ADP cblr-1737 5 10 which which PRON cblr-1737 5 11 increase increase VERB cblr-1737 5 12 the the DET cblr-1737 5 13 cost cost NOUN cblr-1737 5 14 of of ADP cblr-1737 5 15 raising raise VERB cblr-1737 5 16 capital capital NOUN cblr-1737 5 17 for for ADP cblr-1737 5 18 municipalities municipality NOUN cblr-1737 5 19 without without ADP cblr-1737 5 20 a a DET cblr-1737 5 21 meaningful meaningful ADJ cblr-1737 5 22 improvement improvement NOUN cblr-1737 5 23 in in ADP cblr-1737 5 24 the the DET cblr-1737 5 25 safety safety NOUN cblr-1737 5 26 of of ADP cblr-1737 5 27 the the DET cblr-1737 5 28 banking banking NOUN cblr-1737 5 29 system system NOUN cblr-1737 5 30 : : PUNCT cblr-1737 5 31 the the DET cblr-1737 5 32 liquidity liquidity NOUN cblr-1737 5 33 coverage coverage NOUN cblr-1737 5 34 ratio ratio NOUN cblr-1737 5 35 , , PUNCT cblr-1737 5 36 the the DET cblr-1737 5 37 volcker volcker NOUN cblr-1737 5 38 rule rule NOUN cblr-1737 5 39 , , PUNCT cblr-1737 5 40 and and CCONJ cblr-1737 5 41 the the DET cblr-1737 5 42 risk risk NOUN cblr-1737 5 43 retention retention NOUN cblr-1737 5 44 rule rule NOUN cblr-1737 5 45 . . PUNCT cblr-1737 6 1 secondarily secondarily ADV cblr-1737 6 2 , , PUNCT cblr-1737 6 3 this this DET cblr-1737 6 4 note note NOUN cblr-1737 6 5 makes make VERB cblr-1737 6 6 mitigating mitigate VERB cblr-1737 6 7 suggestions suggestion NOUN cblr-1737 6 8 . . PUNCT cblr-1737 7 1 this this DET cblr-1737 7 2 note note NOUN cblr-1737 7 3 concludes conclude VERB cblr-1737 7 4 that that SCONJ cblr-1737 7 5 the the DET cblr-1737 7 6 most most ADV cblr-1737 7 7 liquid liquid ADJ cblr-1737 7 8 municipal municipal ADJ cblr-1737 7 9 bonds bond NOUN cblr-1737 7 10 should should AUX cblr-1737 7 11 qualify qualify VERB cblr-1737 7 12 as as ADP cblr-1737 7 13 eligible eligible ADJ cblr-1737 7 14 for for ADP cblr-1737 7 15 high high ADJ cblr-1737 7 16 - - PUNCT cblr-1737 7 17 quality quality NOUN cblr-1737 7 18 liquid liquid ADJ cblr-1737 7 19 asset asset NOUN cblr-1737 7 20 status status NOUN cblr-1737 7 21 , , PUNCT cblr-1737 7 22 which which PRON cblr-1737 7 23 would would AUX cblr-1737 7 24 be be AUX cblr-1737 7 25 consistent consistent ADJ cblr-1737 7 26 with with ADP cblr-1737 7 27 international international ADJ cblr-1737 7 28 standards standard NOUN cblr-1737 7 29 . . PUNCT cblr-1737 8 1 additionally additionally ADV cblr-1737 8 2 , , PUNCT cblr-1737 8 3 exemptions exemption NOUN cblr-1737 8 4 should should AUX cblr-1737 8 5 be be AUX cblr-1737 8 6 granted grant VERB cblr-1737 8 7 under under ADP cblr-1737 8 8 the the DET cblr-1737 8 9 volcker volcker NOUN cblr-1737 8 10 rule rule NOUN cblr-1737 8 11 and and CCONJ cblr-1737 8 12 the the DET cblr-1737 8 13 risk risk NOUN cblr-1737 8 14 retention retention NOUN cblr-1737 8 15 provisions provision NOUN cblr-1737 8 16 for for ADP cblr-1737 8 17 tender tender ADJ cblr-1737 8 18 option option NOUN cblr-1737 8 19 bonds bond NOUN cblr-1737 8 20 . . PUNCT cblr-1737 9 1   PROPN cblr-1737 9 2 j.d j.d PROPN cblr-1737 9 3 . . PROPN cblr-1737 9 4 candidate candidate PROPN cblr-1737 9 5 2016 2016 NUM cblr-1737 9 6 , , PUNCT cblr-1737 9 7 columbia columbia PROPN cblr-1737 9 8 law law PROPN cblr-1737 9 9 school school NOUN cblr-1737 9 10 ; ; PUNCT cblr-1737 9 11 b.a b.a PROPN cblr-1737 9 12 . . PROPN cblr-1737 9 13 2010 2010 NUM cblr-1737 9 14 , , PUNCT cblr-1737 9 15 dartmouth dartmouth PROPN cblr-1737 9 16 college college PROPN cblr-1737 9 17 . . PUNCT cblr-1737 10 1 many many ADJ cblr-1737 10 2 thanks thank NOUN cblr-1737 10 3 to to ADP cblr-1737 10 4 professor professor PROPN cblr-1737 10 5 kathryn kathryn PROPN cblr-1737 10 6 judge judge PROPN cblr-1737 10 7 for for ADP cblr-1737 10 8 providing provide VERB cblr-1737 10 9 invaluable invaluable ADJ cblr-1737 10 10 guidance guidance NOUN cblr-1737 10 11 and and CCONJ cblr-1737 10 12 insight insight NOUN cblr-1737 10 13 throughout throughout ADP cblr-1737 10 14 the the DET cblr-1737 10 15 process process NOUN cblr-1737 10 16 of of ADP cblr-1737 10 17 writing write VERB cblr-1737 10 18 this this DET cblr-1737 10 19 note note NOUN cblr-1737 10 20 . . PUNCT cblr-1737 11 1 additional additional ADJ cblr-1737 11 2 thanks thank NOUN cblr-1737 11 3 to to ADP cblr-1737 11 4 the the DET cblr-1737 11 5 exceptional exceptional ADJ cblr-1737 11 6 staff staff NOUN cblr-1737 11 7 and and CCONJ cblr-1737 11 8 the the DET cblr-1737 11 9 editorial editorial ADJ cblr-1737 11 10 board board NOUN cblr-1737 11 11 of of ADP cblr-1737 11 12 the the DET cblr-1737 11 13 columbia columbia PROPN cblr-1737 11 14 business business PROPN cblr-1737 11 15 law law PROPN cblr-1737 11 16 review review NOUN cblr-1737 11 17 for for ADP cblr-1737 11 18 their their PRON cblr-1737 11 19 hard hard ADJ cblr-1737 11 20 work work NOUN cblr-1737 11 21 in in ADP cblr-1737 11 22 preparing prepare VERB cblr-1737 11 23 this this DET cblr-1737 11 24 note note NOUN cblr-1737 11 25 for for ADP cblr-1737 11 26 publication publication NOUN cblr-1737 11 27 , , PUNCT cblr-1737 11 28 and and CCONJ cblr-1737 11 29 to to ADP cblr-1737 11 30 my my PRON cblr-1737 11 31 family family NOUN cblr-1737 11 32 and and CCONJ cblr-1737 11 33 friends friend NOUN cblr-1737 11 34 for for ADP cblr-1737 11 35 their their PRON cblr-1737 11 36 support support NOUN cblr-1737 11 37 in in ADP cblr-1737 11 38 my my PRON cblr-1737 11 39 endeavors endeavor NOUN cblr-1737 11 40 . . PUNCT cblr-1737 12 1 all all DET cblr-1737 12 2 errors error NOUN cblr-1737 12 3 are be AUX cblr-1737 12 4 my my PRON cblr-1737 12 5 own own ADJ cblr-1737 12 6 . . PUNCT cblr-1737 13 1 miki miki PROPN cblr-1737 13 2 – – PUNCT cblr-1737 13 3 final final ADJ cblr-1737 13 4 no no NOUN cblr-1737 13 5 . . PUNCT cblr-1737 14 1 1:252 1:252 NOUN cblr-1737 14 2 ] ] X cblr-1737 14 3 live live VERB cblr-1737 14 4 and and CCONJ cblr-1737 14 5 let let AUX cblr-1737 14 6 die die VERB cblr-1737 14 7 253 253 NUM cblr-1737 14 8 i. i. NOUN cblr-1737 14 9     SPACE cblr-1737 14 10 introduction introduction NOUN cblr-1737 14 11 ................................................................ ................................................................ PUNCT cblr-1737 15 1 253 253 NUM cblr-1737 15 2     SPACE cblr-1737 15 3 ii ii NOUN cblr-1737 15 4 . . PUNCT cblr-1737 15 5     SPACE cblr-1737 15 6 background background NOUN cblr-1737 15 7 ................................................................. ................................................................. PUNCT cblr-1737 16 1 259 259 NUM cblr-1737 16 2     SPACE cblr-1737 16 3 a. a. NOUN cblr-1737 16 4     SPACE cblr-1737 16 5 the the DET cblr-1737 16 6 municipal municipal ADJ cblr-1737 16 7 bond bond NOUN cblr-1737 16 8 market market NOUN cblr-1737 16 9 ............................... ............................... PUNCT cblr-1737 16 10 259 259 NUM cblr-1737 16 11     SPACE cblr-1737 16 12 b. b. NOUN cblr-1737 16 13     SPACE cblr-1737 16 14 recent recent ADJ cblr-1737 16 15 heightened heightened ADJ cblr-1737 16 16 scrutiny scrutiny NOUN cblr-1737 16 17 of of ADP cblr-1737 16 18 the the DET cblr-1737 16 19 municipal municipal ADJ cblr-1737 16 20 bond bond NOUN cblr-1737 16 21 market market NOUN cblr-1737 16 22 ........................................................ ........................................................ PUNCT cblr-1737 16 23 260 260 NUM cblr-1737 16 24     SPACE cblr-1737 16 25 c. c. NOUN cblr-1737 16 26     SPACE cblr-1737 16 27 what what PRON cblr-1737 16 28 are be AUX cblr-1737 16 29 tender tender ADJ cblr-1737 16 30 option option NOUN cblr-1737 16 31 bonds bond NOUN cblr-1737 16 32 ? ? PUNCT cblr-1737 16 33 ......................... ......................... PUNCT cblr-1737 16 34 264 264 NUM cblr-1737 16 35     SPACE cblr-1737 16 36 iii iii NOUN cblr-1737 16 37 . . PUNCT cblr-1737 16 38     SPACE cblr-1737 16 39 brief brief ADJ cblr-1737 16 40 overview overview NOUN cblr-1737 16 41 of of ADP cblr-1737 16 42 various various ADJ cblr-1737 16 43 post post ADJ cblr-1737 16 44 - - ADJ cblr-1737 16 45 financial financial ADJ cblr-1737 16 46 crisis crisis NOUN cblr-1737 16 47 provisions provision NOUN cblr-1737 16 48 with with ADP cblr-1737 16 49 an an DET cblr-1737 16 50 influence influence NOUN cblr-1737 16 51 on on ADP cblr-1737 16 52 funding funding NOUN cblr-1737 16 53 costs cost NOUN cblr-1737 16 54 for for ADP cblr-1737 16 55 municipalities municipality NOUN cblr-1737 16 56 ............................................................. ............................................................. PUNCT cblr-1737 16 57 267 267 NUM cblr-1737 16 58     SPACE cblr-1737 16 59 a. a. NOUN cblr-1737 16 60     SPACE cblr-1737 16 61 the the DET cblr-1737 16 62 lcr lcr PROPN cblr-1737 16 63 and and CCONJ cblr-1737 16 64 hqla hqla PROPN cblr-1737 16 65 requirement requirement NOUN cblr-1737 16 66 ..................... ..................... PUNCT cblr-1737 16 67 267 267 NUM cblr-1737 16 68     SPACE cblr-1737 16 69 b. b. NOUN cblr-1737 16 70     SPACE cblr-1737 16 71 the the DET cblr-1737 16 72 volcker volcker PROPN cblr-1737 16 73 rule rule NOUN cblr-1737 16 74 ................................................. ................................................. PUNCT cblr-1737 16 75 271 271 NUM cblr-1737 16 76     SPACE cblr-1737 16 77 1 1 NUM cblr-1737 16 78 . . PUNCT cblr-1737 16 79     SPACE cblr-1737 16 80 the the DET cblr-1737 16 81 volcker volcker NOUN cblr-1737 16 82 rule rule NOUN cblr-1737 16 83 and and CCONJ cblr-1737 16 84 tender tender ADJ cblr-1737 16 85 option option NOUN cblr-1737 16 86 bonds bond NOUN cblr-1737 16 87 273 273 NUM cblr-1737 16 88     SPACE cblr-1737 16 89 c. c. NOUN cblr-1737 16 90     SPACE cblr-1737 16 91 risk risk NOUN cblr-1737 16 92 retention retention NOUN cblr-1737 16 93 provisions provision NOUN cblr-1737 16 94 ................................... ................................... PUNCT cblr-1737 16 95 275 275 NUM cblr-1737 16 96     SPACE cblr-1737 16 97 iv iv NUM cblr-1737 16 98 . . PUNCT cblr-1737 16 99     SPACE cblr-1737 16 100 analysis analysis NOUN cblr-1737 16 101 of of ADP cblr-1737 16 102 whether whether SCONJ cblr-1737 16 103 the the DET cblr-1737 16 104 post post ADJ cblr-1737 16 105 - - ADJ cblr-1737 16 106 financial financial ADJ cblr-1737 16 107 crisis crisis NOUN cblr-1737 16 108 regulations regulation NOUN cblr-1737 16 109 on on ADP cblr-1737 16 110 municipal municipal ADJ cblr-1737 16 111 bonds bond NOUN cblr-1737 16 112 meaningfully meaningfully ADV cblr-1737 16 113 contribute contribute VERB cblr-1737 16 114 to to ADP cblr-1737 16 115 the the DET cblr-1737 16 116 soundness soundness NOUN cblr-1737 16 117 of of ADP cblr-1737 16 118 the the DET cblr-1737 16 119 financial financial ADJ cblr-1737 16 120 system system NOUN cblr-1737 16 121 ........................................................................ ........................................................................ PUNCT cblr-1737 16 122 276 276 NUM cblr-1737 16 123     SPACE cblr-1737 16 124 a. a. NOUN cblr-1737 16 125     SPACE cblr-1737 16 126 the the DET cblr-1737 16 127 exclusion exclusion NOUN cblr-1737 16 128 of of ADP cblr-1737 16 129 municipal municipal ADJ cblr-1737 16 130 bonds bond NOUN cblr-1737 16 131 from from ADP cblr-1737 16 132 the the DET cblr-1737 16 133 hqla hqla PROPN cblr-1737 16 134 framework framework NOUN cblr-1737 16 135 does do AUX cblr-1737 16 136 not not PART cblr-1737 16 137 make make VERB cblr-1737 16 138 sense sense NOUN cblr-1737 16 139 , , PUNCT cblr-1737 16 140 as as SCONJ cblr-1737 16 141 riskier risky ADJ cblr-1737 16 142 asset asset NOUN cblr-1737 16 143 classes class NOUN cblr-1737 16 144 are be AUX cblr-1737 16 145 hqla hqla ADJ cblr-1737 16 146 - - PUNCT cblr-1737 16 147 eligible eligible ADJ cblr-1737 16 148 . . PUNCT cblr-1737 17 1 ......... ......... PUNCT cblr-1737 18 1 277 277 NUM cblr-1737 18 2     SPACE cblr-1737 18 3 b. b. NOUN cblr-1737 18 4     SPACE cblr-1737 18 5 the the DET cblr-1737 18 6 non non ADJ cblr-1737 18 7 - - NOUN cblr-1737 18 8 exclusion exclusion NOUN cblr-1737 18 9 of of ADP cblr-1737 18 10 tobs tob NOUN cblr-1737 18 11 from from ADP cblr-1737 18 12 the the DET cblr-1737 18 13 volcker volcker NOUN cblr-1737 18 14 rule rule NOUN cblr-1737 18 15 will will AUX cblr-1737 18 16 raise raise VERB cblr-1737 18 17 financing financing NOUN cblr-1737 18 18 costs cost NOUN cblr-1737 18 19 for for ADP cblr-1737 18 20 municipalities municipality NOUN cblr-1737 18 21 without without ADP cblr-1737 18 22 making make VERB cblr-1737 18 23 the the DET cblr-1737 18 24 financial financial ADJ cblr-1737 18 25 system system NOUN cblr-1737 18 26 safer safe ADJ cblr-1737 18 27 . . PUNCT cblr-1737 19 1 ....................................................... ....................................................... PUNCT cblr-1737 20 1 281 281 NUM cblr-1737 20 2     SPACE cblr-1737 20 3 c. c. NOUN cblr-1737 20 4     SPACE cblr-1737 20 5 the the DET cblr-1737 20 6 risk risk NOUN cblr-1737 20 7 retention retention NOUN cblr-1737 20 8 provisions provision NOUN cblr-1737 20 9 of of ADP cblr-1737 20 10 the the DET cblr-1737 20 11 volcker volcker NOUN cblr-1737 20 12 rule rule NOUN cblr-1737 20 13 should should AUX cblr-1737 20 14 be be AUX cblr-1737 20 15 inapplicable inapplicable ADJ cblr-1737 20 16 to to ADP cblr-1737 20 17 tobs tobs PROPN cblr-1737 20 18 since since SCONJ cblr-1737 20 19 tobs tob NOUN cblr-1737 20 20 are be AUX cblr-1737 20 21 not not PART cblr-1737 20 22 the the DET cblr-1737 20 23 type type NOUN cblr-1737 20 24 of of ADP cblr-1737 20 25 asset asset NOUN cblr-1737 20 26 that that SCONJ cblr-1737 20 27 the the DET cblr-1737 20 28 risk risk NOUN cblr-1737 20 29 retention retention NOUN cblr-1737 20 30 rules rule NOUN cblr-1737 20 31 are be AUX cblr-1737 20 32 meant mean VERB cblr-1737 20 33 to to PART cblr-1737 20 34 address address VERB cblr-1737 20 35 . . PUNCT cblr-1737 21 1 .............. .............. PUNCT cblr-1737 22 1 287 287 NUM cblr-1737 22 2     SPACE cblr-1737 22 3 v. v. NOUN cblr-1737 22 4     SPACE cblr-1737 22 5 proposals proposal NOUN cblr-1737 22 6 for for ADP cblr-1737 22 7 change change NOUN cblr-1737 22 8 ................................................. ................................................. PUNCT cblr-1737 22 9 291 291 NUM cblr-1737 22 10     SPACE cblr-1737 22 11 a. a. NOUN cblr-1737 22 12     SPACE cblr-1737 22 13 classify classify VERB cblr-1737 22 14 investment investment NOUN cblr-1737 22 15 - - PUNCT cblr-1737 22 16 grade grade NOUN cblr-1737 22 17 municipal municipal ADJ cblr-1737 22 18 bonds bond NOUN cblr-1737 22 19 as as ADP cblr-1737 22 20 level level NOUN cblr-1737 22 21 2a 2a NUM cblr-1737 22 22 hqlas hqla NOUN cblr-1737 22 23 ............................................. ............................................. PUNCT cblr-1737 23 1 292 292 NUM cblr-1737 23 2     SPACE cblr-1737 23 3 b. b. NOUN cblr-1737 23 4     SPACE cblr-1737 23 5 exempt exempt ADJ cblr-1737 23 6 tobs tob NOUN cblr-1737 23 7 from from ADP cblr-1737 23 8 the the DET cblr-1737 23 9 volcker volcker NOUN cblr-1737 23 10 rule rule NOUN cblr-1737 23 11 “ " PUNCT cblr-1737 23 12 covered cover VERB cblr-1737 23 13 funds fund NOUN cblr-1737 23 14 ” " PUNCT cblr-1737 23 15 definition definition NOUN cblr-1737 23 16 ................................................ ................................................ PUNCT cblr-1737 23 17 295 295 NUM cblr-1737 23 18     SPACE cblr-1737 23 19 c. c. NOUN cblr-1737 23 20     SPACE cblr-1737 23 21 exempt exempt ADJ cblr-1737 23 22 tobs tob NOUN cblr-1737 23 23 from from ADP cblr-1737 23 24 the the DET cblr-1737 23 25 risk risk NOUN cblr-1737 23 26 retention retention NOUN cblr-1737 23 27 rule rule NOUN cblr-1737 23 28 ..... ..... PUNCT cblr-1737 23 29 297 297 NUM cblr-1737 23 30     SPACE cblr-1737 23 31 vi vi PROPN cblr-1737 23 32 . . PUNCT cblr-1737 23 33     SPACE cblr-1737 23 34 conclusion conclusion NOUN cblr-1737 23 35 .................................................................. .................................................................. PUNCT cblr-1737 23 36 301 301 NUM cblr-1737 23 37     SPACE cblr-1737 23 38 i. i. NOUN cblr-1737 23 39 introduction introduction NOUN cblr-1737 23 40 the the DET cblr-1737 23 41 2008 2008 NUM cblr-1737 23 42 financial financial ADJ cblr-1737 23 43 crisis crisis NOUN cblr-1737 23 44 ushered usher VERB cblr-1737 23 45 in in ADP cblr-1737 23 46 a a DET cblr-1737 23 47 wave wave NOUN cblr-1737 23 48 of of ADP cblr-1737 23 49 new new ADJ cblr-1737 23 50 regulations regulation NOUN cblr-1737 23 51 designed design VERB cblr-1737 23 52 to to PART cblr-1737 23 53 ensure ensure VERB cblr-1737 23 54 the the DET cblr-1737 23 55 stability stability NOUN cblr-1737 23 56 of of ADP cblr-1737 23 57 the the DET cblr-1737 23 58 financial financial ADJ cblr-1737 23 59 miki miki NOUN cblr-1737 23 60 – – PUNCT cblr-1737 23 61 final final ADJ cblr-1737 23 62 254 254 NUM cblr-1737 23 63 columbia columbia PROPN cblr-1737 23 64 business business NOUN cblr-1737 23 65 law law NOUN cblr-1737 23 66 review review NOUN cblr-1737 24 1 [ [ X cblr-1737 24 2 vol vol NOUN cblr-1737 24 3 . . NOUN cblr-1737 24 4 2016 2016 NUM cblr-1737 24 5 system.1 system.1 NOUN cblr-1737 24 6 in in ADP cblr-1737 24 7 the the DET cblr-1737 24 8 united united PROPN cblr-1737 24 9 states states PROPN cblr-1737 24 10 , , PUNCT cblr-1737 24 11 the the DET cblr-1737 24 12 enactment enactment NOUN cblr-1737 24 13 and and CCONJ cblr-1737 24 14 implementation implementation NOUN cblr-1737 24 15 of of ADP cblr-1737 24 16 the the DET cblr-1737 24 17 dodd dodd PROPN cblr-1737 24 18 - - PUNCT cblr-1737 24 19 frank frank PROPN cblr-1737 24 20 wall wall PROPN cblr-1737 24 21 street street PROPN cblr-1737 24 22 reform reform PROPN cblr-1737 24 23 and and CCONJ cblr-1737 24 24 consumer consumer NOUN cblr-1737 24 25 protection protection NOUN cblr-1737 24 26 act act NOUN cblr-1737 24 27 of of ADP cblr-1737 24 28 2010 2010 NUM cblr-1737 24 29 ( ( PUNCT cblr-1737 24 30 the the DET cblr-1737 24 31 “ " PUNCT cblr-1737 24 32 dodd dodd PROPN cblr-1737 24 33 - - PUNCT cblr-1737 24 34 frank frank PROPN cblr-1737 24 35 act act PROPN cblr-1737 24 36 ” " PUNCT cblr-1737 24 37 ) ) PUNCT cblr-1737 24 38 and and CCONJ cblr-1737 24 39 the the DET cblr-1737 24 40 regulations regulation NOUN cblr-1737 24 41 inspired inspire VERB cblr-1737 24 42 by by ADP cblr-1737 24 43 basel basel PROPN cblr-1737 24 44 iii2 iii2 PROPN cblr-1737 24 45 to to PART cblr-1737 24 46 strengthen strengthen VERB cblr-1737 24 47 supervision supervision NOUN cblr-1737 24 48 and and CCONJ cblr-1737 24 49 risk risk NOUN cblr-1737 24 50 management management NOUN cblr-1737 24 51 in in ADP cblr-1737 24 52 the the DET cblr-1737 24 53 banking banking NOUN cblr-1737 24 54 sector sector NOUN cblr-1737 24 55 have have AUX cblr-1737 24 56 had have VERB cblr-1737 24 57 far far ADV cblr-1737 24 58 - - PUNCT cblr-1737 24 59 reaching reach VERB cblr-1737 24 60 effects effect NOUN cblr-1737 24 61 . . PUNCT cblr-1737 25 1 one one NUM cblr-1737 25 2 such such ADJ cblr-1737 25 3 area area NOUN cblr-1737 25 4 affected affect VERB cblr-1737 25 5 , , PUNCT cblr-1737 25 6 the the DET cblr-1737 25 7 municipal municipal ADJ cblr-1737 25 8 bond bond NOUN cblr-1737 25 9 market market NOUN cblr-1737 25 10 , , PUNCT cblr-1737 25 11 traditionally traditionally ADV cblr-1737 25 12 had have AUX cblr-1737 25 13 been be AUX cblr-1737 25 14 subject subject ADJ cblr-1737 25 15 to to ADP cblr-1737 25 16 little little ADJ cblr-1737 25 17 regulation regulation NOUN cblr-1737 25 18 . . PUNCT cblr-1737 26 1 part part NOUN cblr-1737 26 2 of of ADP cblr-1737 26 3 this this PRON cblr-1737 26 4 might might AUX cblr-1737 26 5 have have AUX cblr-1737 26 6 been be AUX cblr-1737 26 7 due due ADJ cblr-1737 26 8 to to ADP cblr-1737 26 9 the the DET cblr-1737 26 10 perception perception NOUN cblr-1737 26 11 that that SCONJ cblr-1737 26 12 municipal municipal ADJ cblr-1737 26 13 bonds bond NOUN cblr-1737 26 14 are be AUX cblr-1737 26 15 boring boring ADJ cblr-1737 26 16 , , PUNCT cblr-1737 26 17 safe safe ADJ cblr-1737 26 18 investments investment NOUN cblr-1737 26 19 — — PUNCT cblr-1737 26 20 professor professor NOUN cblr-1737 26 21 theresa theresa PROPN cblr-1737 26 22 gabaldon gabaldon PROPN cblr-1737 26 23 once once ADV cblr-1737 26 24 referred refer VERB cblr-1737 26 25 to to ADP cblr-1737 26 26 municipal municipal ADJ cblr-1737 26 27 securities security NOUN cblr-1737 26 28 regulation regulation NOUN cblr-1737 26 29 as as ADP cblr-1737 26 30 the the DET cblr-1737 26 31 “ " PUNCT cblr-1737 26 32 antithesis antithesis NOUN cblr-1737 26 33 of of ADP cblr-1737 26 34 sexy sexy ADJ cblr-1737 26 35 , , PUNCT cblr-1737 26 36 ” " PUNCT cblr-1737 26 37 with with ADP cblr-1737 26 38 a a DET cblr-1737 26 39 “ " PUNCT cblr-1737 26 40 powerful powerful ADJ cblr-1737 26 41 soporific soporific ADJ cblr-1737 26 42 effect effect NOUN cblr-1737 26 43 . . PUNCT cblr-1737 27 1 ”3 ”3 PUNCT cblr-1737 28 1 this this DET cblr-1737 28 2 note note NOUN cblr-1737 28 3 explores explore VERB cblr-1737 28 4 new new ADJ cblr-1737 28 5 bank bank NOUN cblr-1737 28 6 regulations regulation NOUN cblr-1737 28 7 relating relate VERB cblr-1737 28 8 to to ADP cblr-1737 28 9 municipal municipal ADJ cblr-1737 28 10 bonds bond NOUN cblr-1737 28 11 and and CCONJ cblr-1737 28 12 synthetic synthetic ADJ cblr-1737 28 13 derivatives derivative NOUN cblr-1737 28 14 involving involve VERB cblr-1737 28 15 municipal municipal ADJ cblr-1737 28 16 bonds bond NOUN cblr-1737 28 17 promulgated promulgate VERB cblr-1737 28 18 after after ADP cblr-1737 28 19 the the DET cblr-1737 28 20 2008 2008 NUM cblr-1737 28 21 financial financial ADJ cblr-1737 28 22 crisis crisis NOUN cblr-1737 28 23 . . PUNCT cblr-1737 29 1 the the DET cblr-1737 29 2 analysis analysis NOUN cblr-1737 29 3 focuses focus VERB cblr-1737 29 4 on on ADP cblr-1737 29 5 ( ( PUNCT cblr-1737 29 6 i i NOUN cblr-1737 29 7 ) ) PUNCT cblr-1737 29 8 regulations regulation NOUN cblr-1737 29 9 passed pass VERB cblr-1737 29 10 as as ADP cblr-1737 29 11 a a DET cblr-1737 29 12 part part NOUN cblr-1737 29 13 of of ADP cblr-1737 29 14 the the DET cblr-1737 29 15 dodd dodd PROPN cblr-1737 29 16 - - PUNCT cblr-1737 29 17 frank frank PROPN cblr-1737 29 18 act act PROPN cblr-1737 29 19 and and CCONJ cblr-1737 29 20 ( ( PUNCT cblr-1737 29 21 ii ii NOUN cblr-1737 29 22 ) ) PUNCT cblr-1737 29 23 liquidity liquidity NOUN cblr-1737 29 24 regulations regulation NOUN cblr-1737 29 25 modeled model VERB cblr-1737 29 26 on on ADP cblr-1737 29 27 basel basel PROPN cblr-1737 29 28 iii iii PROPN cblr-1737 29 29 . . PUNCT cblr-1737 30 1 these these DET cblr-1737 30 2 regulations regulation NOUN cblr-1737 30 3 affect affect VERB cblr-1737 30 4 the the DET cblr-1737 30 5 participation participation NOUN cblr-1737 30 6 rate rate NOUN cblr-1737 30 7 of of ADP cblr-1737 30 8 banks bank NOUN cblr-1737 30 9 in in ADP cblr-1737 30 10 the the DET cblr-1737 30 11 municipal municipal ADJ cblr-1737 30 12 bond bond NOUN cblr-1737 30 13 market market NOUN cblr-1737 30 14 , , PUNCT cblr-1737 30 15 which which PRON cblr-1737 30 16 in in ADP cblr-1737 30 17 turn turn NOUN cblr-1737 30 18 influences influence VERB cblr-1737 30 19 the the DET cblr-1737 30 20 liquidity liquidity NOUN cblr-1737 30 21 of of ADP cblr-1737 30 22 the the DET cblr-1737 30 23 municipal municipal ADJ cblr-1737 30 24 bond bond NOUN cblr-1737 30 25 market market NOUN cblr-1737 30 26 and and CCONJ cblr-1737 30 27 1 1 NUM cblr-1737 30 28 see see VERB cblr-1737 30 29 ema ema PROPN cblr-1737 30 30 clark clark PROPN cblr-1737 30 31 , , PUNCT cblr-1737 30 32 the the DET cblr-1737 30 33 dodd dodd PROPN cblr-1737 30 34 - - PUNCT cblr-1737 30 35 frank frank PROPN cblr-1737 30 36 act act PROPN cblr-1737 30 37 and and CCONJ cblr-1737 30 38 municipal municipal ADJ cblr-1737 30 39 securities security NOUN cblr-1737 30 40 regulation regulation NOUN cblr-1737 30 41 , , PUNCT cblr-1737 30 42 developments development NOUN cblr-1737 30 43 in in ADP cblr-1737 30 44 banking banking NOUN cblr-1737 30 45 and and CCONJ cblr-1737 30 46 financial financial ADJ cblr-1737 30 47 law law NOUN cblr-1737 30 48 : : PUNCT cblr-1737 30 49 2011 2011 NUM cblr-1737 30 50 , , PUNCT cblr-1737 30 51 30 30 NUM cblr-1737 30 52 rev rev X cblr-1737 30 53 . . PUNCT cblr-1737 30 54 banking banking NOUN cblr-1737 30 55 & & CCONJ cblr-1737 30 56 fin fin PROPN cblr-1737 30 57 . . PUNCT cblr-1737 31 1 l. l. PROPN cblr-1737 31 2 494 494 NUM cblr-1737 31 3 , , PUNCT cblr-1737 31 4 497–98 497–98 NUM cblr-1737 31 5 ( ( PUNCT cblr-1737 31 6 2011 2011 NUM cblr-1737 31 7 ) ) PUNCT cblr-1737 31 8 ; ; PUNCT cblr-1737 31 9 cadmus cadmus PROPN cblr-1737 31 10 hicks hicks PROPN cblr-1737 31 11 , , PUNCT cblr-1737 31 12 nuveen nuveen ADJ cblr-1737 31 13 asset asset NOUN cblr-1737 31 14 mgmt mgmt PROPN cblr-1737 31 15 . . PROPN cblr-1737 31 16 , , PUNCT cblr-1737 31 17 llc llc PROPN cblr-1737 31 18 , , PUNCT cblr-1737 31 19 regulatory regulatory ADJ cblr-1737 31 20 developments development NOUN cblr-1737 31 21 affecting affect VERB cblr-1737 31 22 municipal municipal ADJ cblr-1737 31 23 bonds bond NOUN cblr-1737 31 24 1 1 NUM cblr-1737 31 25 ( ( PUNCT cblr-1737 31 26 jan jan PROPN cblr-1737 31 27 . . PROPN cblr-1737 31 28 2014 2014 NUM cblr-1737 31 29 ) ) PUNCT cblr-1737 31 30 . . PUNCT cblr-1737 32 1 2 2 NUM cblr-1737 32 2 basel basel PROPN cblr-1737 32 3 iii iii PROPN cblr-1737 32 4 is be AUX cblr-1737 32 5 a a DET cblr-1737 32 6 comprehensive comprehensive ADJ cblr-1737 32 7 set set NOUN cblr-1737 32 8 of of ADP cblr-1737 32 9 reform reform NOUN cblr-1737 32 10 measures measure NOUN cblr-1737 32 11 , , PUNCT cblr-1737 32 12 developed develop VERB cblr-1737 32 13 by by ADP cblr-1737 32 14 the the DET cblr-1737 32 15 basel basel PROPN cblr-1737 32 16 committee committee PROPN cblr-1737 32 17 on on ADP cblr-1737 32 18 banking banking NOUN cblr-1737 32 19 supervision supervision NOUN cblr-1737 32 20 , , PUNCT cblr-1737 32 21 to to PART cblr-1737 32 22 strengthen strengthen VERB cblr-1737 32 23 the the DET cblr-1737 32 24 regulation regulation NOUN cblr-1737 32 25 , , PUNCT cblr-1737 32 26 supervision supervision NOUN cblr-1737 32 27 , , PUNCT cblr-1737 32 28 and and CCONJ cblr-1737 32 29 risk risk NOUN cblr-1737 32 30 management management NOUN cblr-1737 32 31 of of ADP cblr-1737 32 32 the the DET cblr-1737 32 33 banking banking NOUN cblr-1737 32 34 sector sector NOUN cblr-1737 32 35 . . PUNCT cblr-1737 33 1 these these DET cblr-1737 33 2 measures measure NOUN cblr-1737 33 3 aim aim VERB cblr-1737 33 4 to to PART cblr-1737 33 5 improve improve VERB cblr-1737 33 6 the the DET cblr-1737 33 7 banking banking NOUN cblr-1737 33 8 sector sector NOUN cblr-1737 33 9 ’s ’s PART cblr-1737 33 10 ability ability NOUN cblr-1737 33 11 to to PART cblr-1737 33 12 absorb absorb VERB cblr-1737 33 13 shocks shock NOUN cblr-1737 33 14 arising arise VERB cblr-1737 33 15 from from ADP cblr-1737 33 16 financial financial ADJ cblr-1737 33 17 and and CCONJ cblr-1737 33 18 economic economic ADJ cblr-1737 33 19 stress stress NOUN cblr-1737 33 20 , , PUNCT cblr-1737 33 21 whatever whatever PRON cblr-1737 33 22 the the DET cblr-1737 33 23 source source NOUN cblr-1737 33 24 ; ; PUNCT cblr-1737 33 25 improve improve VERB cblr-1737 33 26 risk risk NOUN cblr-1737 33 27 management management NOUN cblr-1737 33 28 and and CCONJ cblr-1737 33 29 governance governance NOUN cblr-1737 33 30 ; ; PUNCT cblr-1737 34 1 [ [ X cblr-1737 34 2 and and CCONJ cblr-1737 34 3 ] ] X cblr-1737 34 4 strengthen strengthen VERB cblr-1737 34 5 banks bank NOUN cblr-1737 34 6 ’ ’ PART cblr-1737 34 7 transparency transparency NOUN cblr-1737 34 8 and and CCONJ cblr-1737 34 9 disclosures disclosure NOUN cblr-1737 34 10 . . PUNCT cblr-1737 35 1 international international ADJ cblr-1737 35 2 regulatory regulatory ADJ cblr-1737 35 3 framework framework NOUN cblr-1737 35 4 for for ADP cblr-1737 35 5 banks bank NOUN cblr-1737 35 6 ( ( PUNCT cblr-1737 35 7 basel basel PROPN cblr-1737 35 8 iii iii PROPN cblr-1737 35 9 ) ) PUNCT cblr-1737 35 10 , , PUNCT cblr-1737 35 11 bank bank NOUN cblr-1737 35 12 for for ADP cblr-1737 35 13 international international ADJ cblr-1737 35 14 settlements settlement NOUN cblr-1737 35 15 , , PUNCT cblr-1737 35 16 http://www.bis.org/bcbs/basel3.htm http://www.bis.org/bcbs/basel3.htm PROPN cblr-1737 36 1 [ [ X cblr-1737 36 2 http:// http:// NUM cblr-1737 36 3 perma.cc/y7c5-j8ve perma.cc/y7c5-j8ve X cblr-1737 36 4 ] ] PUNCT cblr-1737 36 5 . . PUNCT cblr-1737 37 1 3 3 NUM cblr-1737 37 2 see see VERB cblr-1737 37 3 theresa theresa PROPN cblr-1737 37 4 a. a. PROPN cblr-1737 37 5 gabaldon gabaldon PROPN cblr-1737 37 6 , , PUNCT cblr-1737 37 7 financial financial ADJ cblr-1737 37 8 federalism federalism NOUN cblr-1737 37 9 and and CCONJ cblr-1737 37 10 the the DET cblr-1737 37 11 short short ADJ cblr-1737 37 12 , , PUNCT cblr-1737 37 13 happy happy ADJ cblr-1737 37 14 life life NOUN cblr-1737 37 15 of of ADP cblr-1737 37 16 municipal municipal ADJ cblr-1737 37 17 securities security NOUN cblr-1737 37 18 regulation regulation NOUN cblr-1737 37 19 , , PUNCT cblr-1737 37 20 34 34 NUM cblr-1737 37 21 j. j. PROPN cblr-1737 37 22 corp corp PROPN cblr-1737 37 23 . . PROPN cblr-1737 37 24 l. l. PROPN cblr-1737 37 25 739 739 NUM cblr-1737 37 26 , , PUNCT cblr-1737 37 27 740 740 NUM cblr-1737 37 28 ( ( PUNCT cblr-1737 37 29 2009 2009 NUM cblr-1737 37 30 ) ) PUNCT cblr-1737 37 31 . . PUNCT cblr-1737 38 1 miki miki PROPN cblr-1737 38 2 – – PUNCT cblr-1737 38 3 final final ADJ cblr-1737 38 4 no no NOUN cblr-1737 38 5 . . PUNCT cblr-1737 39 1 1:252 1:252 NOUN cblr-1737 39 2 ] ] X cblr-1737 39 3 live live VERB cblr-1737 39 4 and and CCONJ cblr-1737 39 5 let let AUX cblr-1737 39 6 die die VERB cblr-1737 39 7 255 255 NUM cblr-1737 39 8 the the DET cblr-1737 39 9 financing financing NOUN cblr-1737 39 10 costs cost NOUN cblr-1737 39 11 for for ADP cblr-1737 39 12 municipalities.4 municipalities.4 PROPN cblr-1737 39 13 unlike unlike ADP cblr-1737 39 14 the the DET cblr-1737 39 15 markets market NOUN cblr-1737 39 16 for for ADP cblr-1737 39 17 u.s u.s PROPN cblr-1737 39 18 . . PROPN cblr-1737 39 19 government government NOUN cblr-1737 39 20 securities security NOUN cblr-1737 39 21 and and CCONJ cblr-1737 39 22 corporate corporate ADJ cblr-1737 39 23 bonds bond NOUN cblr-1737 39 24 , , PUNCT cblr-1737 39 25 which which PRON cblr-1737 39 26 are be AUX cblr-1737 39 27 “ " PUNCT cblr-1737 39 28 dominated dominate VERB cblr-1737 39 29 by by ADP cblr-1737 39 30 a a DET cblr-1737 39 31 wide wide ADJ cblr-1737 39 32 variety variety NOUN cblr-1737 39 33 of of ADP cblr-1737 39 34 institutional institutional ADJ cblr-1737 39 35 investors investor NOUN cblr-1737 39 36 , , PUNCT cblr-1737 39 37 ” " PUNCT cblr-1737 39 38 the the DET cblr-1737 39 39 municipal municipal ADJ cblr-1737 39 40 bond bond NOUN cblr-1737 39 41 market market NOUN cblr-1737 39 42 is be AUX cblr-1737 39 43 largely largely ADV cblr-1737 39 44 retail retail ADJ cblr-1737 39 45 - - PUNCT cblr-1737 39 46 oriented.5 oriented.5 PROPN cblr-1737 39 47 thus thus ADV cblr-1737 39 48 , , PUNCT cblr-1737 39 49 investors investor NOUN cblr-1737 39 50 in in ADP cblr-1737 39 51 the the DET cblr-1737 39 52 over over ADP cblr-1737 39 53 - - PUNCT cblr-1737 39 54 the the DET cblr-1737 39 55 - - PUNCT cblr-1737 39 56 counter counter NOUN cblr-1737 39 57 municipal municipal ADJ cblr-1737 39 58 bond bond NOUN cblr-1737 39 59 market market NOUN cblr-1737 39 60 depend depend VERB cblr-1737 39 61 to to ADP cblr-1737 39 62 a a DET cblr-1737 39 63 high high ADJ cblr-1737 39 64 degree degree NOUN cblr-1737 39 65 on on ADP cblr-1737 39 66 “ " PUNCT cblr-1737 39 67 robust robust ADJ cblr-1737 39 68 market market NOUN cblr-1737 39 69 - - PUNCT cblr-1737 39 70 making make VERB cblr-1737 39 71 and and CCONJ cblr-1737 39 72 liquidity liquidity NOUN cblr-1737 39 73 intermediation intermediation NOUN cblr-1737 39 74 activity activity NOUN cblr-1737 39 75 by by ADP cblr-1737 39 76 municipal municipal ADJ cblr-1737 39 77 bond bond NOUN cblr-1737 39 78 dealers dealer NOUN cblr-1737 39 79 , , PUNCT cblr-1737 39 80 the the DET cblr-1737 39 81 largest large ADJ cblr-1737 39 82 of of ADP cblr-1737 39 83 which which PRON cblr-1737 39 84 are be AUX cblr-1737 39 85 banking bank VERB cblr-1737 39 86 entities entity NOUN cblr-1737 39 87 . . PUNCT cblr-1737 39 88 ”6 ”6 NOUN cblr-1737 39 89 further far ADV cblr-1737 39 90 , , PUNCT cblr-1737 39 91 municipal municipal ADJ cblr-1737 39 92 bond bond NOUN cblr-1737 39 93 issuances issuance NOUN cblr-1737 39 94 have have AUX cblr-1737 39 95 skyrocketed skyrocket VERB cblr-1737 39 96 in in ADP cblr-1737 39 97 the the DET cblr-1737 39 98 last last ADJ cblr-1737 39 99 several several ADJ cblr-1737 39 100 decades decade NOUN cblr-1737 39 101 , , PUNCT cblr-1737 39 102 increasing increase VERB cblr-1737 39 103 this this DET cblr-1737 39 104 level level NOUN cblr-1737 39 105 of of ADP cblr-1737 39 106 dependence dependence NOUN cblr-1737 39 107 . . PUNCT cblr-1737 40 1 the the DET cblr-1737 40 2 size size NOUN cblr-1737 40 3 of of ADP cblr-1737 40 4 the the DET cblr-1737 40 5 municipal municipal ADJ cblr-1737 40 6 bond bond NOUN cblr-1737 40 7 market market NOUN cblr-1737 40 8 has have AUX cblr-1737 40 9 exploded explode VERB cblr-1737 40 10 from from ADP cblr-1737 40 11 $ $ SYM cblr-1737 40 12 49 49 NUM cblr-1737 40 13 billion billion NUM cblr-1737 40 14 in in ADP cblr-1737 40 15 19757 19757 NUM cblr-1737 40 16 to to ADP cblr-1737 40 17 $ $ SYM cblr-1737 40 18 3.7 3.7 NUM cblr-1737 40 19 trillion trillion NUM cblr-1737 40 20 in in ADP cblr-1737 40 21 2011.8 2011.8 NUM cblr-1737 40 22 banks bank NOUN cblr-1737 40 23 have have AUX cblr-1737 40 24 become become VERB cblr-1737 40 25 a a DET cblr-1737 40 26 larger large ADJ cblr-1737 40 27 player player NOUN cblr-1737 40 28 in in ADP cblr-1737 40 29 the the DET cblr-1737 40 30 municipal municipal ADJ cblr-1737 40 31 bond bond NOUN cblr-1737 40 32 market market NOUN cblr-1737 40 33 as as ADV cblr-1737 40 34 well well ADV cblr-1737 40 35 ; ; PUNCT cblr-1737 40 36 banks bank NOUN cblr-1737 40 37 held hold VERB cblr-1737 40 38 $ $ SYM cblr-1737 40 39 416.4 416.4 NUM cblr-1737 40 40 billion billion NUM cblr-1737 40 41 of of ADP cblr-1737 40 42 municipal municipal ADJ cblr-1737 40 43 bonds bond NOUN cblr-1737 40 44 in in ADP cblr-1737 40 45 2013 2013 NUM cblr-1737 40 46 , , PUNCT cblr-1737 40 47 almost almost ADV cblr-1737 40 48 double double DET cblr-1737 40 49 their their PRON cblr-1737 40 50 holdings holding NOUN cblr-1737 40 51 from from ADP cblr-1737 40 52 2009.9 2009.9 NUM cblr-1737 40 53 thus thus ADV cblr-1737 40 54 , , PUNCT cblr-1737 40 55 how how SCONJ cblr-1737 40 56 banks bank NOUN cblr-1737 40 57 are be AUX cblr-1737 40 58 regulated regulate VERB cblr-1737 40 59 in in ADP cblr-1737 40 60 the the DET cblr-1737 40 61 municipal municipal ADJ cblr-1737 40 62 bond bond NOUN cblr-1737 40 63 market market NOUN cblr-1737 40 64 is be AUX cblr-1737 40 65 important important ADJ cblr-1737 40 66 . . PUNCT cblr-1737 41 1 this this DET cblr-1737 41 2 note note NOUN cblr-1737 41 3 considers consider VERB cblr-1737 41 4 three three NUM cblr-1737 41 5 regulations regulation NOUN cblr-1737 41 6 with with ADP cblr-1737 41 7 a a DET cblr-1737 41 8 potential potential ADJ cblr-1737 41 9 impact impact NOUN cblr-1737 41 10 on on ADP cblr-1737 41 11 the the DET cblr-1737 41 12 municipal municipal ADJ cblr-1737 41 13 bond bond NOUN cblr-1737 41 14 market market NOUN cblr-1737 41 15 : : PUNCT cblr-1737 41 16 ( ( PUNCT cblr-1737 41 17 i i NOUN cblr-1737 41 18 ) ) PUNCT cblr-1737 41 19 the the DET cblr-1737 41 20 liquidity liquidity NOUN cblr-1737 41 21 coverage coverage NOUN cblr-1737 41 22 ratio ratio NOUN cblr-1737 41 23 ( ( PUNCT cblr-1737 41 24 “ " PUNCT cblr-1737 41 25 lcr lcr NOUN cblr-1737 41 26 ” " PUNCT cblr-1737 41 27 ) ) PUNCT cblr-1737 41 28 requirement10 requirement10 NOUN cblr-1737 41 29 ; ; PUNCT cblr-1737 41 30 ( ( PUNCT cblr-1737 41 31 ii ii NOUN cblr-1737 41 32 ) ) PUNCT cblr-1737 41 33 section section NOUN cblr-1737 41 34 619 619 NUM cblr-1737 41 35 of of ADP cblr-1737 41 36 the the DET cblr-1737 41 37 dodd dodd PROPN cblr-1737 41 38 - - PUNCT cblr-1737 41 39 frank frank PROPN cblr-1737 41 40 act act PROPN cblr-1737 41 41 , , PUNCT cblr-1737 41 42 commonly commonly ADV cblr-1737 41 43 known know VERB cblr-1737 41 44 as as ADP cblr-1737 41 45 the the DET cblr-1737 41 46 volcker volcker NOUN cblr-1737 41 47 rule11 rule11 PROPN cblr-1737 41 48 ; ; PUNCT cblr-1737 41 49 and and CCONJ cblr-1737 41 50 ( ( PUNCT cblr-1737 41 51 iii iii NOUN cblr-1737 41 52 ) ) PUNCT cblr-1737 41 53 section section NOUN cblr-1737 41 54 15 15 NUM cblr-1737 41 55 g g NOUN cblr-1737 41 56 of of ADP cblr-1737 41 57 the the DET cblr-1737 41 58 securities securities PROPN cblr-1737 41 59 exchange exchange PROPN cblr-1737 41 60 act act NOUN cblr-1737 41 61 of of ADP cblr-1737 41 62 1934 1934 NUM cblr-1737 41 63 ( ( PUNCT cblr-1737 41 64 the the DET cblr-1737 41 65 “ " PUNCT cblr-1737 41 66 risk risk NOUN cblr-1737 41 67 retention retention NOUN cblr-1737 41 68 rule rule NOUN cblr-1737 41 69 ” " PUNCT cblr-1737 41 70 ) ) PUNCT cblr-1737 41 71 , , PUNCT cblr-1737 41 72 also also ADV cblr-1737 41 73 part part NOUN cblr-1737 41 74 of of ADP cblr-1737 41 75 the the DET cblr-1737 41 76 dodd dodd PROPN cblr-1737 41 77 - - PUNCT cblr-1737 41 78 frank frank PROPN cblr-1737 41 79 act.12 act.12 PROPN cblr-1737 41 80 4 4 NUM cblr-1737 41 81 see see VERB cblr-1737 41 82 citibank citibank NOUN cblr-1737 41 83 glob glob PROPN cblr-1737 41 84 . . PUNCT cblr-1737 42 1 mkts mkts PROPN cblr-1737 42 2 . . PUNCT cblr-1737 43 1 inc inc PROPN cblr-1737 43 2 . . PROPN cblr-1737 43 3 , , PUNCT cblr-1737 43 4 comment comment NOUN cblr-1737 43 5 letter letter NOUN cblr-1737 43 6 on on ADP cblr-1737 43 7 restrictions restriction NOUN cblr-1737 43 8 on on ADP cblr-1737 43 9 proprietary proprietary ADJ cblr-1737 43 10 trading trading NOUN cblr-1737 43 11 and and CCONJ cblr-1737 43 12 certain certain ADJ cblr-1737 43 13 interests interest NOUN cblr-1737 43 14 in in ADP cblr-1737 43 15 , , PUNCT cblr-1737 43 16 and and CCONJ cblr-1737 43 17 relationships relationship NOUN cblr-1737 43 18 with with ADP cblr-1737 43 19 , , PUNCT cblr-1737 43 20 hedge hedge NOUN cblr-1737 43 21 funds fund NOUN cblr-1737 43 22 and and CCONJ cblr-1737 43 23 private private ADJ cblr-1737 43 24 equity equity NOUN cblr-1737 43 25 funds fund NOUN cblr-1737 43 26 2 2 NUM cblr-1737 43 27 ( ( PUNCT cblr-1737 43 28 jan jan PROPN cblr-1737 43 29 . . PROPN cblr-1737 43 30 27 27 NUM cblr-1737 43 31 , , PUNCT cblr-1737 43 32 2012 2012 NUM cblr-1737 43 33 ) ) PUNCT cblr-1737 43 34 , , PUNCT cblr-1737 43 35 https://www https://www PROPN cblr-1737 43 36 . . PUNCT cblr-1737 44 1 sec.gov/comments/s7-41-11/s74111-91.pdf sec.gov/comments/s7-41-11/s74111-91.pdf PROPN cblr-1737 45 1 [ [ X cblr-1737 45 2 https://perma.cc/2s4f-sh3u https://perma.cc/2s4f-sh3u NOUN cblr-1737 45 3 ] ] PUNCT cblr-1737 45 4 . . PUNCT cblr-1737 46 1 5 5 NUM cblr-1737 46 2 i i PRON cblr-1737 46 3 d. d. PROPN cblr-1737 46 4 at at ADP cblr-1737 46 5 1 1 NUM cblr-1737 46 6 . . NUM cblr-1737 46 7 6 6 NUM cblr-1737 46 8 i i PROPN cblr-1737 46 9 d. d. PROPN cblr-1737 46 10 at at ADP cblr-1737 46 11 1–2 1–2 NUM cblr-1737 46 12 . . PUNCT cblr-1737 46 13 7 7 NUM cblr-1737 46 14 see see VERB cblr-1737 46 15 gabaldon gabaldon NOUN cblr-1737 46 16 , , PUNCT cblr-1737 46 17 supra supra PROPN cblr-1737 46 18 note note NOUN cblr-1737 46 19 3 3 NUM cblr-1737 46 20 , , PUNCT cblr-1737 46 21 at at ADP cblr-1737 46 22 740 740 NUM cblr-1737 46 23 ( ( PUNCT cblr-1737 46 24 stating state VERB cblr-1737 46 25 that that SCONJ cblr-1737 46 26 “ " PUNCT cblr-1737 46 27 $ $ SYM cblr-1737 46 28 25 25 NUM cblr-1737 46 29 to to PART cblr-1737 46 30 $ $ SYM cblr-1737 46 31 49 49 NUM cblr-1737 46 32 billion billion NUM cblr-1737 46 33 of of ADP cblr-1737 46 34 municipal municipal ADJ cblr-1737 46 35 securities security NOUN cblr-1737 46 36 were be AUX cblr-1737 46 37 outstanding outstanding ADJ cblr-1737 46 38 ” " PUNCT cblr-1737 46 39 in in ADP cblr-1737 46 40 1975 1975 NUM cblr-1737 46 41 ) ) PUNCT cblr-1737 46 42 . . PUNCT cblr-1737 47 1 8 8 NUM cblr-1737 47 2 see see VERB cblr-1737 47 3 u.s u.s PROPN cblr-1737 47 4 . . PROPN cblr-1737 47 5 sec sec PROPN cblr-1737 47 6 . . PROPN cblr-1737 47 7 & & CCONJ cblr-1737 47 8 exch exch PROPN cblr-1737 47 9 . . PUNCT cblr-1737 48 1 comm’n comm’n PROPN cblr-1737 48 2 , , PUNCT cblr-1737 48 3 report report VERB cblr-1737 48 4 on on ADP cblr-1737 48 5 the the DET cblr-1737 48 6 municipal municipal ADJ cblr-1737 48 7 securities security NOUN cblr-1737 48 8 market market NOUN cblr-1737 48 9 i i PRON cblr-1737 48 10 ( ( PUNCT cblr-1737 48 11 july july PROPN cblr-1737 48 12 31 31 NUM cblr-1737 48 13 , , PUNCT cblr-1737 48 14 2012 2012 NUM cblr-1737 48 15 ) ) PUNCT cblr-1737 48 16 , , PUNCT cblr-1737 48 17 https://www.sec.gov/news/studies/ https://www.sec.gov/news/studies/ PROPN cblr-1737 48 18 2012 2012 NUM cblr-1737 48 19 / / SYM cblr-1737 48 20 munireport073112.pdf munireport073112.pdf NOUN cblr-1737 49 1 [ [ X cblr-1737 49 2 https://perma.cc/js4a-7295 https://perma.cc/js4a-7295 X cblr-1737 49 3 ] ] X cblr-1737 49 4 . . PUNCT cblr-1737 50 1 9 9 NUM cblr-1737 50 2 see see VERB cblr-1737 50 3 lynn lynn PROPN cblr-1737 50 4 hume hume PROPN cblr-1737 50 5 , , PUNCT cblr-1737 50 6 citi citi PROPN cblr-1737 50 7 : : PUNCT cblr-1737 50 8 why why SCONJ cblr-1737 50 9 most most ADJ cblr-1737 50 10 munis muni NOUN cblr-1737 50 11 are be AUX cblr-1737 50 12 liquid liquid ADJ cblr-1737 50 13 , , PUNCT cblr-1737 50 14 the the DET cblr-1737 50 15 bond bond NOUN cblr-1737 50 16 buyer buyer NOUN cblr-1737 50 17 , , PUNCT cblr-1737 50 18 apr apr PROPN cblr-1737 50 19 . . PROPN cblr-1737 50 20 10 10 NUM cblr-1737 50 21 , , PUNCT cblr-1737 50 22 2014 2014 NUM cblr-1737 50 23 , , PUNCT cblr-1737 50 24 at at ADP cblr-1737 50 25 1 1 NUM cblr-1737 50 26 . . PUNCT cblr-1737 50 27 10 10 NUM cblr-1737 50 28 see see VERB cblr-1737 50 29 12 12 NUM cblr-1737 50 30 c.f.r c.f.r NOUN cblr-1737 50 31 . . PUNCT cblr-1737 51 1 § § PROPN cblr-1737 51 2 § § NOUN cblr-1737 51 3 329.10 329.10 NUM cblr-1737 51 4 , , PUNCT cblr-1737 51 5 329.20–.22 329.20–.22 NUM cblr-1737 51 6 ( ( PUNCT cblr-1737 51 7 2015 2015 NUM cblr-1737 51 8 ) ) PUNCT cblr-1737 51 9 . . PUNCT cblr-1737 52 1 11 11 NUM cblr-1737 52 2 see see VERB cblr-1737 52 3 dodd dodd PROPN cblr-1737 52 4 - - PUNCT cblr-1737 52 5 frank frank PROPN cblr-1737 52 6 act act PROPN cblr-1737 52 7 § § PROPN cblr-1737 52 8 619 619 NUM cblr-1737 52 9 , , PUNCT cblr-1737 52 10 12 12 NUM cblr-1737 52 11 u.s.c u.s.c ADJ cblr-1737 52 12 . . PUNCT cblr-1737 53 1 § § PROPN cblr-1737 53 2 1851 1851 NUM cblr-1737 53 3 ( ( PUNCT cblr-1737 53 4 2012 2012 NUM cblr-1737 53 5 ) ) PUNCT cblr-1737 53 6 . . PUNCT cblr-1737 54 1 12 12 NUM cblr-1737 54 2 see see VERB cblr-1737 54 3 dodd dodd PROPN cblr-1737 54 4 - - PUNCT cblr-1737 54 5 frank frank PROPN cblr-1737 54 6 act act PROPN cblr-1737 54 7 § § PROPN cblr-1737 54 8 941(b 941(b PROPN cblr-1737 54 9 ) ) PUNCT cblr-1737 54 10 , , PUNCT cblr-1737 54 11 15 15 NUM cblr-1737 54 12 u.s.c u.s.c ADJ cblr-1737 54 13 . . PUNCT cblr-1737 55 1 § § PROPN cblr-1737 55 2 78o-11 78o-11 NUM cblr-1737 55 3 ( ( PUNCT cblr-1737 55 4 2012 2012 NUM cblr-1737 55 5 ) ) PUNCT cblr-1737 55 6 .. .. PUNCT cblr-1737 56 1 miki miki PROPN cblr-1737 56 2 – – PUNCT cblr-1737 56 3 final final ADJ cblr-1737 56 4 256 256 NUM cblr-1737 56 5 columbia columbia PROPN cblr-1737 56 6 business business NOUN cblr-1737 56 7 law law PROPN cblr-1737 56 8 review review NOUN cblr-1737 56 9 [ [ X cblr-1737 56 10 vol vol NOUN cblr-1737 56 11 . . NOUN cblr-1737 56 12 2016 2016 NUM cblr-1737 57 1 the the DET cblr-1737 57 2 three three NUM cblr-1737 57 3 regulations regulation NOUN cblr-1737 57 4 may may AUX cblr-1737 57 5 result result VERB cblr-1737 57 6 in in ADP cblr-1737 57 7 higher high ADJ cblr-1737 57 8 transaction transaction NOUN cblr-1737 57 9 costs cost NOUN cblr-1737 57 10 without without ADP cblr-1737 57 11 a a DET cblr-1737 57 12 meaningful meaningful ADJ cblr-1737 57 13 improvement improvement NOUN cblr-1737 57 14 in in ADP cblr-1737 57 15 the the DET cblr-1737 57 16 safety safety NOUN cblr-1737 57 17 of of ADP cblr-1737 57 18 the the DET cblr-1737 57 19 financial financial ADJ cblr-1737 57 20 system system NOUN cblr-1737 57 21 . . PUNCT cblr-1737 58 1 first first ADV cblr-1737 58 2 , , PUNCT cblr-1737 58 3 the the DET cblr-1737 58 4 lcr lcr NOUN cblr-1737 58 5 requirement requirement NOUN cblr-1737 58 6 discourages discourage VERB cblr-1737 58 7 banks bank NOUN cblr-1737 58 8 from from ADP cblr-1737 58 9 holding hold VERB cblr-1737 58 10 municipal municipal ADJ cblr-1737 58 11 bonds bond NOUN cblr-1737 58 12 by by ADP cblr-1737 58 13 stipulating stipulate VERB cblr-1737 58 14 that that SCONJ cblr-1737 58 15 municipal municipal ADJ cblr-1737 58 16 bonds bond NOUN cblr-1737 58 17 will will AUX cblr-1737 58 18 not not PART cblr-1737 58 19 be be AUX cblr-1737 58 20 counted count VERB cblr-1737 58 21 towards towards ADP cblr-1737 58 22 a a DET cblr-1737 58 23 bank bank NOUN cblr-1737 58 24 ’s ’s PART cblr-1737 58 25 stockpile stockpile NOUN cblr-1737 58 26 of of ADP cblr-1737 58 27 liquid liquid ADJ cblr-1737 58 28 assets asset NOUN cblr-1737 58 29 . . PUNCT cblr-1737 59 1 the the DET cblr-1737 59 2 lcr lcr NOUN cblr-1737 59 3 requires require VERB cblr-1737 59 4 banks bank NOUN cblr-1737 59 5 hold hold VERB cblr-1737 59 6 a a DET cblr-1737 59 7 certain certain ADJ cblr-1737 59 8 amount amount NOUN cblr-1737 59 9 of of ADP cblr-1737 59 10 high high ADJ cblr-1737 59 11 - - PUNCT cblr-1737 59 12 quality quality NOUN cblr-1737 59 13 liquid liquid ADJ cblr-1737 59 14 assets asset NOUN cblr-1737 59 15 ( ( PUNCT cblr-1737 59 16 “ " PUNCT cblr-1737 59 17 hqlas hqlas X cblr-1737 59 18 ” " PUNCT cblr-1737 59 19 ) ) PUNCT cblr-1737 59 20 , , PUNCT cblr-1737 59 21 in in ADP cblr-1737 59 22 order order NOUN cblr-1737 59 23 to to PART cblr-1737 59 24 meet meet VERB cblr-1737 59 25 their their PRON cblr-1737 59 26 obligations obligation NOUN cblr-1737 59 27 in in ADP cblr-1737 59 28 times time NOUN cblr-1737 59 29 of of ADP cblr-1737 59 30 financial financial ADJ cblr-1737 59 31 crises.13 crises.13 PROPN cblr-1737 59 32 initially initially ADV cblr-1737 59 33 , , PUNCT cblr-1737 59 34 no no DET cblr-1737 59 35 municipal municipal ADJ cblr-1737 59 36 bonds bond NOUN cblr-1737 59 37 qualified qualified ADJ cblr-1737 59 38 as as ADP cblr-1737 59 39 hqlas hqla NOUN cblr-1737 59 40 , , PUNCT cblr-1737 59 41 prompting prompt VERB cblr-1737 59 42 concern concern NOUN cblr-1737 59 43 that that SCONJ cblr-1737 59 44 banks bank NOUN cblr-1737 59 45 would would AUX cblr-1737 59 46 be be AUX cblr-1737 59 47 less less ADV cblr-1737 59 48 inclined inclined ADJ cblr-1737 59 49 to to PART cblr-1737 59 50 participate participate VERB cblr-1737 59 51 in in ADP cblr-1737 59 52 the the DET cblr-1737 59 53 municipal municipal ADJ cblr-1737 59 54 bond bond NOUN cblr-1737 59 55 market market NOUN cblr-1737 59 56 if if SCONJ cblr-1737 59 57 ineligible ineligible ADJ cblr-1737 59 58 for for ADP cblr-1737 59 59 hqla hqla PROPN cblr-1737 59 60 qualification qualification NOUN cblr-1737 59 61 , , PUNCT cblr-1737 59 62 which which PRON cblr-1737 59 63 would would AUX cblr-1737 59 64 result result VERB cblr-1737 59 65 in in ADP cblr-1737 59 66 increased increase VERB cblr-1737 59 67 borrowing borrowing NOUN cblr-1737 59 68 costs cost NOUN cblr-1737 59 69 for for ADP cblr-1737 59 70 municipalities.14 municipalities.14 NOUN cblr-1737 59 71 in in ADP cblr-1737 59 72 the the DET cblr-1737 59 73 first first ADJ cblr-1737 59 74 half half NOUN cblr-1737 59 75 of of ADP cblr-1737 59 76 2015 2015 NUM cblr-1737 59 77 , , PUNCT cblr-1737 59 78 the the DET cblr-1737 59 79 federal federal PROPN cblr-1737 59 80 reserve reserve PROPN cblr-1737 59 81 ( ( PUNCT cblr-1737 59 82 the the DET cblr-1737 59 83 “ " PUNCT cblr-1737 59 84 fed fed PROPN cblr-1737 59 85 ” " PUNCT cblr-1737 59 86 ) ) PUNCT cblr-1737 59 87 , , PUNCT cblr-1737 59 88 acting act VERB cblr-1737 59 89 unilaterally unilaterally ADV cblr-1737 59 90 , , PUNCT cblr-1737 59 91 submitted submit VERB cblr-1737 59 92 a a DET cblr-1737 59 93 proposal proposal NOUN cblr-1737 59 94 to to PART cblr-1737 59 95 consider consider VERB cblr-1737 59 96 certain certain ADJ cblr-1737 59 97 municipal municipal ADJ cblr-1737 59 98 bonds bond NOUN cblr-1737 59 99 as as ADP cblr-1737 59 100 hqlas hqla NOUN cblr-1737 59 101 , , PUNCT cblr-1737 59 102 but but CCONJ cblr-1737 59 103 the the DET cblr-1737 59 104 office office NOUN cblr-1737 59 105 of of ADP cblr-1737 59 106 the the DET cblr-1737 59 107 comptroller comptroller NOUN cblr-1737 59 108 of of ADP cblr-1737 59 109 the the DET cblr-1737 59 110 currency currency NOUN cblr-1737 59 111 ( ( PUNCT cblr-1737 59 112 the the DET cblr-1737 59 113 “ " PUNCT cblr-1737 59 114 occ occ NOUN cblr-1737 59 115 ” " PUNCT cblr-1737 59 116 ) ) PUNCT cblr-1737 59 117 and and CCONJ cblr-1737 59 118 the the DET cblr-1737 59 119 federal federal ADJ cblr-1737 59 120 deposit deposit NOUN cblr-1737 59 121 insurance insurance NOUN cblr-1737 59 122 corporation corporation NOUN cblr-1737 59 123 ( ( PUNCT cblr-1737 59 124 the the DET cblr-1737 59 125 “ " PUNCT cblr-1737 59 126 fdic fdic ADJ cblr-1737 59 127 ” " PUNCT cblr-1737 59 128 ) ) PUNCT cblr-1737 59 129 have have AUX cblr-1737 59 130 declined decline VERB cblr-1737 59 131 to to PART cblr-1737 59 132 follow follow VERB cblr-1737 59 133 the the DET cblr-1737 59 134 fed.15 fed.15 NOUN cblr-1737 59 135 a a DET cblr-1737 59 136 bipartisan bipartisan ADJ cblr-1737 59 137 coalition coalition NOUN cblr-1737 59 138 led lead VERB cblr-1737 59 139 13 13 NUM cblr-1737 59 140 see see NOUN cblr-1737 59 141 ryan ryan PROPN cblr-1737 59 142 tracy tracy PROPN cblr-1737 59 143 , , PUNCT cblr-1737 59 144 u.s u.s PROPN cblr-1737 59 145 . . PROPN cblr-1737 59 146 regulators regulator NOUN cblr-1737 59 147 tweak tweak VERB cblr-1737 59 148 final final ADJ cblr-1737 59 149 liquidity liquidity NOUN cblr-1737 59 150 rule rule NOUN cblr-1737 59 151 for for ADP cblr-1737 59 152 large large ADJ cblr-1737 59 153 banks bank NOUN cblr-1737 59 154 , , PUNCT cblr-1737 60 1 wall wall PROPN cblr-1737 60 2 st st PROPN cblr-1737 60 3 . . PROPN cblr-1737 60 4 j. j. PROPN cblr-1737 60 5 ( ( PUNCT cblr-1737 60 6 sept sept PROPN cblr-1737 60 7 . . PROPN cblr-1737 60 8 3 3 NUM cblr-1737 60 9 , , PUNCT cblr-1737 60 10 2014 2014 NUM cblr-1737 60 11 ) ) PUNCT cblr-1737 60 12 , , PUNCT cblr-1737 60 13 http://www.wsj.com/articles/u-sregulators-tweak-final-liquidity-rule-for-large-banks-1409753404 http://www.wsj.com/articles/u-sregulators-tweak-final-liquidity-rule-for-large-banks-1409753404 PROPN cblr-1737 61 1 [ [ X cblr-1737 61 2 http://perma.cc/t3hm-4fpz http://perma.cc/t3hm-4fpz X cblr-1737 61 3 ] ] X cblr-1737 61 4 . . PUNCT cblr-1737 62 1 14 14 NUM cblr-1737 62 2 see see VERB cblr-1737 62 3 andrew andrew PROPN cblr-1737 62 4 ackerman ackerman PROPN cblr-1737 62 5 , , PUNCT cblr-1737 62 6 fed fed PROPN cblr-1737 62 7 will will AUX cblr-1737 62 8 consider consider VERB cblr-1737 62 9 adding add VERB cblr-1737 62 10 municipal municipal ADJ cblr-1737 62 11 debt debt NOUN cblr-1737 62 12 as as ADP cblr-1737 62 13 quality quality NOUN cblr-1737 62 14 asset asset NOUN cblr-1737 62 15 , , PUNCT cblr-1737 62 16 wall wall PROPN cblr-1737 62 17 st st PROPN cblr-1737 62 18 . . PROPN cblr-1737 62 19 j. j. PROPN cblr-1737 62 20 ( ( PUNCT cblr-1737 62 21 sept sept PROPN cblr-1737 62 22 . . PROPN cblr-1737 62 23 3 3 NUM cblr-1737 62 24 , , PUNCT cblr-1737 62 25 2014 2014 NUM cblr-1737 62 26 ) ) PUNCT cblr-1737 62 27 , , PUNCT cblr-1737 62 28 http://blogs.wsj.com/ http://blogs.wsj.com/ ADJ cblr-1737 62 29 moneybeat/2014/09/03 moneybeat/2014/09/03 NOUN cblr-1737 62 30 / / SYM cblr-1737 62 31 fed fed PROPN cblr-1737 62 32 - - PUNCT cblr-1737 62 33 will will AUX cblr-1737 62 34 - - PUNCT cblr-1737 62 35 consider consider VERB cblr-1737 62 36 - - PUNCT cblr-1737 62 37 adding add VERB cblr-1737 62 38 - - PUNCT cblr-1737 62 39 municipal municipal ADJ cblr-1737 62 40 - - PUNCT cblr-1737 62 41 debt debt NOUN cblr-1737 62 42 - - PUNCT cblr-1737 62 43 as as ADP cblr-1737 62 44 - - PUNCT cblr-1737 62 45 qualityasset qualityasset NOUN cblr-1737 62 46 [ [ X cblr-1737 62 47 http://perma.cc/uzr5-2j87 http://perma.cc/uzr5-2j87 X cblr-1737 62 48 ] ] X cblr-1737 62 49 ( ( PUNCT cblr-1737 62 50 “ " PUNCT cblr-1737 62 51 states state NOUN cblr-1737 62 52 and and CCONJ cblr-1737 62 53 localities locality NOUN cblr-1737 62 54 have have AUX cblr-1737 62 55 warned warn VERB cblr-1737 62 56 excluding exclude VERB cblr-1737 62 57 their their PRON cblr-1737 62 58 securities security NOUN cblr-1737 62 59 could could AUX cblr-1737 62 60 cause cause VERB cblr-1737 62 61 banks bank NOUN cblr-1737 62 62 to to PART cblr-1737 62 63 retreat retreat VERB cblr-1737 62 64 from from ADP cblr-1737 62 65 the the DET cblr-1737 62 66 municipal municipal ADJ cblr-1737 62 67 market market NOUN cblr-1737 62 68 in in ADP cblr-1737 62 69 which which PRON cblr-1737 62 70 they they PRON cblr-1737 62 71 have have AUX cblr-1737 62 72 increasingly increasingly ADV cblr-1737 62 73 become become VERB cblr-1737 62 74 an an DET cblr-1737 62 75 important important ADJ cblr-1737 62 76 player player NOUN cblr-1737 62 77 . . PUNCT cblr-1737 62 78 . . PUNCT cblr-1737 62 79 . . PUNCT cblr-1737 62 80 . . PUNCT cblr-1737 63 1 state state NOUN cblr-1737 63 2 treasurers treasurer NOUN cblr-1737 63 3 and and CCONJ cblr-1737 63 4 other other ADJ cblr-1737 63 5 officials official NOUN cblr-1737 63 6 say say VERB cblr-1737 63 7 their their PRON cblr-1737 63 8 costs cost NOUN cblr-1737 63 9 to to PART cblr-1737 63 10 finance finance VERB cblr-1737 63 11 roads road NOUN cblr-1737 63 12 , , PUNCT cblr-1737 63 13 schools school NOUN cblr-1737 63 14 and and CCONJ cblr-1737 63 15 bridges bridge NOUN cblr-1737 63 16 could could AUX cblr-1737 63 17 jump jump VERB cblr-1737 63 18 if if SCONJ cblr-1737 63 19 banks bank NOUN cblr-1737 63 20 retreat retreat VERB cblr-1737 63 21 from from ADP cblr-1737 63 22 the the DET cblr-1737 63 23 market market NOUN cblr-1737 63 24 — — PUNCT cblr-1737 63 25 costs cost NOUN cblr-1737 63 26 that that PRON cblr-1737 63 27 will will AUX cblr-1737 63 28 ultimately ultimately ADV cblr-1737 63 29 be be AUX cblr-1737 63 30 borne bear VERB cblr-1737 63 31 by by ADP cblr-1737 63 32 taxpayers taxpayer NOUN cblr-1737 63 33 . . PUNCT cblr-1737 63 34 ” " PUNCT cblr-1737 63 35 ) ) PUNCT cblr-1737 63 36 . . PUNCT cblr-1737 64 1 15 15 NUM cblr-1737 64 2 see see VERB cblr-1737 64 3 liquidity liquidity NOUN cblr-1737 64 4 coverage coverage NOUN cblr-1737 64 5 ratio ratio NOUN cblr-1737 64 6 : : PUNCT cblr-1737 64 7 treatment treatment NOUN cblr-1737 64 8 of of ADP cblr-1737 64 9 u.s u.s PROPN cblr-1737 64 10 . . PROPN cblr-1737 64 11 municipal municipal ADJ cblr-1737 64 12 securities security NOUN cblr-1737 64 13 as as ADP cblr-1737 64 14 high high ADJ cblr-1737 64 15 - - PUNCT cblr-1737 64 16 quality quality NOUN cblr-1737 64 17 liquid liquid ADJ cblr-1737 64 18 assets asset NOUN cblr-1737 64 19 , , PUNCT cblr-1737 64 20 80 80 NUM cblr-1737 64 21 fed feed VERB cblr-1737 64 22 . . PUNCT cblr-1737 65 1 reg reg PROPN cblr-1737 65 2 . . PROPN cblr-1737 65 3 30,383 30,383 NUM cblr-1737 65 4 , , PUNCT cblr-1737 65 5 30,385 30,385 NUM cblr-1737 65 6 ( ( PUNCT cblr-1737 65 7 proposed propose VERB cblr-1737 65 8 may may PROPN cblr-1737 65 9 28 28 NUM cblr-1737 65 10 , , PUNCT cblr-1737 65 11 2015 2015 NUM cblr-1737 65 12 ) ) PUNCT cblr-1737 65 13 ( ( PUNCT cblr-1737 65 14 to to PART cblr-1737 65 15 be be AUX cblr-1737 65 16 codified codify VERB cblr-1737 65 17 at at ADP cblr-1737 65 18 12 12 NUM cblr-1737 65 19 c.f.r c.f.r NOUN cblr-1737 65 20 . . PUNCT cblr-1737 66 1 pt pt PROPN cblr-1737 66 2 . . 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PROPN cblr-1737 67 8 16 16 NUM cblr-1737 67 9 , , PUNCT cblr-1737 67 10 2015 2015 NUM cblr-1737 67 11 ) ) PUNCT cblr-1737 67 12 , , PUNCT cblr-1737 67 13 http://www.wsj.com/articles/fed-is-expected-toshift-on-muni-bonds-1429232200 http://www.wsj.com/articles/fed-is-expected-toshift-on-muni-bonds-1429232200 PROPN cblr-1737 68 1 [ [ X cblr-1737 68 2 http://perma.cc/7yfm-amta http://perma.cc/7yfm-amta X cblr-1737 68 3 ] ] X cblr-1737 68 4 ( ( PUNCT cblr-1737 68 5 “ " PUNCT cblr-1737 68 6 [ [ X cblr-1737 68 7 t]he t]he ADV cblr-1737 68 8 fed feed VERB cblr-1737 68 9 ’s ’s PART cblr-1737 68 10 decision decision NOUN cblr-1737 68 11 is be AUX cblr-1737 68 12 only only ADV cblr-1737 68 13 a a DET cblr-1737 68 14 partial partial ADJ cblr-1737 68 15 victory victory NOUN cblr-1737 68 16 for for ADP cblr-1737 68 17 the the DET cblr-1737 68 18 banks bank NOUN cblr-1737 68 19 , , PUNCT cblr-1737 68 20 state state NOUN cblr-1737 68 21 officials official NOUN cblr-1737 68 22 and and CCONJ cblr-1737 68 23 lawmakers lawmaker NOUN cblr-1737 68 24 who who PRON cblr-1737 68 25 had have AUX cblr-1737 68 26 pushed push VERB cblr-1737 68 27 for for ADP cblr-1737 68 28 the the DET cblr-1737 68 29 change change NOUN cblr-1737 68 30 . . PUNCT cblr-1737 69 1 the the DET cblr-1737 69 2 other other ADJ cblr-1737 69 3 two two NUM cblr-1737 69 4 regulators regulator NOUN cblr-1737 69 5 , , PUNCT cblr-1737 69 6 the the DET cblr-1737 69 7 [ [ X cblr-1737 69 8 occ occ X cblr-1737 69 9 ] ] X cblr-1737 69 10 and and CCONJ cblr-1737 69 11 the the DET cblr-1737 69 12 [ [ X cblr-1737 69 13 fdic fdic PROPN cblr-1737 69 14 ] ] X cblr-1737 69 15 , , PUNCT cblr-1737 69 16 currently currently ADV cblr-1737 69 17 do do AUX cblr-1737 69 18 n’t not PART cblr-1737 69 19 plan plan VERB cblr-1737 69 20 to to PART cblr-1737 69 21 follow follow VERB cblr-1737 69 22 the the DET cblr-1737 69 23 fed fed PROPN cblr-1737 69 24 , , PUNCT cblr-1737 69 25 people people NOUN cblr-1737 69 26 with with ADP cblr-1737 69 27 knowledge knowledge NOUN cblr-1737 69 28 of of ADP cblr-1737 69 29 those those DET cblr-1737 69 30 agencies agency NOUN cblr-1737 69 31 said say VERB cblr-1737 69 32 . . 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PUNCT cblr-1737 73 1 the the DET cblr-1737 73 2 agency agency NOUN cblr-1737 73 3 regulation regulation NOUN cblr-1737 73 4 implementing implement VERB cblr-1737 73 5 the the DET cblr-1737 73 6 volcker volcker NOUN cblr-1737 73 7 rule rule NOUN cblr-1737 73 8 restricts restrict VERB cblr-1737 73 9 banks bank NOUN cblr-1737 73 10 ’ ' PUNCT cblr-1737 73 11 investments investment NOUN cblr-1737 73 12 in in ADP cblr-1737 73 13 “ " PUNCT cblr-1737 73 14 covered covered ADJ cblr-1737 73 15 funds fund NOUN cblr-1737 73 16 . . 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NOUN cblr-1737 84 16 2016 2016 NUM cblr-1737 84 17 bonds bond NOUN cblr-1737 84 18 be be VERB cblr-1737 84 19 ineligible ineligible ADJ cblr-1737 84 20 for for ADP cblr-1737 84 21 proprietary proprietary ADJ cblr-1737 84 22 trading trading NOUN cblr-1737 84 23 , , PUNCT cblr-1737 84 24 but but CCONJ cblr-1737 84 25 abandoned abandon VERB cblr-1737 84 26 this this DET cblr-1737 84 27 interpretation interpretation NOUN cblr-1737 84 28 in in ADP cblr-1737 84 29 their their PRON cblr-1737 84 30 final final ADJ cblr-1737 84 31 rule.21 rule.21 NOUN cblr-1737 84 32 finally finally ADV cblr-1737 84 33 , , PUNCT cblr-1737 84 34 the the DET cblr-1737 84 35 risk risk NOUN cblr-1737 84 36 retention retention NOUN cblr-1737 84 37 rule rule NOUN cblr-1737 84 38 also also ADV cblr-1737 84 39 influences influence VERB cblr-1737 84 40 the the DET cblr-1737 84 41 market market NOUN cblr-1737 84 42 for for ADP cblr-1737 84 43 tobs.22 tobs.22 PRON cblr-1737 84 44 the the DET cblr-1737 84 45 risk risk NOUN cblr-1737 84 46 retention retention NOUN cblr-1737 84 47 rule rule NOUN cblr-1737 84 48 stipulates stipulate VERB cblr-1737 84 49 that that SCONJ cblr-1737 84 50 a a DET cblr-1737 84 51 sponsor sponsor NOUN cblr-1737 84 52 or or CCONJ cblr-1737 84 53 a a DET cblr-1737 84 54 securitizer securitizer NOUN cblr-1737 84 55 of of ADP cblr-1737 84 56 an an DET cblr-1737 84 57 asset asset NOUN cblr-1737 84 58 - - PUNCT cblr-1737 84 59 backed back VERB cblr-1737 84 60 security security NOUN cblr-1737 84 61 ( ( PUNCT cblr-1737 84 62 “ " PUNCT cblr-1737 84 63 abs ab NOUN cblr-1737 84 64 ” " PUNCT cblr-1737 84 65 ) ) PUNCT cblr-1737 84 66 must must AUX cblr-1737 84 67 retain retain VERB cblr-1737 84 68 at at ADV cblr-1737 84 69 least least ADV cblr-1737 84 70 five five NUM cblr-1737 84 71 percent percent NOUN cblr-1737 84 72 of of ADP cblr-1737 84 73 the the DET cblr-1737 84 74 credit credit NOUN cblr-1737 84 75 risk risk NOUN cblr-1737 84 76 of of ADP cblr-1737 84 77 assets asset NOUN cblr-1737 84 78 collateralizing collateralize VERB cblr-1737 84 79 the the DET cblr-1737 84 80 issuance issuance NOUN cblr-1737 84 81 of of ADP cblr-1737 84 82 the the DET cblr-1737 84 83 abs.23 abs.23 PROPN cblr-1737 84 84 despite despite SCONJ cblr-1737 84 85 opposition opposition NOUN cblr-1737 84 86 from from ADP cblr-1737 84 87 industry industry NOUN cblr-1737 84 88 officials official NOUN cblr-1737 84 89 , , PUNCT cblr-1737 84 90 the the DET cblr-1737 84 91 final final ADJ cblr-1737 84 92 rule rule NOUN cblr-1737 84 93 passed pass VERB cblr-1737 84 94 in in ADP cblr-1737 84 95 october october PROPN cblr-1737 84 96 2014 2014 NUM cblr-1737 84 97 includes include VERB cblr-1737 84 98 tobs tob NOUN cblr-1737 84 99 within within ADP cblr-1737 84 100 the the DET cblr-1737 84 101 definition definition NOUN cblr-1737 84 102 of of ADP cblr-1737 84 103 an an DET cblr-1737 84 104 abs.24 abs.24 ADJ cblr-1737 84 105 sponsors sponsor NOUN cblr-1737 84 106 of of ADP cblr-1737 84 107 tobs tobs PROPN cblr-1737 84 108 would would AUX cblr-1737 84 109 be be AUX cblr-1737 84 110 required require VERB cblr-1737 84 111 to to PART cblr-1737 84 112 retain retain VERB cblr-1737 84 113 at at ADP cblr-1737 84 114 least least ADJ cblr-1737 84 115 a a DET cblr-1737 84 116 five five NUM cblr-1737 84 117 percent percent NOUN cblr-1737 84 118 interest interest NOUN cblr-1737 84 119 in in ADP cblr-1737 84 120 the the DET cblr-1737 84 121 tobs tob NOUN cblr-1737 84 122 , , PUNCT cblr-1737 84 123 which which PRON cblr-1737 84 124 would would AUX cblr-1737 84 125 increase increase VERB cblr-1737 84 126 the the DET cblr-1737 84 127 costs cost NOUN cblr-1737 84 128 of of ADP cblr-1737 84 129 tob tob NOUN cblr-1737 84 130 issuances.25 issuances.25 NOUN cblr-1737 84 131 this this DET cblr-1737 84 132 note note NOUN cblr-1737 84 133 argues argue VERB cblr-1737 84 134 that that SCONJ cblr-1737 84 135 regulations regulation NOUN cblr-1737 84 136 promulgated promulgate VERB cblr-1737 84 137 since since SCONJ cblr-1737 84 138 the the DET cblr-1737 84 139 financial financial ADJ cblr-1737 84 140 crisis crisis NOUN cblr-1737 84 141 do do AUX cblr-1737 84 142 not not PART cblr-1737 84 143 meaningfully meaningfully ADV cblr-1737 84 144 create create VERB cblr-1737 84 145 a a DET cblr-1737 84 146 sounder sounder ADJ cblr-1737 84 147 financial financial ADJ cblr-1737 84 148 system system NOUN cblr-1737 84 149 , , PUNCT cblr-1737 84 150 and and CCONJ cblr-1737 84 151 only only ADV cblr-1737 84 152 result result NOUN cblr-1737 84 153 in in ADP cblr-1737 84 154 higher high ADJ cblr-1737 84 155 costs cost NOUN cblr-1737 84 156 of of ADP cblr-1737 84 157 raising raise VERB cblr-1737 84 158 capital capital NOUN cblr-1737 84 159 for for ADP cblr-1737 84 160 municipalities municipality NOUN cblr-1737 84 161 . . PUNCT cblr-1737 85 1 this this DET cblr-1737 85 2 note note NOUN cblr-1737 85 3 proposes propose VERB cblr-1737 85 4 that that SCONJ cblr-1737 85 5 the the DET cblr-1737 85 6 most most ADV cblr-1737 85 7 liquid liquid ADJ cblr-1737 85 8 municipal municipal ADJ cblr-1737 85 9 bonds bond NOUN cblr-1737 85 10 be be AUX cblr-1737 85 11 treated treat VERB cblr-1737 85 12 as as ADP cblr-1737 85 13 hqlas hqla NOUN cblr-1737 85 14 , , PUNCT cblr-1737 85 15 that that SCONJ cblr-1737 85 16 the the DET cblr-1737 85 17 volcker volcker NOUN cblr-1737 85 18 rule rule NOUN cblr-1737 85 19 prohibition prohibition NOUN cblr-1737 85 20 on on ADP cblr-1737 85 21 covered covered ADJ cblr-1737 85 22 funds fund NOUN cblr-1737 85 23 exempt exempt ADJ cblr-1737 85 24 tobs tob NOUN cblr-1737 85 25 , , PUNCT cblr-1737 85 26 and and CCONJ cblr-1737 85 27 that that SCONJ cblr-1737 85 28 tobs tob NOUN cblr-1737 85 29 also also ADV cblr-1737 85 30 be be VERB cblr-1737 85 31 exempt exempt ADJ cblr-1737 85 32 from from ADP cblr-1737 85 33 the the DET cblr-1737 85 34 risk risk NOUN cblr-1737 85 35 retention retention NOUN cblr-1737 85 36 rule rule NOUN cblr-1737 85 37 . . 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PUNCT cblr-1737 95 1 23 23 NUM cblr-1737 95 2 see see VERB cblr-1737 95 3 i i PRON cblr-1737 95 4 d. d. PROPN cblr-1737 95 5 24 24 NUM cblr-1737 95 6 see see VERB cblr-1737 95 7 i i PRON cblr-1737 95 8 d. d. PROPN cblr-1737 95 9 25 25 NUM cblr-1737 95 10 see see VERB cblr-1737 95 11 i i PRON cblr-1737 95 12 d. d. PROPN cblr-1737 95 13 miki miki PROPN cblr-1737 95 14 – – PUNCT cblr-1737 95 15 final final ADJ cblr-1737 95 16 no no NOUN cblr-1737 95 17 . . PUNCT cblr-1737 96 1 1:252 1:252 NOUN cblr-1737 96 2 ] ] X cblr-1737 96 3 live live VERB cblr-1737 96 4 and and CCONJ cblr-1737 96 5 let let AUX cblr-1737 96 6 die die VERB cblr-1737 96 7 259 259 NUM cblr-1737 96 8 analyzes analyze NOUN cblr-1737 96 9 whether whether SCONJ cblr-1737 96 10 these these DET cblr-1737 96 11 regulations regulation NOUN cblr-1737 96 12 are be AUX cblr-1737 96 13 sensible sensible ADJ cblr-1737 96 14 and and CCONJ cblr-1737 96 15 meaningfully meaningfully ADV cblr-1737 96 16 advance advance VERB cblr-1737 96 17 the the DET cblr-1737 96 18 safety safety NOUN cblr-1737 96 19 of of ADP cblr-1737 96 20 the the DET cblr-1737 96 21 financial financial ADJ cblr-1737 96 22 system system NOUN cblr-1737 96 23 . . PUNCT cblr-1737 97 1 in in ADP cblr-1737 97 2 conclusion conclusion NOUN cblr-1737 97 3 , , PUNCT cblr-1737 97 4 this this DET cblr-1737 97 5 note note NOUN cblr-1737 97 6 finds find VERB cblr-1737 97 7 that that SCONJ cblr-1737 97 8 the the DET cblr-1737 97 9 regulations regulation NOUN cblr-1737 97 10 are be AUX cblr-1737 97 11 not not PART cblr-1737 97 12 sensible sensible ADJ cblr-1737 97 13 as as SCONJ cblr-1737 97 14 they they PRON cblr-1737 97 15 do do AUX cblr-1737 97 16 not not PART cblr-1737 97 17 meaningfully meaningfully ADV cblr-1737 97 18 make make VERB cblr-1737 97 19 the the DET cblr-1737 97 20 financial financial ADJ cblr-1737 97 21 system system NOUN cblr-1737 97 22 safer safe ADJ cblr-1737 97 23 . . PUNCT cblr-1737 98 1 part part NOUN cblr-1737 98 2 v v NOUN cblr-1737 98 3 provides provide VERB cblr-1737 98 4 recommendations recommendation NOUN cblr-1737 98 5 for for ADP cblr-1737 98 6 modifications modification NOUN cblr-1737 98 7 . . PUNCT cblr-1737 99 1 part part NOUN cblr-1737 99 2 vi vi PROPN cblr-1737 99 3 concludes conclude VERB cblr-1737 99 4 . . PUNCT cblr-1737 100 1 ii ii PROPN cblr-1737 100 2 . . PUNCT cblr-1737 100 3 background background PROPN cblr-1737 100 4 a. a. PROPN cblr-1737 100 5 the the DET cblr-1737 100 6 municipal municipal ADJ cblr-1737 100 7 bond bond NOUN cblr-1737 100 8 market market NOUN cblr-1737 100 9 historically historically ADV cblr-1737 100 10 , , PUNCT cblr-1737 100 11 the the DET cblr-1737 100 12 municipal municipal ADJ cblr-1737 100 13 bond bond NOUN cblr-1737 100 14 market market NOUN cblr-1737 100 15 , , PUNCT cblr-1737 100 16 despite despite SCONJ cblr-1737 100 17 its its PRON cblr-1737 100 18 size size NOUN cblr-1737 100 19 and and CCONJ cblr-1737 100 20 importance importance NOUN cblr-1737 100 21 , , PUNCT cblr-1737 100 22 has have AUX cblr-1737 100 23 not not PART cblr-1737 100 24 been be AUX cblr-1737 100 25 subject subject ADJ cblr-1737 100 26 to to ADP cblr-1737 100 27 stringent stringent ADJ cblr-1737 100 28 regulation.26 regulation.26 VERB cblr-1737 100 29 municipal municipal ADJ cblr-1737 100 30 bonds—“debt bonds—“debt PROPN cblr-1737 100 31 securities security NOUN cblr-1737 100 32 issued issue VERB cblr-1737 100 33 by by ADP cblr-1737 100 34 states state NOUN cblr-1737 100 35 , , PUNCT cblr-1737 100 36 cities city NOUN cblr-1737 100 37 , , PUNCT cblr-1737 100 38 counties county NOUN cblr-1737 100 39 , , PUNCT cblr-1737 100 40 and and CCONJ cblr-1737 100 41 other other ADJ cblr-1737 100 42 governmental governmental ADJ cblr-1737 100 43 entities entity NOUN cblr-1737 100 44 to to PART cblr-1737 100 45 finance finance VERB cblr-1737 100 46 capital capital NOUN cblr-1737 100 47 projects project NOUN cblr-1737 100 48 , , PUNCT cblr-1737 100 49 such such ADJ cblr-1737 100 50 as as ADP cblr-1737 100 51 building building NOUN cblr-1737 100 52 schools school NOUN cblr-1737 100 53 , , PUNCT cblr-1737 100 54 highways highway NOUN cblr-1737 100 55 or or CCONJ cblr-1737 100 56 sewer sewer NOUN cblr-1737 100 57 systems system NOUN cblr-1737 100 58 , , PUNCT cblr-1737 100 59 and and CCONJ cblr-1737 100 60 to to PART cblr-1737 100 61 fund fund VERB cblr-1737 100 62 day day NOUN cblr-1737 100 63 - - PUNCT cblr-1737 100 64 to to ADP cblr-1737 100 65 - - PUNCT cblr-1737 100 66 day day NOUN cblr-1737 100 67 obligations”27 obligations”27 PROPN cblr-1737 100 68 — — PUNCT cblr-1737 100 69 remained remain VERB cblr-1737 100 70 mostly mostly ADV cblr-1737 100 71 unregulated unregulated ADJ cblr-1737 100 72 , , PUNCT cblr-1737 100 73 even even ADV cblr-1737 100 74 after after ADP cblr-1737 100 75 the the DET cblr-1737 100 76 great great ADJ cblr-1737 100 77 depression depression NOUN cblr-1737 100 78 , , PUNCT cblr-1737 100 79 because because SCONJ cblr-1737 100 80 issuers issuer NOUN cblr-1737 100 81 , , PUNCT cblr-1737 100 82 almost almost ADV cblr-1737 100 83 all all PRON cblr-1737 100 84 of of ADP cblr-1737 100 85 which which PRON cblr-1737 100 86 are be AUX cblr-1737 100 87 nonfederal nonfederal ADJ cblr-1737 100 88 governments government NOUN cblr-1737 100 89 , , PUNCT cblr-1737 100 90 strongly strongly ADV cblr-1737 100 91 resisted resist VERB cblr-1737 100 92 federal federal ADJ cblr-1737 100 93 regulation.28 regulation.28 NOUN cblr-1737 100 94 the the DET cblr-1737 100 95 only only ADJ cblr-1737 100 96 noteworthy noteworthy ADJ cblr-1737 100 97 regulatory regulatory ADJ cblr-1737 100 98 change change NOUN cblr-1737 100 99 before before ADP cblr-1737 100 100 the the DET cblr-1737 100 101 2008 2008 NUM cblr-1737 100 102 financial financial ADJ cblr-1737 100 103 crisis crisis NOUN cblr-1737 100 104 came come VERB cblr-1737 100 105 in in ADP cblr-1737 100 106 1975 1975 NUM cblr-1737 100 107 , , PUNCT cblr-1737 100 108 when when SCONJ cblr-1737 100 109 congress congress PROPN cblr-1737 100 110 created create VERB cblr-1737 100 111 the the DET cblr-1737 100 112 municipal municipal ADJ cblr-1737 100 113 securities security NOUN cblr-1737 100 114 regulation regulation PROPN cblr-1737 100 115 board board NOUN cblr-1737 100 116 ( ( PUNCT cblr-1737 100 117 “ " PUNCT cblr-1737 100 118 msrb msrb NOUN cblr-1737 100 119 ” " PUNCT cblr-1737 100 120 ) ) PUNCT cblr-1737 100 121 in in ADP cblr-1737 100 122 response response NOUN cblr-1737 100 123 to to ADP cblr-1737 100 124 the the DET cblr-1737 100 125 near near ADJ cblr-1737 100 126 - - PUNCT cblr-1737 100 127 bankruptcy bankruptcy NOUN cblr-1737 100 128 of of ADP cblr-1737 100 129 new new PROPN cblr-1737 100 130 york york PROPN cblr-1737 100 131 city.29 city.29 PROPN cblr-1737 100 132 however however ADV cblr-1737 100 133 , , PUNCT cblr-1737 100 134 even even ADV cblr-1737 100 135 in in ADP cblr-1737 100 136 establishing establish VERB cblr-1737 100 137 the the DET cblr-1737 100 138 msrb msrb NOUN cblr-1737 100 139 , , PUNCT cblr-1737 100 140 congress congress PROPN cblr-1737 100 141 constrained constrain VERB cblr-1737 100 142 its its PRON cblr-1737 100 143 power power NOUN cblr-1737 100 144 by by ADP cblr-1737 100 145 not not PART cblr-1737 100 146 giving give VERB cblr-1737 100 147 the the DET cblr-1737 100 148 msrb msrb NOUN cblr-1737 100 149 enforcement enforcement NOUN cblr-1737 100 150 powers power NOUN cblr-1737 100 151 of of ADP cblr-1737 100 152 its its PRON cblr-1737 100 153 own.30 own.30 NOUN cblr-1737 100 154 despite despite SCONJ cblr-1737 100 155 the the DET cblr-1737 100 156 historically historically ADV cblr-1737 100 157 relaxed relaxed ADJ cblr-1737 100 158 approach approach NOUN cblr-1737 100 159 to to ADP cblr-1737 100 160 regulation regulation NOUN cblr-1737 100 161 , , PUNCT cblr-1737 100 162 the the DET cblr-1737 100 163 municipal municipal ADJ cblr-1737 100 164 bond bond NOUN cblr-1737 100 165 market market NOUN cblr-1737 100 166 is be AUX cblr-1737 100 167 huge huge ADJ cblr-1737 100 168 today today NOUN cblr-1737 100 169 , , PUNCT cblr-1737 100 170 with with SCONJ cblr-1737 100 171 the the DET cblr-1737 100 172 total total ADJ cblr-1737 100 173 aggregate aggregate ADJ cblr-1737 100 174 principal principal ADJ cblr-1737 100 175 amount amount NOUN cblr-1737 100 176 of of ADP cblr-1737 100 177 municipal municipal ADJ cblr-1737 100 178 bonds bond NOUN cblr-1737 100 179 outstanding outstanding ADJ cblr-1737 100 180 estimated estimate VERB cblr-1737 100 181 to to PART cblr-1737 100 182 be be AUX cblr-1737 100 183 around around ADP cblr-1737 100 184 $ $ SYM cblr-1737 100 185 3.7 3.7 NUM cblr-1737 100 186 trillion trillion NUM cblr-1737 100 187 as as ADP cblr-1737 100 188 of of ADP cblr-1737 100 189 year year NOUN cblr-1737 100 190 26 26 NUM cblr-1737 100 191 see see VERB cblr-1737 100 192 generally generally ADV cblr-1737 100 193 u.s u.s PROPN cblr-1737 100 194 . . PROPN cblr-1737 100 195 sec sec PROPN cblr-1737 100 196 . . PROPN cblr-1737 100 197 & & CCONJ cblr-1737 100 198 exch exch PROPN cblr-1737 100 199 . . PUNCT cblr-1737 101 1 comm’n comm’n PROPN cblr-1737 101 2 , , PUNCT cblr-1737 101 3 supra supra ADJ cblr-1737 101 4 note note NOUN cblr-1737 101 5 8 8 NUM cblr-1737 101 6 , , PUNCT cblr-1737 101 7 at at ADP cblr-1737 101 8 ii ii PROPN cblr-1737 101 9 . . PROPN cblr-1737 101 10 27 27 NUM cblr-1737 101 11 see see VERB cblr-1737 101 12 investor investor NOUN cblr-1737 101 13 bulletin bulletin NOUN cblr-1737 101 14 : : PUNCT cblr-1737 101 15 focus focus VERB cblr-1737 101 16 on on ADP cblr-1737 101 17 municipal municipal ADJ cblr-1737 101 18 bonds bond NOUN cblr-1737 101 19 , , PUNCT cblr-1737 101 20 u.s u.s PROPN cblr-1737 101 21 . . PROPN cblr-1737 101 22 sec sec PROPN cblr-1737 101 23 . . PROPN cblr-1737 101 24 & & CCONJ cblr-1737 101 25 exch exch PROPN cblr-1737 101 26 . . PUNCT cblr-1737 102 1 comm’n comm’n PROPN cblr-1737 102 2 ( ( PUNCT cblr-1737 102 3 sept sept PROPN cblr-1737 102 4 . . PROPN cblr-1737 102 5 20 20 NUM cblr-1737 102 6 , , PUNCT cblr-1737 102 7 2010 2010 NUM cblr-1737 102 8 ) ) PUNCT cblr-1737 102 9 , , PUNCT cblr-1737 103 1 http://www.sec.gov/investor/alerts/municipal.htm http://www.sec.gov/investor/alerts/municipal.htm PROPN cblr-1737 104 1 [ [ X cblr-1737 104 2 http://perma.cc/gqx9-732 http://perma.cc/gqx9-732 PROPN cblr-1737 104 3 m m PROPN cblr-1737 104 4 ] ] X cblr-1737 104 5 . . PUNCT cblr-1737 105 1 28 28 NUM cblr-1737 105 2 see see VERB cblr-1737 105 3 philip philip PROPN cblr-1737 105 4 grommet grommet PROPN cblr-1737 105 5 , , PUNCT cblr-1737 105 6 a a DET cblr-1737 105 7 call call NOUN cblr-1737 105 8 for for ADP cblr-1737 105 9 action action NOUN cblr-1737 105 10 : : PUNCT cblr-1737 105 11 an an DET cblr-1737 105 12 analysis analysis NOUN cblr-1737 105 13 of of ADP cblr-1737 105 14 the the DET cblr-1737 105 15 impending impending ADJ cblr-1737 105 16 regulatory regulatory ADJ cblr-1737 105 17 crisis crisis NOUN cblr-1737 105 18 in in ADP cblr-1737 105 19 the the DET cblr-1737 105 20 municipal municipal ADJ cblr-1737 105 21 securities security NOUN cblr-1737 105 22 market market NOUN cblr-1737 105 23 , , PUNCT cblr-1737 105 24 38 38 NUM cblr-1737 105 25 j. j. PROPN cblr-1737 105 26 legis legis PROPN cblr-1737 105 27 . . PUNCT cblr-1737 106 1 237 237 NUM cblr-1737 106 2 , , PUNCT cblr-1737 106 3 245 245 NUM cblr-1737 106 4 ( ( PUNCT cblr-1737 106 5 2012 2012 NUM cblr-1737 106 6 ) ) PUNCT cblr-1737 106 7 . . PUNCT cblr-1737 107 1 29 29 NUM cblr-1737 107 2 see see VERB cblr-1737 107 3 clark clark NOUN cblr-1737 107 4 , , PUNCT cblr-1737 107 5 supra supra PROPN cblr-1737 107 6 note note PROPN cblr-1737 107 7 1 1 NUM cblr-1737 107 8 , , PUNCT cblr-1737 107 9 at at ADP cblr-1737 107 10 494–95 494–95 NUM cblr-1737 107 11 . . PUNCT cblr-1737 108 1 30 30 NUM cblr-1737 108 2 see see VERB cblr-1737 108 3 i i PRON cblr-1737 108 4 d. d. PROPN cblr-1737 108 5 at at ADP cblr-1737 108 6 495 495 NUM cblr-1737 108 7 . . PUNCT cblr-1737 109 1 miki miki PROPN cblr-1737 109 2 – – PUNCT cblr-1737 109 3 final final ADJ cblr-1737 109 4 260 260 NUM cblr-1737 109 5 columbia columbia PROPN cblr-1737 109 6 business business NOUN cblr-1737 109 7 law law PROPN cblr-1737 109 8 review review NOUN cblr-1737 109 9 [ [ X cblr-1737 109 10 vol vol NOUN cblr-1737 109 11 . . NOUN cblr-1737 109 12 2016 2016 NUM cblr-1737 109 13 end end VERB cblr-1737 109 14 2011.31 2011.31 NUM cblr-1737 109 15 banks bank NOUN cblr-1737 109 16 have have AUX cblr-1737 109 17 come come VERB cblr-1737 109 18 to to PART cblr-1737 109 19 occupy occupy VERB cblr-1737 109 20 a a DET cblr-1737 109 21 larger large ADJ cblr-1737 109 22 share share NOUN cblr-1737 109 23 of of ADP cblr-1737 109 24 the the DET cblr-1737 109 25 municipal municipal ADJ cblr-1737 109 26 bond bond NOUN cblr-1737 109 27 market market NOUN cblr-1737 109 28 as as ADV cblr-1737 109 29 well well ADV cblr-1737 109 30 , , PUNCT cblr-1737 109 31 with with ADP cblr-1737 109 32 banks bank NOUN cblr-1737 109 33 holding hold VERB cblr-1737 109 34 $ $ SYM cblr-1737 109 35 416.4 416.4 NUM cblr-1737 109 36 billion billion NUM cblr-1737 109 37 of of ADP cblr-1737 109 38 municipal municipal ADJ cblr-1737 109 39 securities security NOUN cblr-1737 109 40 in in ADP cblr-1737 109 41 the the DET cblr-1737 109 42 year year NOUN cblr-1737 109 43 2013 2013 NUM cblr-1737 109 44 , , PUNCT cblr-1737 109 45 almost almost ADV cblr-1737 109 46 double double ADJ cblr-1737 109 47 from from ADP cblr-1737 109 48 2009.32 2009.32 NUM cblr-1737 109 49 b. b. PROPN cblr-1737 109 50 recent recent ADJ cblr-1737 109 51 heightened heighten VERB cblr-1737 109 52 scrutiny scrutiny NOUN cblr-1737 109 53 of of ADP cblr-1737 109 54 the the DET cblr-1737 109 55 municipal municipal ADJ cblr-1737 109 56 bond bond NOUN cblr-1737 109 57 market market NOUN cblr-1737 109 58 recent recent ADJ cblr-1737 109 59 events event NOUN cblr-1737 109 60 have have AUX cblr-1737 109 61 called call VERB cblr-1737 109 62 into into ADP cblr-1737 109 63 question question NOUN cblr-1737 109 64 the the DET cblr-1737 109 65 market market NOUN cblr-1737 109 66 ’s ’s PART cblr-1737 109 67 safety safety NOUN cblr-1737 109 68 and and CCONJ cblr-1737 109 69 security security NOUN cblr-1737 109 70 , , PUNCT cblr-1737 109 71 which which PRON cblr-1737 109 72 has have AUX cblr-1737 109 73 brought bring VERB cblr-1737 109 74 about about ADP cblr-1737 109 75 heightened heighten VERB cblr-1737 109 76 regulatory regulatory ADJ cblr-1737 109 77 scrutiny scrutiny NOUN cblr-1737 109 78 . . PUNCT cblr-1737 110 1 beginning begin VERB cblr-1737 110 2 with with ADP cblr-1737 110 3 the the DET cblr-1737 110 4 2008 2008 NUM cblr-1737 110 5 financial financial ADJ cblr-1737 110 6 crisis crisis NOUN cblr-1737 110 7 , , PUNCT cblr-1737 110 8 municipal municipal ADJ cblr-1737 110 9 bonds bond NOUN cblr-1737 110 10 began begin VERB cblr-1737 110 11 to to PART cblr-1737 110 12 default default VERB cblr-1737 110 13 at at ADP cblr-1737 110 14 a a DET cblr-1737 110 15 record record ADJ cblr-1737 110 16 pace.33 pace.33 NOUN cblr-1737 110 17 there there PRON cblr-1737 110 18 have have AUX cblr-1737 110 19 been be AUX cblr-1737 110 20 a a DET cblr-1737 110 21 number number NOUN cblr-1737 110 22 of of ADP cblr-1737 110 23 high high ADJ cblr-1737 110 24 - - PUNCT cblr-1737 110 25 profile profile NOUN cblr-1737 110 26 municipal municipal ADJ cblr-1737 110 27 bankruptcies bankruptcy NOUN cblr-1737 110 28 with with ADP cblr-1737 110 29 stockton stockton PROPN cblr-1737 110 30 , , PUNCT cblr-1737 110 31 california california PROPN cblr-1737 110 32 , , PUNCT cblr-1737 110 33 san san PROPN cblr-1737 110 34 bernardino bernardino PROPN cblr-1737 110 35 , , PUNCT cblr-1737 110 36 california california PROPN cblr-1737 110 37 , , PUNCT cblr-1737 110 38 and and CCONJ cblr-1737 110 39 detroit detroit PROPN cblr-1737 110 40 among among ADP cblr-1737 110 41 the the DET cblr-1737 110 42 municipalities municipality NOUN cblr-1737 110 43 declaring declare VERB cblr-1737 110 44 bankruptcy bankruptcy NOUN cblr-1737 110 45 in in ADP cblr-1737 110 46 the the DET cblr-1737 110 47 last last ADJ cblr-1737 110 48 few few ADJ cblr-1737 110 49 years.34 years.34 PROPN cblr-1737 110 50 other other ADJ cblr-1737 110 51 municipalities municipality NOUN cblr-1737 110 52 , , PUNCT cblr-1737 110 53 such such ADJ cblr-1737 110 54 as as ADP cblr-1737 110 55 chicago chicago PROPN cblr-1737 110 56 and and CCONJ cblr-1737 110 57 los los PROPN cblr-1737 110 58 angeles angeles PROPN cblr-1737 110 59 , , PUNCT cblr-1737 110 60 face face VERB cblr-1737 110 61 a a DET cblr-1737 110 62 growing grow VERB cblr-1737 110 63 burden burden NOUN cblr-1737 110 64 from from ADP cblr-1737 110 65 unfunded unfunded ADJ cblr-1737 110 66 pension pension NOUN cblr-1737 110 67 liabilities.35 liabilities.35 NOUN cblr-1737 110 68 none none NOUN cblr-1737 110 69 other other ADJ cblr-1737 110 70 than than ADP cblr-1737 110 71 legendary legendary ADJ cblr-1737 110 72 investor investor NOUN cblr-1737 110 73 warren warren PROPN cblr-1737 110 74 buffett buffett PROPN cblr-1737 110 75 has have AUX cblr-1737 110 76 warned warn VERB cblr-1737 110 77 that that SCONJ cblr-1737 110 78 large large ADJ cblr-1737 110 79 - - PUNCT cblr-1737 110 80 scale scale NOUN cblr-1737 110 81 defaults default NOUN cblr-1737 110 82 for for ADP cblr-1737 110 83 municipalities municipality NOUN cblr-1737 110 84 may may AUX cblr-1737 110 85 be be AUX cblr-1737 110 86 looming.36 looming.36 VERB cblr-1737 110 87 at at ADP cblr-1737 110 88 the the DET cblr-1737 110 89 state state NOUN cblr-1737 110 90 level level NOUN cblr-1737 110 91 in in ADP cblr-1737 110 92 the the DET cblr-1737 110 93 31 31 NUM cblr-1737 110 94 see see NOUN cblr-1737 110 95 u.s u.s PROPN cblr-1737 110 96 . . PROPN cblr-1737 110 97 sec sec PROPN cblr-1737 110 98 . . PROPN cblr-1737 110 99 & & CCONJ cblr-1737 110 100 exch exch PROPN cblr-1737 110 101 . . PUNCT cblr-1737 111 1 comm’n comm’n PROPN cblr-1737 111 2 , , PUNCT cblr-1737 111 3 supra supra ADJ cblr-1737 111 4 note note NOUN cblr-1737 111 5 8 8 NUM cblr-1737 111 6 , , PUNCT cblr-1737 111 7 at at ADP cblr-1737 111 8 i. i. PROPN cblr-1737 111 9 32 32 NUM cblr-1737 111 10 see see VERB cblr-1737 111 11 hume hume PROPN cblr-1737 111 12 , , PUNCT cblr-1737 111 13 supra supra PROPN cblr-1737 111 14 note note NOUN cblr-1737 111 15 9 9 NUM cblr-1737 111 16 . . X cblr-1737 111 17 33 33 NUM cblr-1737 111 18 see see VERB cblr-1737 111 19 clark clark NOUN cblr-1737 111 20 , , PUNCT cblr-1737 111 21 supra supra PROPN cblr-1737 111 22 note note PROPN cblr-1737 111 23 1 1 NUM cblr-1737 111 24 , , PUNCT cblr-1737 111 25 at at ADP cblr-1737 111 26 497 497 NUM cblr-1737 111 27 n.27 n.27 PROPN cblr-1737 111 28 ( ( PUNCT cblr-1737 111 29 citing cite VERB cblr-1737 111 30 tesia tesia PROPN cblr-1737 111 31 nicole nicole PROPN cblr-1737 111 32 stanley stanley PROPN cblr-1737 111 33 , , PUNCT cblr-1737 111 34 narrowing narrow VERB cblr-1737 111 35 the the DET cblr-1737 111 36 disclosure disclosure NOUN cblr-1737 111 37 gap gap NOUN cblr-1737 111 38 : : PUNCT cblr-1737 111 39 is be AUX cblr-1737 111 40 emma emma PROPN cblr-1737 111 41 edgar edgar PROPN cblr-1737 111 42 for for ADP cblr-1737 111 43 the the DET cblr-1737 111 44 municipal municipal ADJ cblr-1737 111 45 securities security NOUN cblr-1737 111 46 market market NOUN cblr-1737 111 47 ? ? PUNCT cblr-1737 111 48 , , PUNCT cblr-1737 111 49 7 7 NUM cblr-1737 111 50 j.l j.l PROPN cblr-1737 111 51 . . PROPN cblr-1737 111 52 econ econ PROPN cblr-1737 111 53 . . PUNCT cblr-1737 111 54 & & CCONJ cblr-1737 111 55 pol’y pol’y NOUN cblr-1737 111 56 91 91 NUM cblr-1737 111 57 , , PUNCT cblr-1737 111 58 96 96 NUM cblr-1737 111 59 ( ( PUNCT cblr-1737 111 60 2010 2010 NUM cblr-1737 111 61 ) ) PUNCT cblr-1737 111 62 ( ( PUNCT cblr-1737 111 63 “ " PUNCT cblr-1737 111 64 in in ADP cblr-1737 111 65 2008 2008 NUM cblr-1737 111 66 , , PUNCT cblr-1737 111 67 136 136 NUM cblr-1737 111 68 defaults default NOUN cblr-1737 111 69 were be AUX cblr-1737 111 70 recorded record VERB cblr-1737 111 71 , , PUNCT cblr-1737 111 72 totaling total VERB cblr-1737 111 73 a a DET cblr-1737 111 74 record record NOUN cblr-1737 111 75 high high NOUN cblr-1737 111 76 of of ADP cblr-1737 111 77 $ $ SYM cblr-1737 111 78 7.5 7.5 NUM cblr-1737 111 79 billion billion NUM cblr-1737 111 80 . . PUNCT cblr-1737 111 81 ” " PUNCT cblr-1737 111 82 ) ) PUNCT cblr-1737 111 83 ) ) PUNCT cblr-1737 111 84 ; ; PUNCT cblr-1737 111 85 see see VERB cblr-1737 111 86 also also ADV cblr-1737 111 87 lisa lisa PROPN cblr-1737 111 88 anne anne PROPN cblr-1737 111 89 hamilton hamilton PROPN cblr-1737 111 90 , , PUNCT cblr-1737 111 91 canary canary NOUN cblr-1737 111 92 in in ADP cblr-1737 111 93 the the DET cblr-1737 111 94 coal coal NOUN cblr-1737 111 95 mine mine NOUN cblr-1737 111 96 : : PUNCT cblr-1737 111 97 can can AUX cblr-1737 111 98 the the DET cblr-1737 111 99 campaign campaign NOUN cblr-1737 111 100 for for ADP cblr-1737 111 101 mandatory mandatory ADJ cblr-1737 111 102 climate climate NOUN cblr-1737 111 103 risk risk NOUN cblr-1737 111 104 disclosure disclosure NOUN cblr-1737 111 105 withstand withstand VERB cblr-1737 111 106 the the DET cblr-1737 111 107 municipal municipal ADJ cblr-1737 111 108 bond bond NOUN cblr-1737 111 109 market market NOUN cblr-1737 111 110 ’s ’s PART cblr-1737 111 111 resistance resistance NOUN cblr-1737 111 112 to to ADP cblr-1737 111 113 regulatory regulatory ADJ cblr-1737 111 114 reform reform NOUN cblr-1737 111 115 ? ? PUNCT cblr-1737 111 116 , , PUNCT cblr-1737 111 117 36 36 NUM cblr-1737 111 118 wm wm PROPN cblr-1737 111 119 . . PROPN cblr-1737 111 120 mitchell mitchell PROPN cblr-1737 111 121 l. l. PROPN cblr-1737 111 122 rev rev PROPN cblr-1737 111 123 . . PROPN cblr-1737 111 124 1014 1014 NUM cblr-1737 111 125 , , PUNCT cblr-1737 111 126 1018 1018 NUM cblr-1737 111 127 ( ( PUNCT cblr-1737 111 128 2010 2010 NUM cblr-1737 111 129 ) ) PUNCT cblr-1737 111 130 . . PUNCT cblr-1737 112 1 34 34 NUM cblr-1737 112 2 see see VERB cblr-1737 112 3 opinion opinion NOUN cblr-1737 112 4 , , PUNCT cblr-1737 112 5 the the DET cblr-1737 112 6 muni muni ADJ cblr-1737 112 7 bond bond NOUN cblr-1737 112 8 lobby lobby NOUN cblr-1737 112 9 , , PUNCT cblr-1737 112 10 wall wall PROPN cblr-1737 112 11 st st PROPN cblr-1737 112 12 . . PROPN cblr-1737 112 13 j. j. PROPN cblr-1737 112 14 ( ( PUNCT cblr-1737 112 15 sept sept PROPN cblr-1737 112 16 . . PROPN cblr-1737 112 17 22 22 NUM cblr-1737 112 18 , , PUNCT cblr-1737 112 19 2014 2014 NUM cblr-1737 112 20 ) ) PUNCT cblr-1737 112 21 , , PUNCT cblr-1737 112 22 http://www.wsj.com/articles/the-muni-bond-lobby-1411426709 http://www.wsj.com/articles/the-muni-bond-lobby-1411426709 VERB cblr-1737 113 1 [ [ X cblr-1737 113 2 http://per http://per X cblr-1737 113 3 ma.cc/m8df-2g7d ma.cc/m8df-2g7d PROPN cblr-1737 113 4 ] ] PUNCT cblr-1737 113 5 . . PUNCT cblr-1737 114 1 35 35 NUM cblr-1737 114 2 see see VERB cblr-1737 114 3 i i PRON cblr-1737 114 4 d. d. PROPN cblr-1737 114 5 36 36 NUM cblr-1737 114 6 see see VERB cblr-1737 114 7 tom tom PROPN cblr-1737 114 8 petruno petruno PROPN cblr-1737 114 9 , , PUNCT cblr-1737 114 10 buffett buffett PROPN cblr-1737 114 11 warns warn VERB cblr-1737 114 12 ( ( PUNCT cblr-1737 114 13 again again ADV cblr-1737 114 14 ) ) PUNCT cblr-1737 114 15 on on ADP cblr-1737 114 16 muni muni ADJ cblr-1737 114 17 bond bond NOUN cblr-1737 114 18 risks risk NOUN cblr-1737 114 19 , , PUNCT cblr-1737 114 20 but but CCONJ cblr-1737 114 21 what what PRON cblr-1737 114 22 ’s ’ VERB cblr-1737 114 23 your your PRON cblr-1737 114 24 time time NOUN cblr-1737 114 25 horizon horizon NOUN cblr-1737 114 26 ? ? PUNCT cblr-1737 114 27 , , PUNCT cblr-1737 114 28 l.a l.a PROPN cblr-1737 114 29 . . PROPN cblr-1737 114 30 times time NOUN cblr-1737 114 31 : : PUNCT cblr-1737 114 32 money money NOUN cblr-1737 114 33 & & CCONJ cblr-1737 114 34 company company PROPN cblr-1737 114 35 blog blog PROPN cblr-1737 114 36 ( ( PUNCT cblr-1737 114 37 june june PROPN cblr-1737 114 38 2 2 NUM cblr-1737 114 39 , , PUNCT cblr-1737 114 40 2010 2010 NUM cblr-1737 114 41 , , PUNCT cblr-1737 114 42 6:14 6:14 NUM cblr-1737 114 43 pm pm NOUN cblr-1737 114 44 ) ) PUNCT cblr-1737 114 45 , , PUNCT cblr-1737 114 46 http://latimesblogs.latimes.com/money_co/2010/06/warrenbuffett-muni-bonds-warning-terrible-problem-angelides-moodys-fcic.html http://latimesblogs.latimes.com/money_co/2010/06/warrenbuffett-muni-bonds-warning-terrible-problem-angelides-moodys-fcic.html VERB cblr-1737 115 1 [ [ X cblr-1737 115 2 http://perma.cc/3r2a-j9fy http://perma.cc/3r2a-j9fy X cblr-1737 115 3 ] ] X cblr-1737 115 4 . . PUNCT cblr-1737 116 1 miki miki PROPN cblr-1737 116 2 – – PUNCT cblr-1737 116 3 final final ADJ cblr-1737 116 4 no no NOUN cblr-1737 116 5 . . PUNCT cblr-1737 117 1 1:252 1:252 NOUN cblr-1737 117 2 ] ] X cblr-1737 117 3 live live VERB cblr-1737 117 4 and and CCONJ cblr-1737 117 5 let let AUX cblr-1737 117 6 die die VERB cblr-1737 117 7 261 261 NUM cblr-1737 117 8 short short ADJ cblr-1737 117 9 term term NOUN cblr-1737 117 10 , , PUNCT cblr-1737 117 11 annual annual ADJ cblr-1737 117 12 expenditures expenditure NOUN cblr-1737 117 13 outpace outpace VERB cblr-1737 117 14 annual annual ADJ cblr-1737 117 15 revenues,37 revenues,37 NOUN cblr-1737 117 16 and and CCONJ cblr-1737 117 17 in in ADP cblr-1737 117 18 the the DET cblr-1737 117 19 long long ADJ cblr-1737 117 20 term term NOUN cblr-1737 117 21 , , PUNCT cblr-1737 118 1 sizable sizable ADJ cblr-1737 118 2 and and CCONJ cblr-1737 118 3 growing grow VERB cblr-1737 118 4 public public ADJ cblr-1737 118 5 pension pension NOUN cblr-1737 118 6 and and CCONJ cblr-1737 118 7 healthcare healthcare NOUN cblr-1737 118 8 obligations obligation NOUN cblr-1737 118 9 are be AUX cblr-1737 118 10 causing cause VERB cblr-1737 118 11 fiscal fiscal ADJ cblr-1737 118 12 stress.38 stress.38 NOUN cblr-1737 118 13 furthermore furthermore ADV cblr-1737 118 14 , , PUNCT cblr-1737 118 15 the the DET cblr-1737 118 16 2008 2008 NUM cblr-1737 118 17 financial financial ADJ cblr-1737 118 18 crisis crisis NOUN cblr-1737 118 19 fundamentally fundamentally ADV cblr-1737 118 20 changed change VERB cblr-1737 118 21 the the DET cblr-1737 118 22 municipal municipal ADJ cblr-1737 118 23 bond bond NOUN cblr-1737 118 24 market market NOUN cblr-1737 118 25 . . PUNCT cblr-1737 119 1 pre pre ADJ cblr-1737 119 2 - - NOUN cblr-1737 119 3 crisis crisis NOUN cblr-1737 119 4 , , PUNCT cblr-1737 119 5 nearly nearly ADV cblr-1737 119 6 fifty fifty NUM cblr-1737 119 7 percent percent NOUN cblr-1737 119 8 of of ADP cblr-1737 119 9 municipal municipal ADJ cblr-1737 119 10 bonds bond NOUN cblr-1737 119 11 were be AUX cblr-1737 119 12 backed back VERB cblr-1737 119 13 by by ADP cblr-1737 119 14 monoline monoline NOUN cblr-1737 119 15 insurance39 insurance39 NOUN cblr-1737 119 16 providers provider NOUN cblr-1737 119 17 , , PUNCT cblr-1737 119 18 who who PRON cblr-1737 119 19 guaranteed guarantee VERB cblr-1737 119 20 the the DET cblr-1737 119 21 principal principal NOUN cblr-1737 119 22 and and CCONJ cblr-1737 119 23 the the DET cblr-1737 119 24 interest interest NOUN cblr-1737 119 25 payments payment NOUN cblr-1737 119 26 with with ADP cblr-1737 119 27 a a DET cblr-1737 119 28 “ " PUNCT cblr-1737 119 29 credit credit NOUN cblr-1737 119 30 wrap wrap NOUN cblr-1737 119 31 . . PUNCT cblr-1737 120 1 ”40 ”40 PROPN cblr-1737 120 2 because because SCONJ cblr-1737 120 3 municipal municipal ADJ cblr-1737 120 4 bonds bond NOUN cblr-1737 120 5 generally generally ADV cblr-1737 120 6 had have VERB cblr-1737 120 7 low low ADJ cblr-1737 120 8 default default NOUN cblr-1737 120 9 rates rate NOUN cblr-1737 120 10 , , PUNCT cblr-1737 120 11 monoline monoline NOUN cblr-1737 120 12 insurers insurer NOUN cblr-1737 120 13 had have VERB cblr-1737 120 14 to to PART cblr-1737 120 15 have have VERB cblr-1737 120 16 aaa aaa NOUN cblr-1737 120 17 credit credit NOUN cblr-1737 120 18 ratings rating NOUN cblr-1737 120 19 — — PUNCT cblr-1737 120 20 what what PRON cblr-1737 120 21 good good ADJ cblr-1737 120 22 is be AUX cblr-1737 120 23 an an DET cblr-1737 120 24 aa aa ADV cblr-1737 120 25 - - PUNCT cblr-1737 120 26 rated rate VERB cblr-1737 120 27 monoline monoline NOUN cblr-1737 120 28 guarantee guarantee NOUN cblr-1737 120 29 on on ADP cblr-1737 120 30 an an DET cblr-1737 120 31 already already ADV cblr-1737 120 32 aa aa ADV cblr-1737 120 33 - - PUNCT cblr-1737 120 34 rated rate VERB cblr-1737 120 35 bond?41 bond?41 PROPN cblr-1737 120 36 however however ADV cblr-1737 120 37 , , PUNCT cblr-1737 120 38 in in ADP cblr-1737 120 39 2008 2008 NUM cblr-1737 120 40 , , PUNCT cblr-1737 120 41 the the DET cblr-1737 120 42 monoline monoline NOUN cblr-1737 120 43 insurance insurance NOUN cblr-1737 120 44 industry industry NOUN cblr-1737 120 45 began begin VERB cblr-1737 120 46 to to PART cblr-1737 120 47 unravel unravel VERB cblr-1737 120 48 as as SCONJ cblr-1737 120 49 monoline monoline NOUN cblr-1737 120 50 insurers insurer NOUN cblr-1737 120 51 had have VERB cblr-1737 120 52 to to PART cblr-1737 120 53 cover cover VERB cblr-1737 120 54 huge huge ADJ cblr-1737 120 55 claims claim NOUN cblr-1737 120 56 on on ADP cblr-1737 120 57 mortgage mortgage NOUN cblr-1737 120 58 derivatives.42 derivatives.42 NOUN cblr-1737 120 59 as as SCONJ cblr-1737 120 60 monoline monoline NOUN cblr-1737 120 61 insurers insurer NOUN cblr-1737 120 62 ’ ' PUNCT cblr-1737 120 63 credit credit NOUN cblr-1737 120 64 ratings rating NOUN cblr-1737 120 65 were be AUX cblr-1737 120 66 downgraded downgrade VERB cblr-1737 120 67 , , PUNCT cblr-1737 120 68 they they PRON cblr-1737 120 69 were be AUX cblr-1737 120 70 no no ADV cblr-1737 120 71 longer long ADV cblr-1737 120 72 able able ADJ cblr-1737 120 73 to to PART cblr-1737 120 74 take take VERB cblr-1737 120 75 on on ADP cblr-1737 120 76 new new ADJ cblr-1737 120 77 37 37 NUM cblr-1737 120 78 see see VERB cblr-1737 120 79 phil phil PROPN cblr-1737 120 80 oliff oliff PROPN cblr-1737 120 81 , , PUNCT cblr-1737 120 82 chris chris PROPN cblr-1737 120 83 mai mai PROPN cblr-1737 120 84 & & CCONJ cblr-1737 120 85 vincent vincent PROPN cblr-1737 120 86 palacios palacios PROPN cblr-1737 120 87 , , PUNCT cblr-1737 120 88 ctr ctr PROPN cblr-1737 120 89 . . PUNCT cblr-1737 121 1 on on ADP cblr-1737 121 2 budget budget NOUN cblr-1737 121 3 & & CCONJ cblr-1737 121 4 pol’y pol’y NOUN cblr-1737 121 5 priorities priority NOUN cblr-1737 121 6 , , PUNCT cblr-1737 121 7 states state NOUN cblr-1737 121 8 continue continue VERB cblr-1737 121 9 to to PART cblr-1737 121 10 feel feel VERB cblr-1737 121 11 recession recession NOUN cblr-1737 121 12 ’s ’s PART cblr-1737 121 13 impact impact NOUN cblr-1737 121 14 ( ( PUNCT cblr-1737 121 15 2012 2012 NUM cblr-1737 121 16 ) ) PUNCT cblr-1737 121 17 , , PUNCT cblr-1737 121 18 http://www.cbpp.org/files/2-8-08sfp.pdf http://www.cbpp.org/files/2-8-08sfp.pdf PROPN cblr-1737 122 1 [ [ X cblr-1737 122 2 http://perma.cc/f3r7-sup9 http://perma.cc/f3r7-sup9 X cblr-1737 122 3 ] ] X cblr-1737 122 4 ( ( PUNCT cblr-1737 122 5 discussing discuss VERB cblr-1737 122 6 state state NOUN cblr-1737 122 7 budget budget NOUN cblr-1737 122 8 shortfalls shortfall NOUN cblr-1737 122 9 ) ) PUNCT cblr-1737 122 10 . . 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PROPN cblr-1737 123 15 of of ADP cblr-1737 123 16 gov’t gov’t NUM cblr-1737 123 17 , , PUNCT cblr-1737 123 18 state state NOUN cblr-1737 123 19 revenue revenue NOUN cblr-1737 123 20 report report NOUN cblr-1737 123 21 : : PUNCT cblr-1737 123 22 state state NOUN cblr-1737 123 23 tax tax NOUN cblr-1737 123 24 revenues revenue NOUN cblr-1737 123 25 gained gain VERB cblr-1737 123 26 new new ADJ cblr-1737 123 27 strength strength NOUN cblr-1737 123 28 in in ADP cblr-1737 123 29 fourth fourth ADJ cblr-1737 123 30 quarter quarter NOUN cblr-1737 123 31 20 20 NUM cblr-1737 123 32 ( ( PUNCT cblr-1737 123 33 2011 2011 NUM cblr-1737 123 34 ) ) PUNCT cblr-1737 123 35 , , PUNCT cblr-1737 123 36 http://www.rockinst.org/pdf/ http://www.rockinst.org/pdf/ NOUN cblr-1737 123 37 government_finance government_finance NOUN cblr-1737 123 38 / / SYM cblr-1737 123 39 state_revenue_report/2011 state_revenue_report/2011 NOUN cblr-1737 123 40 - - PUNCT cblr-1737 123 41 02 02 NUM cblr-1737 123 42 - - PUNCT cblr-1737 123 43 01 01 NUM cblr-1737 123 44 - - PUNCT cblr-1737 123 45 srr_82.pdf srr_82.pdf PROPN cblr-1737 123 46 [ [ X cblr-1737 123 47 http:// http:// PROPN cblr-1737 123 48 perma.cc/c23t-njah perma.cc/c23t-njah NOUN cblr-1737 123 49 ] ] PUNCT cblr-1737 123 50 ( ( PUNCT cblr-1737 123 51 “ " PUNCT cblr-1737 123 52 elements element NOUN cblr-1737 123 53 driving drive VERB cblr-1737 123 54 this this DET cblr-1737 123 55 still still ADV cblr-1737 123 56 cloudy cloudy ADJ cblr-1737 123 57 outlook outlook NOUN cblr-1737 123 58 include include VERB cblr-1737 123 59 expiration expiration NOUN cblr-1737 123 60 of of ADP cblr-1737 123 61 federal federal ADJ cblr-1737 123 62 stimulus stimulus ADJ cblr-1737 123 63 money money NOUN cblr-1737 123 64 and and CCONJ cblr-1737 123 65 expenditure expenditure NOUN cblr-1737 123 66 trendlines trendline NOUN cblr-1737 123 67 that that PRON cblr-1737 123 68 would would AUX cblr-1737 123 69 produce produce VERB cblr-1737 123 70 increases increase NOUN cblr-1737 123 71 beyond beyond ADP cblr-1737 123 72 the the DET cblr-1737 123 73 level level NOUN cblr-1737 123 74 of of ADP cblr-1737 123 75 available available ADJ cblr-1737 123 76 revenues revenue NOUN cblr-1737 123 77 . . PUNCT cblr-1737 124 1 states state NOUN cblr-1737 124 2 will will AUX cblr-1737 124 3 continue continue VERB cblr-1737 124 4 to to PART cblr-1737 124 5 search search VERB cblr-1737 124 6 for for ADP cblr-1737 124 7 ways way NOUN cblr-1737 124 8 to to PART cblr-1737 124 9 climb climb VERB cblr-1737 124 10 out out ADP cblr-1737 124 11 of of ADP cblr-1737 124 12 a a DET cblr-1737 124 13 very very ADV cblr-1737 124 14 deep deep ADJ cblr-1737 124 15 hole hole NOUN cblr-1737 124 16 . . PUNCT cblr-1737 124 17 ” " PUNCT cblr-1737 124 18 ) ) PUNCT cblr-1737 124 19 ; ; PUNCT cblr-1737 124 20 damian damian PROPN cblr-1737 124 21 paletta paletta PROPN cblr-1737 124 22 & & CCONJ cblr-1737 124 23 matt matt PROPN cblr-1737 124 24 phillips phillips PROPN cblr-1737 124 25 , , PUNCT cblr-1737 124 26 s&p s&p PROPN cblr-1737 124 27 strips strip NOUN cblr-1737 124 28 u.s u.s PROPN cblr-1737 124 29 . . PROPN cblr-1737 124 30 of of ADP cblr-1737 124 31 top top ADJ cblr-1737 124 32 credit credit NOUN cblr-1737 124 33 rating rating NOUN cblr-1737 124 34 , , PUNCT cblr-1737 124 35 wall wall PROPN cblr-1737 124 36 st st PROPN cblr-1737 124 37 . . PROPN cblr-1737 124 38 j. j. PROPN cblr-1737 124 39 , , PUNCT cblr-1737 124 40 aug aug PROPN cblr-1737 124 41 . . PROPN cblr-1737 124 42 7 7 NUM cblr-1737 124 43 , , PUNCT cblr-1737 124 44 2011 2011 NUM cblr-1737 124 45 , , PUNCT cblr-1737 124 46 at at ADP cblr-1737 124 47 a1 a1 NOUN cblr-1737 124 48 ( ( PUNCT cblr-1737 124 49 “ " PUNCT cblr-1737 124 50 recent recent ADJ cblr-1737 124 51 demographic demographic ADJ cblr-1737 124 52 and and CCONJ cblr-1737 124 53 economic economic ADJ cblr-1737 124 54 changes change NOUN cblr-1737 124 55 , , PUNCT cblr-1737 124 56 in in ADP cblr-1737 124 57 particular particular ADJ cblr-1737 124 58 the the DET cblr-1737 124 59 aging age VERB cblr-1737 124 60 population population NOUN cblr-1737 124 61 and and CCONJ cblr-1737 124 62 ballooning ballooning NOUN cblr-1737 124 63 health health NOUN cblr-1737 124 64 - - PUNCT cblr-1737 124 65 care care NOUN cblr-1737 124 66 costs cost NOUN cblr-1737 124 67 , , PUNCT cblr-1737 124 68 have have AUX cblr-1737 124 69 made make VERB cblr-1737 124 70 the the DET cblr-1737 124 71 long long ADJ cblr-1737 124 72 - - PUNCT cblr-1737 124 73 term term NOUN cblr-1737 124 74 u.s u.s PROPN cblr-1737 124 75 . . PROPN cblr-1737 124 76 picture picture NOUN cblr-1737 124 77 an an DET cblr-1737 124 78 ugly ugly ADJ cblr-1737 124 79 one one NOUN cblr-1737 124 80 . . PUNCT cblr-1737 124 81 . . PUNCT cblr-1737 124 82 . . PUNCT cblr-1737 124 83 . . PUNCT cblr-1737 124 84 ” " PUNCT cblr-1737 124 85 ) ) PUNCT cblr-1737 124 86 . . PUNCT cblr-1737 125 1 39 39 NUM cblr-1737 125 2 monoline monoline NOUN cblr-1737 125 3 insurance insurance NOUN cblr-1737 125 4 is be AUX cblr-1737 125 5 a a DET cblr-1737 125 6 type type NOUN cblr-1737 125 7 of of ADP cblr-1737 125 8 insurance insurance NOUN cblr-1737 125 9 that that PRON cblr-1737 125 10 protects protect VERB cblr-1737 125 11 against against ADP cblr-1737 125 12 the the DET cblr-1737 125 13 risk risk NOUN cblr-1737 125 14 that that SCONJ cblr-1737 125 15 a a DET cblr-1737 125 16 bond bond NOUN cblr-1737 125 17 or or CCONJ cblr-1737 125 18 other other ADJ cblr-1737 125 19 security security NOUN cblr-1737 125 20 will will AUX cblr-1737 125 21 default default VERB cblr-1737 125 22 . . PUNCT cblr-1737 126 1 if if SCONJ cblr-1737 126 2 a a DET cblr-1737 126 3 bond bond NOUN cblr-1737 126 4 is be AUX cblr-1737 126 5 “ " PUNCT cblr-1737 126 6 wrapped wrap VERB cblr-1737 126 7 , , PUNCT cblr-1737 126 8 ” " PUNCT cblr-1737 126 9 or or CCONJ cblr-1737 126 10 covered cover VERB cblr-1737 126 11 by by ADP cblr-1737 126 12 high high ADJ cblr-1737 126 13 - - PUNCT cblr-1737 126 14 quality quality NOUN cblr-1737 126 15 monoline monoline NOUN cblr-1737 126 16 insurance insurance NOUN cblr-1737 126 17 , , PUNCT cblr-1737 126 18 the the DET cblr-1737 126 19 issuer issuer NOUN cblr-1737 126 20 gets get VERB cblr-1737 126 21 the the DET cblr-1737 126 22 benefit benefit NOUN cblr-1737 126 23 of of ADP cblr-1737 126 24 a a DET cblr-1737 126 25 “ " PUNCT cblr-1737 126 26 top top ADJ cblr-1737 126 27 - - PUNCT cblr-1737 126 28 notch notch NOUN cblr-1737 126 29 ” " PUNCT cblr-1737 126 30 credit credit NOUN cblr-1737 126 31 rating rating NOUN cblr-1737 126 32 . . PUNCT cblr-1737 127 1 gillian gillian PROPN cblr-1737 127 2 tett tett PROPN cblr-1737 127 3 , , PUNCT cblr-1737 127 4 how how SCONJ cblr-1737 127 5 monoline monoline ADJ cblr-1737 127 6 market market NOUN cblr-1737 127 7 works work VERB cblr-1737 127 8 , , PUNCT cblr-1737 127 9 fin fin NOUN cblr-1737 127 10 . . PUNCT cblr-1737 127 11 times times PROPN cblr-1737 127 12 , , PUNCT cblr-1737 127 13 nov nov PROPN cblr-1737 127 14 . . PROPN cblr-1737 127 15 16 16 NUM cblr-1737 127 16 , , PUNCT cblr-1737 127 17 2008 2008 NUM cblr-1737 127 18 , , PUNCT cblr-1737 127 19 http://www.ft.com/cms/s/0/4465d6c8-93e5-11dc-acd00000779fd2ac.html#axzz3r8gbgdmv http://www.ft.com/cms/s/0/4465d6c8-93e5-11dc-acd00000779fd2ac.html#axzz3r8gbgdmv NOUN cblr-1737 128 1 [ [ X cblr-1737 128 2 http://perma.cc/zsz5-s5gv http://perma.cc/zsz5-s5gv X cblr-1737 128 3 ] ] X cblr-1737 128 4 . . PUNCT cblr-1737 129 1 40 40 NUM cblr-1737 129 2 see see VERB cblr-1737 129 3 wells wells PROPN cblr-1737 129 4 fargo fargo PROPN cblr-1737 129 5 funds funds PROPN cblr-1737 129 6 mgmt mgmt PROPN cblr-1737 129 7 . . PROPN cblr-1737 129 8 , , PUNCT cblr-1737 129 9 llc llc PROPN cblr-1737 129 10 , , PUNCT cblr-1737 129 11 deterioration deterioration NOUN cblr-1737 129 12 of of ADP cblr-1737 129 13 monoline monoline NOUN cblr-1737 129 14 insurance insurance NOUN cblr-1737 129 15 companies company NOUN cblr-1737 129 16 and and CCONJ cblr-1737 129 17 the the DET cblr-1737 129 18 repercussions repercussion NOUN cblr-1737 129 19 for for ADP cblr-1737 129 20 municipal municipal ADJ cblr-1737 129 21 bonds bond NOUN cblr-1737 129 22 3 3 NUM cblr-1737 129 23 ( ( PUNCT cblr-1737 129 24 2008 2008 NUM cblr-1737 129 25 ) ) PUNCT cblr-1737 129 26 . . PUNCT cblr-1737 130 1 41 41 NUM cblr-1737 130 2 see see VERB cblr-1737 130 3 i i PRON cblr-1737 130 4 d. d. PROPN cblr-1737 130 5 at at ADP cblr-1737 130 6 6 6 NUM cblr-1737 130 7 . . PUNCT cblr-1737 130 8 42 42 NUM cblr-1737 130 9 see see VERB cblr-1737 130 10 i i PRON cblr-1737 130 11 d. d. PROPN cblr-1737 130 12 miki miki PROPN cblr-1737 130 13 – – PUNCT cblr-1737 131 1 final final ADJ cblr-1737 131 2 262 262 NUM cblr-1737 131 3 columbia columbia PROPN cblr-1737 131 4 business business NOUN cblr-1737 131 5 law law PROPN cblr-1737 131 6 review review NOUN cblr-1737 131 7 [ [ X cblr-1737 131 8 vol vol NOUN cblr-1737 131 9 . . NOUN cblr-1737 131 10 2016 2016 NUM cblr-1737 131 11 business business NOUN cblr-1737 131 12 . . PUNCT cblr-1737 132 1 by by ADP cblr-1737 132 2 2010 2010 NUM cblr-1737 132 3 , , PUNCT cblr-1737 132 4 monoline monoline NOUN cblr-1737 132 5 insurance insurance NOUN cblr-1737 132 6 covered cover VERB cblr-1737 132 7 only only ADV cblr-1737 132 8 seven seven NUM cblr-1737 132 9 percent percent NOUN cblr-1737 132 10 of of ADP cblr-1737 132 11 municipal municipal ADJ cblr-1737 132 12 bonds.43 bonds.43 NOUN cblr-1737 132 13 despite despite SCONJ cblr-1737 132 14 the the DET cblr-1737 132 15 downfall downfall NOUN cblr-1737 132 16 of of ADP cblr-1737 132 17 monoline monoline NOUN cblr-1737 132 18 insurers insurer NOUN cblr-1737 132 19 and and CCONJ cblr-1737 132 20 heightened heighten VERB cblr-1737 132 21 concerns concern NOUN cblr-1737 132 22 about about ADP cblr-1737 132 23 the the DET cblr-1737 132 24 finances finance NOUN cblr-1737 132 25 of of ADP cblr-1737 132 26 municipalities municipality NOUN cblr-1737 132 27 , , PUNCT cblr-1737 132 28 the the DET cblr-1737 132 29 track track NOUN cblr-1737 132 30 record record NOUN cblr-1737 132 31 of of ADP cblr-1737 132 32 municipal municipal ADJ cblr-1737 132 33 bonds bond NOUN cblr-1737 132 34 remains remain VERB cblr-1737 132 35 stellar stellar ADJ cblr-1737 132 36 , , PUNCT cblr-1737 132 37 particularly particularly ADV cblr-1737 132 38 in in ADP cblr-1737 132 39 comparison comparison NOUN cblr-1737 132 40 to to ADP cblr-1737 132 41 corporate corporate ADJ cblr-1737 132 42 bonds bond NOUN cblr-1737 132 43 , , PUNCT cblr-1737 132 44 and and CCONJ cblr-1737 132 45 municipal municipal ADJ cblr-1737 132 46 bond bond NOUN cblr-1737 132 47 credit credit NOUN cblr-1737 132 48 ratings rating NOUN cblr-1737 132 49 remain remain VERB cblr-1737 132 50 high high ADJ cblr-1737 132 51 independent independent ADJ cblr-1737 132 52 of of ADP cblr-1737 132 53 monoline monoline NOUN cblr-1737 132 54 insurance insurance NOUN cblr-1737 132 55 availability.44 availability.44 NOUN cblr-1737 132 56 historically historically ADV cblr-1737 132 57 , , PUNCT cblr-1737 132 58 municipal municipal ADJ cblr-1737 132 59 bonds bond NOUN cblr-1737 132 60 have have AUX cblr-1737 132 61 had have VERB cblr-1737 132 62 significantly significantly ADV cblr-1737 132 63 lower low ADJ cblr-1737 132 64 rates rate NOUN cblr-1737 132 65 of of ADP cblr-1737 132 66 default default NOUN cblr-1737 132 67 than than ADP cblr-1737 132 68 corporate corporate ADJ cblr-1737 132 69 bonds bond NOUN cblr-1737 132 70 and and CCONJ cblr-1737 132 71 foreign foreign ADJ cblr-1737 132 72 government government NOUN cblr-1737 132 73 bonds bond NOUN cblr-1737 132 74 — — PUNCT cblr-1737 132 75 municipal municipal ADJ cblr-1737 132 76 bonds bond NOUN cblr-1737 132 77 rated rate VERB cblr-1737 132 78 “ " PUNCT cblr-1737 132 79 baa baa PROPN cblr-1737 132 80 / / SYM cblr-1737 132 81 bbb bbb PROPN cblr-1737 132 82 ” " PUNCT cblr-1737 132 83 or or CCONJ cblr-1737 132 84 higher high ADJ cblr-1737 132 85 all all PRON cblr-1737 132 86 have have VERB cblr-1737 132 87 lower low ADJ cblr-1737 132 88 default default NOUN cblr-1737 132 89 rates rate NOUN cblr-1737 132 90 than than ADP cblr-1737 132 91 “ " PUNCT cblr-1737 132 92 aaa aaa NOUN cblr-1737 132 93 / / SYM cblr-1737 132 94 aaa”45 aaa”45 PROPN cblr-1737 132 95 rated rate VERB cblr-1737 132 96 corporate corporate ADJ cblr-1737 132 97 bonds.46 bonds.46 NOUN cblr-1737 132 98 the the DET cblr-1737 132 99 moody moody NOUN cblr-1737 132 100 ’s ’s PART cblr-1737 132 101 ten ten NUM cblr-1737 132 102 - - PUNCT cblr-1737 132 103 year year NOUN cblr-1737 132 104 average average ADJ cblr-1737 132 105 cumulative cumulative ADJ cblr-1737 132 106 default default NOUN cblr-1737 132 107 rate rate NOUN cblr-1737 132 108 was be AUX cblr-1737 132 109 0.1032 0.1032 NUM cblr-1737 132 110 % % NOUN cblr-1737 132 111 from from ADP cblr-1737 132 112 1970 1970 NUM cblr-1737 132 113 to to ADP cblr-1737 132 114 43 43 NUM cblr-1737 132 115 see see VERB cblr-1737 132 116 ambac ambac PROPN cblr-1737 132 117 ’s ’s PART cblr-1737 132 118 fall fall NOUN cblr-1737 132 119 : : PUNCT cblr-1737 132 120 and and CCONJ cblr-1737 132 121 then then ADV cblr-1737 132 122 there there PRON cblr-1737 132 123 was be VERB cblr-1737 132 124 one one NUM cblr-1737 132 125 , , PUNCT cblr-1737 132 126 the the DET cblr-1737 132 127 economist economist NOUN cblr-1737 132 128 ( ( PUNCT cblr-1737 132 129 nov nov PROPN cblr-1737 132 130 . . 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PUNCT cblr-1737 157 1 meanwhile meanwhile ADV cblr-1737 157 2 , , PUNCT cblr-1737 157 3 education education NOUN cblr-1737 157 4 and and CCONJ cblr-1737 157 5 health health NOUN cblr-1737 157 6 and and CCONJ cblr-1737 157 7 human human ADJ cblr-1737 157 8 services service NOUN cblr-1737 157 9 in in ADP cblr-1737 157 10 both both DET cblr-1737 157 11 states state NOUN cblr-1737 157 12 accounted account VERB cblr-1737 157 13 for for ADP cblr-1737 157 14 about about ADV cblr-1737 157 15 70 70 NUM cblr-1737 157 16 % % NOUN cblr-1737 157 17 of of ADP cblr-1737 157 18 current current ADJ cblr-1737 157 19 expenses expense NOUN cblr-1737 157 20 . . PUNCT cblr-1737 157 21 ” " PUNCT cblr-1737 157 22 ) ) PUNCT cblr-1737 157 23 . . PUNCT cblr-1737 158 1 49 49 NUM cblr-1737 158 2 see see VERB cblr-1737 158 3 i i PRON cblr-1737 158 4 d. d. PROPN cblr-1737 158 5 50 50 NUM cblr-1737 158 6 see see VERB cblr-1737 158 7 u.s u.s PROPN cblr-1737 158 8 . . PROPN cblr-1737 158 9 sec sec PROPN cblr-1737 158 10 . . PROPN cblr-1737 158 11 & & CCONJ cblr-1737 158 12 exch exch PROPN cblr-1737 158 13 . . PUNCT cblr-1737 159 1 comm’n comm’n PROPN cblr-1737 159 2 , , PUNCT cblr-1737 159 3 supra supra ADJ cblr-1737 159 4 note note NOUN cblr-1737 159 5 8 8 NUM cblr-1737 159 6 , , PUNCT cblr-1737 159 7 at at ADP cblr-1737 159 8 24 24 NUM cblr-1737 159 9 . . PUNCT cblr-1737 160 1 51 51 NUM cblr-1737 160 2 see see VERB cblr-1737 160 3 sec sec PROPN cblr-1737 160 4 . . PROPN cblr-1737 160 5 indus indus PROPN cblr-1737 160 6 . . PUNCT cblr-1737 160 7 & & CCONJ cblr-1737 160 8 fin fin PROPN cblr-1737 160 9 . . PUNCT cblr-1737 161 1 mkts mkts NOUN cblr-1737 161 2 . . PUNCT cblr-1737 162 1 ass’n ass’n ADJ cblr-1737 162 2 , , PUNCT cblr-1737 162 3 comment comment NOUN cblr-1737 162 4 letter letter NOUN cblr-1737 162 5 on on ADP cblr-1737 162 6 proposed propose VERB cblr-1737 162 7 rule rule NOUN cblr-1737 162 8 on on ADP cblr-1737 162 9 liquidity liquidity NOUN cblr-1737 162 10 coverage coverage NOUN cblr-1737 162 11 ratio ratio NOUN cblr-1737 162 12 : : PUNCT cblr-1737 162 13 liquidity liquidity NOUN cblr-1737 162 14 risk risk NOUN cblr-1737 162 15 measurement measurement NOUN cblr-1737 162 16 , , PUNCT cblr-1737 162 17 standards standard NOUN cblr-1737 162 18 , , PUNCT cblr-1737 162 19 and and CCONJ cblr-1737 162 20 monitoring monitor VERB cblr-1737 162 21 8 8 NUM cblr-1737 162 22 ( ( PUNCT cblr-1737 162 23 jan jan PROPN cblr-1737 162 24 . . PROPN cblr-1737 162 25 31 31 NUM cblr-1737 162 26 , , PUNCT cblr-1737 162 27 2014 2014 NUM cblr-1737 162 28 ) ) PUNCT cblr-1737 162 29 , , PUNCT cblr-1737 162 30 http://www.regulations http://www.regulation NOUN cblr-1737 162 31 . . PUNCT cblr-1737 163 1 gov/#!documentdetail;d gov/#!documentdetail;d NOUN cblr-1737 163 2 = = SYM cblr-1737 163 3 occ-2013 occ-2013 NOUN cblr-1737 163 4 - - PUNCT cblr-1737 163 5 0016 0016 NUM cblr-1737 163 6 - - PUNCT cblr-1737 163 7 0106 0106 NUM cblr-1737 163 8 . . PUNCT cblr-1737 164 1 miki miki PROPN cblr-1737 164 2 – – PUNCT cblr-1737 164 3 final final ADJ cblr-1737 164 4 264 264 NUM cblr-1737 164 5 columbia columbia PROPN cblr-1737 164 6 business business NOUN cblr-1737 164 7 law law PROPN cblr-1737 164 8 review review NOUN cblr-1737 164 9 [ [ X cblr-1737 164 10 vol vol NOUN cblr-1737 164 11 . . NOUN cblr-1737 164 12 2016 2016 NUM cblr-1737 164 13 c. c. NOUN cblr-1737 165 1 what what PRON cblr-1737 165 2 are be AUX cblr-1737 165 3 tender tender ADJ cblr-1737 165 4 option option NOUN cblr-1737 165 5 bonds bond NOUN cblr-1737 165 6 ? ? PUNCT cblr-1737 166 1 prior prior ADV cblr-1737 166 2 to to ADP cblr-1737 166 3 a a DET cblr-1737 166 4 discussion discussion NOUN cblr-1737 166 5 of of ADP cblr-1737 166 6 the the DET cblr-1737 166 7 volcker volcker NOUN cblr-1737 166 8 rule rule NOUN cblr-1737 166 9 and and CCONJ cblr-1737 166 10 the the DET cblr-1737 166 11 risk risk NOUN cblr-1737 166 12 retention retention NOUN cblr-1737 166 13 rule rule NOUN cblr-1737 166 14 , , PUNCT cblr-1737 166 15 it it PRON cblr-1737 166 16 is be AUX cblr-1737 166 17 worth worth ADJ cblr-1737 166 18 exploring explore VERB cblr-1737 166 19 how how SCONJ cblr-1737 166 20 a a DET cblr-1737 166 21 tob tob NOUN cblr-1737 166 22 works work VERB cblr-1737 166 23 , , PUNCT cblr-1737 166 24 and and CCONJ cblr-1737 166 25 whether whether SCONJ cblr-1737 166 26 tobs tob NOUN cblr-1737 166 27 play play VERB cblr-1737 166 28 a a DET cblr-1737 166 29 significant significant ADJ cblr-1737 166 30 enough enough ADJ cblr-1737 166 31 role role NOUN cblr-1737 166 32 in in ADP cblr-1737 166 33 the the DET cblr-1737 166 34 municipal municipal ADJ cblr-1737 166 35 bond bond NOUN cblr-1737 166 36 market market NOUN cblr-1737 166 37 to to PART cblr-1737 166 38 warrant warrant VERB cblr-1737 166 39 a a DET cblr-1737 166 40 discussion discussion NOUN cblr-1737 166 41 on on ADP cblr-1737 166 42 the the DET cblr-1737 166 43 effects effect NOUN cblr-1737 166 44 of of ADP cblr-1737 166 45 regulating regulate VERB cblr-1737 166 46 tobs tob NOUN cblr-1737 166 47 . . PUNCT cblr-1737 167 1 in in ADP cblr-1737 167 2 a a DET cblr-1737 167 3 nutshell nutshell NOUN cblr-1737 167 4 , , PUNCT cblr-1737 167 5 tobs tob NOUN cblr-1737 167 6 are be AUX cblr-1737 167 7 used use VERB cblr-1737 167 8 as as ADP cblr-1737 167 9 a a DET cblr-1737 167 10 vehicle vehicle NOUN cblr-1737 167 11 to to PART cblr-1737 167 12 allow allow VERB cblr-1737 167 13 money money NOUN cblr-1737 167 14 market market NOUN cblr-1737 167 15 mutual mutual ADJ cblr-1737 167 16 funds fund NOUN cblr-1737 167 17 to to PART cblr-1737 167 18 get get VERB cblr-1737 167 19 short short ADJ cblr-1737 167 20 - - PUNCT cblr-1737 167 21 term term NOUN cblr-1737 167 22 capital capital NOUN cblr-1737 167 23 out out ADP cblr-1737 167 24 of of ADP cblr-1737 167 25 longerdated longerdate VERB cblr-1737 167 26 mutual mutual ADJ cblr-1737 167 27 bonds bond NOUN cblr-1737 167 28 , , PUNCT cblr-1737 167 29 and and CCONJ cblr-1737 167 30 simultaneously simultaneously ADV cblr-1737 167 31 to to PART cblr-1737 167 32 allow allow VERB cblr-1737 167 33 investors investor NOUN cblr-1737 167 34 such such ADJ cblr-1737 167 35 as as ADP cblr-1737 167 36 hedge hedge NOUN cblr-1737 167 37 funds fund NOUN cblr-1737 167 38 to to PART cblr-1737 167 39 use use VERB cblr-1737 167 40 leverage leverage NOUN cblr-1737 167 41 to to PART cblr-1737 167 42 invest invest VERB cblr-1737 167 43 in in ADP cblr-1737 167 44 more more ADJ cblr-1737 167 45 municipal municipal ADJ cblr-1737 167 46 bonds.52 bonds.52 NOUN cblr-1737 167 47 tob tob NOUN cblr-1737 167 48 transactions transaction NOUN cblr-1737 167 49 typically typically ADV cblr-1737 167 50 consist consist VERB cblr-1737 167 51 of of ADP cblr-1737 167 52 “ " PUNCT cblr-1737 167 53 the the DET cblr-1737 167 54 deposit deposit NOUN cblr-1737 167 55 of of ADP cblr-1737 167 56 a a DET cblr-1737 167 57 single single ADJ cblr-1737 167 58 issue issue NOUN cblr-1737 167 59 of of ADP cblr-1737 167 60 highly highly ADV cblr-1737 167 61 rated rate VERB cblr-1737 167 62 , , PUNCT cblr-1737 167 63 long long ADJ cblr-1737 167 64 - - PUNCT cblr-1737 167 65 term term NOUN cblr-1737 167 66 municipal municipal ADJ cblr-1737 167 67 bond bond NOUN cblr-1737 167 68 in in ADP cblr-1737 167 69 a a DET cblr-1737 167 70 trust trust NOUN cblr-1737 167 71 and and CCONJ cblr-1737 167 72 the the DET cblr-1737 167 73 issuance issuance NOUN cblr-1737 167 74 by by ADP cblr-1737 167 75 the the DET cblr-1737 167 76 trust trust NOUN cblr-1737 167 77 of of ADP cblr-1737 167 78 two two NUM cblr-1737 167 79 classes class NOUN cblr-1737 167 80 of of ADP cblr-1737 167 81 securities security NOUN cblr-1737 167 82 : : PUNCT cblr-1737 167 83 a a DET cblr-1737 167 84 floating float VERB cblr-1737 167 85 rate rate NOUN cblr-1737 167 86 , , PUNCT cblr-1737 167 87 putable putable ADJ cblr-1737 167 88 security security NOUN cblr-1737 167 89 ( ( PUNCT cblr-1737 167 90 the the DET cblr-1737 167 91 ‘ ' PUNCT cblr-1737 167 92 floater floater NOUN cblr-1737 167 93 ’ ' PUNCT cblr-1737 167 94 ) ) PUNCT cblr-1737 167 95 , , PUNCT cblr-1737 167 96 and and CCONJ cblr-1737 167 97 a a DET cblr-1737 167 98 residual residual ADJ cblr-1737 167 99 floating float VERB cblr-1737 167 100 rate rate NOUN cblr-1737 167 101 security security NOUN cblr-1737 167 102 ( ( PUNCT cblr-1737 167 103 the the DET cblr-1737 167 104 ‘ ' PUNCT cblr-1737 167 105 residual’).”53 residual’).”53 NOUN cblr-1737 167 106 floaters floater NOUN cblr-1737 167 107 are be AUX cblr-1737 167 108 generally generally ADV cblr-1737 167 109 purchased purchase VERB cblr-1737 167 110 by by ADP cblr-1737 167 111 money money NOUN cblr-1737 167 112 market market NOUN cblr-1737 167 113 funds fund NOUN cblr-1737 167 114 , , PUNCT cblr-1737 167 115 and and CCONJ cblr-1737 167 116 holders holder NOUN cblr-1737 167 117 of of ADP cblr-1737 167 118 floaters floater NOUN cblr-1737 167 119 have have VERB cblr-1737 167 120 the the DET cblr-1737 167 121 right right NOUN cblr-1737 167 122 , , PUNCT cblr-1737 167 123 usually usually ADV cblr-1737 167 124 on on ADP cblr-1737 167 125 a a DET cblr-1737 167 126 daily daily ADJ cblr-1737 167 127 or or CCONJ cblr-1737 167 128 weekly weekly ADJ cblr-1737 167 129 basis basis NOUN cblr-1737 167 130 , , PUNCT cblr-1737 167 131 to to PART cblr-1737 167 132 put put VERB cblr-1737 167 133 the the DET cblr-1737 167 134 floaters floater NOUN cblr-1737 167 135 for for ADP cblr-1737 167 136 purchase purchase NOUN cblr-1737 167 137 at at ADP cblr-1737 167 138 par par NOUN cblr-1737 167 139 ; ; PUNCT cblr-1737 167 140 this this PRON cblr-1737 167 141 put put NOUN cblr-1737 167 142 right right NOUN cblr-1737 167 143 is be AUX cblr-1737 167 144 supported support VERB cblr-1737 167 145 by by ADP cblr-1737 167 146 a a DET cblr-1737 167 147 liquidity liquidity NOUN cblr-1737 167 148 facility facility NOUN cblr-1737 167 149 delivered deliver VERB cblr-1737 167 150 by by ADP cblr-1737 167 151 a a DET cblr-1737 167 152 highly highly ADV cblr-1737 167 153 rated rate VERB cblr-1737 167 154 provider provider NOUN cblr-1737 167 155 , , PUNCT cblr-1737 167 156 typically typically ADV cblr-1737 167 157 a a DET cblr-1737 167 158 bank bank NOUN cblr-1737 167 159 , , PUNCT cblr-1737 167 160 and and CCONJ cblr-1737 167 161 causes cause VERB cblr-1737 167 162 the the DET cblr-1737 167 163 floaters floater NOUN cblr-1737 167 164 to to PART cblr-1737 167 165 be be AUX cblr-1737 167 166 a a DET cblr-1737 167 167 short short ADJ cblr-1737 167 168 - - PUNCT cblr-1737 167 169 term term NOUN cblr-1737 167 170 security.54 security.54 NOUN cblr-1737 167 171 a a DET cblr-1737 167 172 longer long ADJ cblr-1737 167 173 - - PUNCT cblr-1737 167 174 term term NOUN cblr-1737 167 175 investor investor NOUN cblr-1737 167 176 holds hold VERB cblr-1737 167 177 the the DET cblr-1737 167 178 residual residual ADJ cblr-1737 167 179 , , PUNCT cblr-1737 167 180 typically typically ADV cblr-1737 167 181 a a DET cblr-1737 167 182 bank bank NOUN cblr-1737 167 183 , , PUNCT cblr-1737 167 184 insurance insurance NOUN cblr-1737 167 185 company company NOUN cblr-1737 167 186 , , PUNCT cblr-1737 167 187 mutual mutual ADJ cblr-1737 167 188 fund fund NOUN cblr-1737 167 189 or or CCONJ cblr-1737 167 190 a a DET cblr-1737 167 191 hedge hedge NOUN cblr-1737 167 192 fund fund NOUN cblr-1737 167 193 . . PUNCT cblr-1737 168 1 the the DET cblr-1737 168 2 residual residual ADJ cblr-1737 168 3 investor investor NOUN cblr-1737 168 4 takes take VERB cblr-1737 168 5 “ " PUNCT cblr-1737 168 6 all all PRON cblr-1737 168 7 of of ADP cblr-1737 168 8 the the DET cblr-1737 168 9 market market NOUN cblr-1737 168 10 and and CCONJ cblr-1737 168 11 structural structural ADJ cblr-1737 168 12 risk risk NOUN cblr-1737 168 13 related relate VERB cblr-1737 168 14 to to ADP cblr-1737 168 15 the the DET cblr-1737 168 16 tob tob NOUN cblr-1737 168 17 structure structure NOUN cblr-1737 168 18 , , PUNCT cblr-1737 168 19 ” " PUNCT cblr-1737 168 20 with with ADP cblr-1737 168 21 the the DET cblr-1737 168 22 floater floater NOUN cblr-1737 168 23 investors investor NOUN cblr-1737 168 24 only only ADV cblr-1737 168 25 taking take VERB cblr-1737 168 26 “ " PUNCT cblr-1737 168 27 limited limited ADJ cblr-1737 168 28 , , PUNCT cblr-1737 168 29 well well ADV cblr-1737 168 30 - - PUNCT cblr-1737 168 31 defined define VERB cblr-1737 168 32 insolvency insolvency NOUN cblr-1737 168 33 and and CCONJ cblr-1737 168 34 default default NOUN cblr-1737 168 35 risks risk NOUN cblr-1737 168 36 associated associate VERB cblr-1737 168 37 with with ADP cblr-1737 168 38 the the DET cblr-1737 168 39 underlying underlie VERB cblr-1737 168 40 ” " PUNCT cblr-1737 168 41 municipal municipal ADJ cblr-1737 168 42 bonds bond NOUN cblr-1737 168 43 , , PUNCT cblr-1737 168 44 the the DET cblr-1737 168 45 risks risk NOUN cblr-1737 168 46 of of ADP cblr-1737 168 47 which which PRON cblr-1737 168 48 are be AUX cblr-1737 168 49 “ " PUNCT cblr-1737 168 50 equivalent equivalent ADJ cblr-1737 168 51 to to ADP cblr-1737 168 52 those those PRON cblr-1737 168 53 associated associate VERB cblr-1737 168 54 with with ADP cblr-1737 168 55 investing invest VERB cblr-1737 168 56 in in ADP cblr-1737 168 57 such such ADJ cblr-1737 168 58 municipal municipal ADJ cblr-1737 168 59 securities security NOUN cblr-1737 168 60 directly directly ADV cblr-1737 168 61 . . PUNCT cblr-1737 169 1 ”55 ”55 PROPN cblr-1737 169 2 the the DET cblr-1737 169 3 trade trade NOUN cblr-1737 169 4 is be AUX cblr-1737 169 5 leveraged leverage VERB cblr-1737 169 6 because because SCONJ cblr-1737 169 7 “ " PUNCT cblr-1737 169 8 when when SCONJ cblr-1737 169 9 the the DET cblr-1737 169 10 trust trust NOUN cblr-1737 169 11 issues issue VERB cblr-1737 169 12 the the DET cblr-1737 169 13 floating float VERB cblr-1737 169 14 - - PUNCT cblr-1737 169 15 rate rate NOUN cblr-1737 169 16 note note NOUN cblr-1737 169 17 , , PUNCT cblr-1737 169 18 it it PRON cblr-1737 169 19 effectively effectively ADV cblr-1737 169 20 borrows borrow VERB cblr-1737 169 21 cash cash NOUN cblr-1737 169 22 from from ADP cblr-1737 169 23 52 52 NUM cblr-1737 169 24 see see VERB cblr-1737 169 25 patrick patrick PROPN cblr-1737 169 26 mcgee mcgee PROPN cblr-1737 169 27 , , PUNCT cblr-1737 169 28 tob tob VERB cblr-1737 169 29 or or CCONJ cblr-1737 169 30 not not PART cblr-1737 169 31 to to PART cblr-1737 169 32 be be AUX cblr-1737 169 33 : : PUNCT cblr-1737 169 34 time time NOUN cblr-1737 169 35 for for ADP cblr-1737 169 36 a a DET cblr-1737 169 37 comeback comeback NOUN cblr-1737 169 38 ? ? PUNCT cblr-1737 169 39 , , PUNCT cblr-1737 169 40 the the DET cblr-1737 169 41 bond bond NOUN cblr-1737 169 42 buyer buyer NOUN cblr-1737 169 43 , , PUNCT cblr-1737 169 44 apr apr PROPN cblr-1737 169 45 . . PROPN cblr-1737 169 46 19 19 NUM cblr-1737 169 47 , , PUNCT cblr-1737 169 48 2010 2010 NUM cblr-1737 169 49 , , PUNCT cblr-1737 169 50 at at ADP cblr-1737 169 51 1 1 NUM cblr-1737 169 52 . . X cblr-1737 169 53 53 53 NUM cblr-1737 169 54 am am NOUN cblr-1737 169 55 . . PUNCT cblr-1737 170 1 securitization securitization NOUN cblr-1737 170 2 forum forum PROPN cblr-1737 170 3 , , PUNCT cblr-1737 170 4 comment comment NOUN cblr-1737 170 5 letter letter NOUN cblr-1737 170 6 on on ADP cblr-1737 170 7 restrictions restriction NOUN cblr-1737 170 8 on on ADP cblr-1737 170 9 proprietary proprietary ADJ cblr-1737 170 10 trading trading NOUN cblr-1737 170 11 and and CCONJ cblr-1737 170 12 certain certain ADJ cblr-1737 170 13 interests interest NOUN cblr-1737 170 14 in in ADP cblr-1737 170 15 , , PUNCT cblr-1737 170 16 and and CCONJ cblr-1737 170 17 relationships relationship NOUN cblr-1737 170 18 with with ADP cblr-1737 170 19 , , PUNCT cblr-1737 170 20 hedge hedge NOUN cblr-1737 170 21 funds fund NOUN cblr-1737 170 22 and and CCONJ cblr-1737 170 23 private private ADJ cblr-1737 170 24 equity equity NOUN cblr-1737 170 25 funds fund NOUN cblr-1737 170 26 17 17 NUM cblr-1737 170 27 ( ( PUNCT cblr-1737 170 28 feb feb PROPN cblr-1737 170 29 . . PROPN cblr-1737 170 30 13 13 NUM cblr-1737 170 31 , , PUNCT cblr-1737 170 32 2012 2012 NUM cblr-1737 170 33 ) ) PUNCT cblr-1737 170 34 , , PUNCT cblr-1737 170 35 https://www https://www PROPN cblr-1737 170 36 . . PUNCT cblr-1737 171 1 sec.gov/comments/s7-41-11/s74111-291.pdf sec.gov/comments/s7-41-11/s74111-291.pdf PROPN cblr-1737 172 1 [ [ X cblr-1737 172 2 https://perma.cc/k8vr-9c46 https://perma.cc/k8vr-9c46 X cblr-1737 172 3 ] ] PUNCT cblr-1737 172 4 . . PUNCT cblr-1737 173 1 54 54 NUM cblr-1737 173 2 see see VERB cblr-1737 173 3 i i PRON cblr-1737 173 4 d. d. PROPN cblr-1737 173 5 55 55 NUM cblr-1737 173 6 i i PRON cblr-1737 173 7 d. d. PROPN cblr-1737 173 8 miki miki PROPN cblr-1737 173 9 – – PUNCT cblr-1737 173 10 final final ADJ cblr-1737 173 11 no no NOUN cblr-1737 173 12 . . PUNCT cblr-1737 174 1 1:252 1:252 NOUN cblr-1737 174 2 ] ] X cblr-1737 174 3 live live VERB cblr-1737 174 4 and and CCONJ cblr-1737 174 5 let let AUX cblr-1737 174 6 die die VERB cblr-1737 174 7 265 265 NUM cblr-1737 174 8 the the DET cblr-1737 174 9 money money NOUN cblr-1737 174 10 market market NOUN cblr-1737 174 11 funds fund NOUN cblr-1737 174 12 against against ADP cblr-1737 174 13 the the DET cblr-1737 174 14 long long ADJ cblr-1737 174 15 - - PUNCT cblr-1737 174 16 term term NOUN cblr-1737 174 17 collateral collateral NOUN cblr-1737 174 18 , , PUNCT cblr-1737 174 19 ” " PUNCT cblr-1737 174 20 and and CCONJ cblr-1737 174 21 allows allow VERB cblr-1737 174 22 the the DET cblr-1737 174 23 investor investor NOUN cblr-1737 174 24 to to PART cblr-1737 174 25 “ " PUNCT cblr-1737 174 26 use use VERB cblr-1737 174 27 that that DET cblr-1737 174 28 cash cash NOUN cblr-1737 174 29 to to PART cblr-1737 174 30 finance finance VERB cblr-1737 174 31 the the DET cblr-1737 174 32 purchase purchase NOUN cblr-1737 174 33 of of ADP cblr-1737 174 34 more more ADJ cblr-1737 174 35 bonds bond NOUN cblr-1737 174 36 . . PUNCT cblr-1737 175 1 ”56 ”56 VERB cblr-1737 175 2 those those DET cblr-1737 175 3 additional additional ADJ cblr-1737 175 4 purchases purchase NOUN cblr-1737 175 5 are be AUX cblr-1737 175 6 “ " PUNCT cblr-1737 175 7 dependent dependent ADJ cblr-1737 175 8 on on ADP cblr-1737 175 9 the the DET cblr-1737 175 10 cash cash NOUN cblr-1737 175 11 flow flow NOUN cblr-1737 175 12 created create VERB cblr-1737 175 13 by by ADP cblr-1737 175 14 the the DET cblr-1737 175 15 carry carry NOUN cblr-1737 175 16 trade trade NOUN cblr-1737 175 17 — — PUNCT cblr-1737 175 18 the the DET cblr-1737 175 19 spread spread NOUN cblr-1737 175 20 between between ADP cblr-1737 175 21 the the DET cblr-1737 175 22 short short ADJ cblr-1737 175 23 - - PUNCT cblr-1737 175 24 term term NOUN cblr-1737 175 25 borrowing borrowing NOUN cblr-1737 175 26 rate rate NOUN cblr-1737 175 27 and and CCONJ cblr-1737 175 28 the the DET cblr-1737 175 29 bond bond NOUN cblr-1737 175 30 yield yield NOUN cblr-1737 175 31 — — PUNCT cblr-1737 175 32 which which PRON cblr-1737 175 33 means mean VERB cblr-1737 175 34 the the DET cblr-1737 175 35 investor investor NOUN cblr-1737 175 36 has have VERB cblr-1737 175 37 more more ADJ cblr-1737 175 38 volume volume NOUN cblr-1737 175 39 riding riding NOUN cblr-1737 175 40 on on ADP cblr-1737 175 41 the the DET cblr-1737 175 42 collateral collateral NOUN cblr-1737 175 43 than than ADP cblr-1737 175 44 its its PRON cblr-1737 175 45 original original ADJ cblr-1737 175 46 value value NOUN cblr-1737 175 47 . . PUNCT cblr-1737 176 1 ”57 ”57 PROPN cblr-1737 176 2 the the DET cblr-1737 176 3 tob tob NOUN cblr-1737 176 4 market market NOUN cblr-1737 176 5 is be AUX cblr-1737 176 6 small small ADJ cblr-1737 176 7 relative relative ADJ cblr-1737 176 8 to to ADP cblr-1737 176 9 the the DET cblr-1737 176 10 overall overall ADJ cblr-1737 176 11 market market NOUN cblr-1737 176 12 for for ADP cblr-1737 176 13 municipal municipal ADJ cblr-1737 176 14 bonds bond NOUN cblr-1737 176 15 : : PUNCT cblr-1737 176 16 the the DET cblr-1737 176 17 tob tob NOUN cblr-1737 176 18 market market NOUN cblr-1737 176 19 is be AUX cblr-1737 176 20 estimated estimate VERB cblr-1737 176 21 to to PART cblr-1737 176 22 be be AUX cblr-1737 176 23 approximately approximately ADV cblr-1737 176 24 $ $ SYM cblr-1737 176 25 75 75 NUM cblr-1737 176 26 billion billion NUM cblr-1737 176 27 in in ADP cblr-1737 176 28 size,58 size,58 NOUN cblr-1737 176 29 whereas whereas SCONJ cblr-1737 176 30 the the DET cblr-1737 176 31 municipal municipal ADJ cblr-1737 176 32 bond bond NOUN cblr-1737 176 33 market market NOUN cblr-1737 176 34 as as ADP cblr-1737 176 35 a a DET cblr-1737 176 36 whole whole NOUN cblr-1737 176 37 is be AUX cblr-1737 176 38 $ $ SYM cblr-1737 176 39 3.7 3.7 NUM cblr-1737 176 40 trillion trillion NUM cblr-1737 176 41 in in ADP cblr-1737 176 42 size.59 size.59 VERB cblr-1737 176 43 the the DET cblr-1737 176 44 tob tob NOUN cblr-1737 176 45 market market NOUN cblr-1737 176 46 used use VERB cblr-1737 176 47 to to PART cblr-1737 176 48 be be AUX cblr-1737 176 49 nearly nearly ADV cblr-1737 176 50 twice twice DET cblr-1737 176 51 its its PRON cblr-1737 176 52 current current ADJ cblr-1737 176 53 size size NOUN cblr-1737 176 54 , , PUNCT cblr-1737 176 55 however however ADV cblr-1737 176 56 , , PUNCT cblr-1737 176 57 before before SCONJ cblr-1737 176 58 $ $ SYM cblr-1737 176 59 70 70 NUM cblr-1737 176 60 billion billion NUM cblr-1737 176 61 in in ADP cblr-1737 176 62 tobs tob NOUN cblr-1737 176 63 were be AUX cblr-1737 176 64 liquidated liquidate VERB cblr-1737 176 65 in in ADP cblr-1737 176 66 2008.60 2008.60 NUM cblr-1737 176 67 despite despite SCONJ cblr-1737 176 68 the the DET cblr-1737 176 69 size size NOUN cblr-1737 176 70 of of ADP cblr-1737 176 71 the the DET cblr-1737 176 72 tob tob NOUN cblr-1737 176 73 market market NOUN cblr-1737 176 74 , , PUNCT cblr-1737 176 75 tobs tobs PROPN cblr-1737 176 76 are be AUX cblr-1737 176 77 important important ADJ cblr-1737 176 78 to to ADP cblr-1737 176 79 the the DET cblr-1737 176 80 proper proper ADJ cblr-1737 176 81 functioning functioning NOUN cblr-1737 176 82 of of ADP cblr-1737 176 83 the the DET cblr-1737 176 84 municipal municipal ADJ cblr-1737 176 85 bond bond NOUN cblr-1737 176 86 market market NOUN cblr-1737 176 87 for for ADP cblr-1737 176 88 several several ADJ cblr-1737 176 89 reasons reason NOUN cblr-1737 176 90 . . PUNCT cblr-1737 177 1 most most ADV cblr-1737 177 2 importantly importantly ADV cblr-1737 177 3 , , PUNCT cblr-1737 177 4 tobs tobs PROPN cblr-1737 177 5 bridge bridge VERB cblr-1737 177 6 the the DET cblr-1737 177 7 gap gap NOUN cblr-1737 177 8 between between ADP cblr-1737 177 9 municipalities municipality NOUN cblr-1737 177 10 , , PUNCT cblr-1737 177 11 which which PRON cblr-1737 177 12 generally generally ADV cblr-1737 177 13 issue issue VERB cblr-1737 177 14 bonds bond NOUN cblr-1737 177 15 with with ADP cblr-1737 177 16 fixed fix VERB cblr-1737 177 17 interest interest NOUN cblr-1737 177 18 rates rate NOUN cblr-1737 177 19 and and CCONJ cblr-1737 177 20 long long ADJ cblr-1737 177 21 - - PUNCT cblr-1737 177 22 term term NOUN cblr-1737 177 23 maturities maturity NOUN cblr-1737 177 24 , , PUNCT cblr-1737 177 25 and and CCONJ cblr-1737 177 26 money money NOUN cblr-1737 177 27 market market NOUN cblr-1737 177 28 funds fund NOUN cblr-1737 177 29 , , PUNCT cblr-1737 177 30 which which PRON cblr-1737 177 31 are be AUX cblr-1737 177 32 looking look VERB cblr-1737 177 33 for for ADP cblr-1737 177 34 high high ADJ cblr-1737 177 35 - - PUNCT cblr-1737 177 36 quality quality NOUN cblr-1737 177 37 short short ADJ cblr-1737 177 38 - - PUNCT cblr-1737 177 39 term term NOUN cblr-1737 177 40 debt.61 debt.61 NOUN cblr-1737 177 41 this this PRON cblr-1737 177 42 has have VERB cblr-1737 177 43 the the DET cblr-1737 177 44 effect effect NOUN cblr-1737 177 45 of of ADP cblr-1737 177 46 exerting exert VERB cblr-1737 177 47 downward downward ADJ cblr-1737 177 48 pressure pressure NOUN cblr-1737 177 49 on on ADP cblr-1737 177 50 the the DET cblr-1737 177 51 long long ADJ cblr-1737 177 52 end end NOUN cblr-1737 177 53 of of ADP cblr-1737 177 54 the the DET cblr-1737 177 55 municipal municipal ADJ cblr-1737 177 56 yield yield NOUN cblr-1737 177 57 curve curve NOUN cblr-1737 177 58 , , PUNCT cblr-1737 177 59 thereby thereby ADV cblr-1737 177 60 lowering lower VERB cblr-1737 177 61 borrowing borrowing NOUN cblr-1737 177 62 costs cost NOUN cblr-1737 177 63 for for ADP cblr-1737 177 64 state state NOUN cblr-1737 177 65 and and CCONJ cblr-1737 177 66 local local ADJ cblr-1737 177 67 governments.62 governments.62 NOUN cblr-1737 177 68 further far ADV cblr-1737 177 69 , , PUNCT cblr-1737 177 70 tobs tobs PROPN cblr-1737 177 71 have have AUX cblr-1737 177 72 been be AUX cblr-1737 177 73 popular popular ADJ cblr-1737 177 74 with with ADP cblr-1737 177 75 large large ADJ cblr-1737 177 76 investment investment NOUN cblr-1737 177 77 firms firm NOUN cblr-1737 177 78 that that PRON cblr-1737 177 79 use use VERB cblr-1737 177 80 debt debt NOUN cblr-1737 177 81 in in ADP cblr-1737 177 82 “ " PUNCT cblr-1737 177 83 leveraged leveraged ADJ cblr-1737 177 84 strategies strategy NOUN cblr-1737 177 85 that that PRON cblr-1737 177 86 aim aim VERB cblr-1737 177 87 to to PART cblr-1737 177 88 boost boost VERB cblr-1737 177 89 returns return NOUN cblr-1737 177 90 56 56 NUM cblr-1737 177 91 mcgee mcgee PROPN cblr-1737 177 92 , , PUNCT cblr-1737 177 93 supra supra PROPN cblr-1737 177 94 note note NOUN cblr-1737 177 95 52 52 NUM cblr-1737 177 96 . . PUNCT cblr-1737 178 1 57 57 NUM cblr-1737 179 1 i i PRON cblr-1737 179 2 d. d. PROPN cblr-1737 179 3 58 58 NUM cblr-1737 179 4 see see VERB cblr-1737 179 5 comment comment NOUN cblr-1737 179 6 letter letter NOUN cblr-1737 179 7 of of ADP cblr-1737 179 8 citibank citibank PROPN cblr-1737 179 9 glob glob PROPN cblr-1737 179 10 . . PUNCT cblr-1737 180 1 mkts mkts PROPN cblr-1737 180 2 . . PUNCT cblr-1737 181 1 inc inc PROPN cblr-1737 181 2 . . PROPN cblr-1737 181 3 , , PUNCT cblr-1737 181 4 supra supra PROPN cblr-1737 181 5 note note NOUN cblr-1737 181 6 4 4 NUM cblr-1737 181 7 , , PUNCT cblr-1737 181 8 at at ADP cblr-1737 181 9 13 13 NUM cblr-1737 181 10 ( ( PUNCT cblr-1737 181 11 estimating estimate VERB cblr-1737 181 12 the the DET cblr-1737 181 13 size size NOUN cblr-1737 181 14 of of ADP cblr-1737 181 15 the the DET cblr-1737 181 16 tob tob NOUN cblr-1737 181 17 market market NOUN cblr-1737 181 18 as as ADP cblr-1737 181 19 of of ADP cblr-1737 181 20 2012 2012 NUM cblr-1737 181 21 ) ) PUNCT cblr-1737 181 22 . . 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PROPN cblr-1737 182 32 12 12 NUM cblr-1737 182 33 , , PUNCT cblr-1737 182 34 2011 2011 NUM cblr-1737 182 35 ) ) PUNCT cblr-1737 182 36 , , PUNCT cblr-1737 182 37 http://www.cadwalader http://www.cadwalader NOUN cblr-1737 182 38 . . PUNCT cblr-1737 182 39 com com NOUN cblr-1737 182 40 / / SYM cblr-1737 182 41 uploads uploads PROPN cblr-1737 182 42 / / SYM cblr-1737 182 43 cfmemos/4ad42d9e6206d57794b11a1b7be0e948.pdf cfmemos/4ad42d9e6206d57794b11a1b7be0e948.pdf PROPN cblr-1737 183 1 [ [ X cblr-1737 183 2 https://perma.cc/3gd2-dc5 https://perma.cc/3gd2-dc5 X cblr-1737 183 3 t t X cblr-1737 183 4 ] ] PUNCT cblr-1737 183 5 . . PUNCT cblr-1737 184 1 60 60 NUM cblr-1737 184 2 daniel daniel PROPN cblr-1737 184 3 bergstresser bergstresser PROPN cblr-1737 184 4 , , PUNCT cblr-1737 184 5 randolph randolph PROPN cblr-1737 184 6 cohen cohen PROPN cblr-1737 184 7 & & CCONJ cblr-1737 184 8 siddarth siddarth PROPN cblr-1737 184 9 shenai shenai PROPN cblr-1737 184 10 , , PUNCT cblr-1737 184 11 financial financial ADJ cblr-1737 184 12 guarantors guarantor NOUN cblr-1737 184 13 and and CCONJ cblr-1737 184 14 the the DET cblr-1737 184 15 2007–2009 2007–2009 NUM cblr-1737 184 16 credit credit NOUN cblr-1737 184 17 crisis crisis NOUN cblr-1737 184 18 22 22 NUM cblr-1737 184 19 ( ( PUNCT cblr-1737 184 20 harv harv NOUN cblr-1737 184 21 . . PUNCT cblr-1737 185 1 bus bus NOUN cblr-1737 185 2 . . PUNCT cblr-1737 186 1 sch sch PROPN cblr-1737 186 2 . . PROPN cblr-1737 186 3 , , PUNCT cblr-1737 186 4 working work VERB cblr-1737 186 5 paper paper NOUN cblr-1737 186 6 no no INTJ cblr-1737 186 7 . . PROPN cblr-1737 187 1 11 11 NUM cblr-1737 187 2 - - SYM cblr-1737 187 3 051 051 NUM cblr-1737 187 4 , , PUNCT cblr-1737 187 5 2010 2010 NUM cblr-1737 187 6 ) ) PUNCT cblr-1737 187 7 . . PUNCT cblr-1737 188 1 61 61 NUM cblr-1737 188 2 see see VERB cblr-1737 188 3 mcgee mcgee PROPN cblr-1737 188 4 , , PUNCT cblr-1737 188 5 supra supra PROPN cblr-1737 188 6 note note NOUN cblr-1737 188 7 52 52 NUM cblr-1737 188 8 . . PUNCT cblr-1737 189 1 62 62 NUM cblr-1737 189 2 see see VERB cblr-1737 189 3 i i PRON cblr-1737 189 4 d. d. PROPN cblr-1737 189 5 miki miki PROPN cblr-1737 189 6 – – PUNCT cblr-1737 189 7 final final ADJ cblr-1737 189 8 266 266 NUM cblr-1737 189 9 columbia columbia PROPN cblr-1737 189 10 business business NOUN cblr-1737 189 11 law law NOUN cblr-1737 189 12 review review NOUN cblr-1737 189 13 [ [ X cblr-1737 189 14 vol vol NOUN cblr-1737 189 15 . . PUNCT cblr-1737 189 16 2016 2016 NUM cblr-1737 189 17 using use VERB cblr-1737 189 18 borrowed borrow VERB cblr-1737 189 19 money money NOUN cblr-1737 189 20 . . PUNCT cblr-1737 190 1 ”63 ”63 PROPN cblr-1737 190 2 finally finally ADV cblr-1737 190 3 , , PUNCT cblr-1737 190 4 because because SCONJ cblr-1737 190 5 the the DET cblr-1737 190 6 municipal municipal ADJ cblr-1737 190 7 bonds bond NOUN cblr-1737 190 8 underlying underlie VERB cblr-1737 190 9 tobs tob NOUN cblr-1737 190 10 are be AUX cblr-1737 190 11 “ " PUNCT cblr-1737 190 12 typically typically ADV cblr-1737 190 13 traded trade VERB cblr-1737 190 14 in in ADP cblr-1737 190 15 the the DET cblr-1737 190 16 secondary secondary ADJ cblr-1737 190 17 market market NOUN cblr-1737 190 18 , , PUNCT cblr-1737 190 19 any any DET cblr-1737 190 20 impact impact NOUN cblr-1737 190 21 on on ADP cblr-1737 190 22 their their PRON cblr-1737 190 23 market market NOUN cblr-1737 190 24 values value NOUN cblr-1737 190 25 will will AUX cblr-1737 190 26 affect affect VERB cblr-1737 190 27 all all DET cblr-1737 190 28 holders holder NOUN cblr-1737 190 29 of of ADP cblr-1737 190 30 municipal municipal ADJ cblr-1737 190 31 bonds bond NOUN cblr-1737 190 32 , , PUNCT cblr-1737 190 33 from from ADP cblr-1737 190 34 individuals individual NOUN cblr-1737 190 35 to to ADP cblr-1737 190 36 institutional institutional ADJ cblr-1737 190 37 investors investor NOUN cblr-1737 190 38 . . PUNCT cblr-1737 191 1 ”64 ”64 PROPN cblr-1737 191 2 thus thus ADV cblr-1737 191 3 , , PUNCT cblr-1737 191 4 despite despite SCONJ cblr-1737 191 5 the the DET cblr-1737 191 6 fact fact NOUN cblr-1737 191 7 that that SCONJ cblr-1737 191 8 tobs tobs PROPN cblr-1737 191 9 occupy occupy VERB cblr-1737 191 10 a a DET cblr-1737 191 11 small small ADJ cblr-1737 191 12 part part NOUN cblr-1737 191 13 of of ADP cblr-1737 191 14 the the DET cblr-1737 191 15 overall overall ADJ cblr-1737 191 16 municipal municipal ADJ cblr-1737 191 17 bond bond NOUN cblr-1737 191 18 market market NOUN cblr-1737 191 19 , , PUNCT cblr-1737 191 20 they they PRON cblr-1737 191 21 create create VERB cblr-1737 191 22 additional additional ADJ cblr-1737 191 23 demand demand NOUN cblr-1737 191 24 for for ADP cblr-1737 191 25 municipal municipal ADJ cblr-1737 191 26 bonds bond NOUN cblr-1737 191 27 and and CCONJ cblr-1737 191 28 allow allow VERB cblr-1737 191 29 investors investor NOUN cblr-1737 191 30 to to PART cblr-1737 191 31 obtain obtain VERB cblr-1737 191 32 short short ADJ cblr-1737 191 33 - - PUNCT cblr-1737 191 34 term term NOUN cblr-1737 191 35 liquidity liquidity NOUN cblr-1737 191 36 they they PRON cblr-1737 191 37 would would AUX cblr-1737 191 38 otherwise otherwise ADV cblr-1737 191 39 be be AUX cblr-1737 191 40 unable unable ADJ cblr-1737 191 41 to to PART cblr-1737 191 42 obtain obtain VERB cblr-1737 191 43 . . PUNCT cblr-1737 192 1 tobs tobs PROPN cblr-1737 192 2 do do AUX cblr-1737 192 3 , , PUNCT cblr-1737 192 4 however however ADV cblr-1737 192 5 , , PUNCT cblr-1737 192 6 carry carry VERB cblr-1737 192 7 some some DET cblr-1737 192 8 dangers danger NOUN cblr-1737 192 9 , , PUNCT cblr-1737 192 10 and and CCONJ cblr-1737 192 11 they they PRON cblr-1737 192 12 helped help VERB cblr-1737 192 13 destabilize destabilize VERB cblr-1737 192 14 the the DET cblr-1737 192 15 municipal municipal ADJ cblr-1737 192 16 bond bond NOUN cblr-1737 192 17 market market NOUN cblr-1737 192 18 in in ADP cblr-1737 192 19 2008.65 2008.65 NUM cblr-1737 192 20 dissolution dissolution NOUN cblr-1737 192 21 of of ADP cblr-1737 192 22 tob tob NOUN cblr-1737 192 23 programs program NOUN cblr-1737 192 24 was be AUX cblr-1737 192 25 wide wide ADJ cblr-1737 192 26 and and CCONJ cblr-1737 192 27 rapid rapid ADJ cblr-1737 192 28 , , PUNCT cblr-1737 192 29 and and CCONJ cblr-1737 192 30 $ $ SYM cblr-1737 192 31 70 70 NUM cblr-1737 192 32 billion billion NUM cblr-1737 192 33 worth worth NOUN cblr-1737 192 34 of of ADP cblr-1737 192 35 tob tob NOUN cblr-1737 192 36 programs program NOUN cblr-1737 192 37 were be AUX cblr-1737 192 38 liquidated liquidate VERB cblr-1737 192 39 in in ADP cblr-1737 192 40 the the DET cblr-1737 192 41 crisis.66 crisis.66 NOUN cblr-1737 192 42 such such ADJ cblr-1737 192 43 “ " PUNCT cblr-1737 192 44 rapid rapid ADJ cblr-1737 192 45 deleveraging deleveraging NOUN cblr-1737 192 46 has have AUX cblr-1737 192 47 been be AUX cblr-1737 192 48 identified identify VERB cblr-1737 192 49 as as ADP cblr-1737 192 50 a a DET cblr-1737 192 51 cause cause NOUN cblr-1737 192 52 of of ADP cblr-1737 192 53 dislocations dislocation NOUN cblr-1737 192 54 in in ADP cblr-1737 192 55 the the DET cblr-1737 192 56 market market NOUN cblr-1737 192 57 for for ADP cblr-1737 192 58 municipal municipal ADJ cblr-1737 192 59 debt debt NOUN cblr-1737 192 60 . . PUNCT cblr-1737 193 1 ”67 ”67 PUNCT cblr-1737 193 2 the the DET cblr-1737 193 3 situation situation NOUN cblr-1737 193 4 further far ADV cblr-1737 193 5 deteriorated deteriorate VERB cblr-1737 193 6 when when SCONJ cblr-1737 193 7 the the DET cblr-1737 193 8 bankruptcy bankruptcy NOUN cblr-1737 193 9 of of ADP cblr-1737 193 10 lehman lehman PROPN cblr-1737 193 11 brothers brother NOUN cblr-1737 193 12 caused cause VERB cblr-1737 193 13 short short ADJ cblr-1737 193 14 - - PUNCT cblr-1737 193 15 term term NOUN cblr-1737 193 16 rates rate NOUN cblr-1737 193 17 to to ADP cblr-1737 193 18 skyrocket skyrocket NOUN cblr-1737 193 19 , , PUNCT cblr-1737 193 20 creating create VERB cblr-1737 193 21 a a DET cblr-1737 193 22 yield yield NOUN cblr-1737 193 23 inversion inversion NOUN cblr-1737 193 24 phenomenon.68 phenomenon.68 NOUN cblr-1737 193 25 as as SCONJ cblr-1737 193 26 noted note VERB cblr-1737 193 27 earlier early ADV cblr-1737 193 28 , , PUNCT cblr-1737 193 29 since since SCONJ cblr-1737 193 30 investors investor NOUN cblr-1737 193 31 rely rely VERB cblr-1737 193 32 on on ADP cblr-1737 193 33 the the DET cblr-1737 193 34 carry carry NOUN cblr-1737 193 35 trade trade NOUN cblr-1737 193 36 for for ADP cblr-1737 193 37 profitability profitability NOUN cblr-1737 193 38 , , PUNCT cblr-1737 193 39 yield yield VERB cblr-1737 193 40 inversion inversion NOUN cblr-1737 193 41 63 63 NUM cblr-1737 193 42 al al PROPN cblr-1737 193 43 yoon yoon PROPN cblr-1737 193 44 , , PUNCT cblr-1737 193 45 andrew andrew PROPN cblr-1737 193 46 r. r. PROPN cblr-1737 193 47 johnson johnson PROPN cblr-1737 193 48 & & CCONJ cblr-1737 193 49 michael michael PROPN cblr-1737 193 50 rapoport rapoport PROPN cblr-1737 193 51 , , PUNCT cblr-1737 193 52 volcker volcker PROPN cblr-1737 193 53 rule rule NOUN cblr-1737 193 54 shows show VERB cblr-1737 193 55 its its PRON cblr-1737 193 56 wide wide ADJ cblr-1737 193 57 reach reach NOUN cblr-1737 193 58 , , PUNCT cblr-1737 194 1 wall wall PROPN cblr-1737 194 2 st st PROPN cblr-1737 194 3 . . PROPN cblr-1737 194 4 j. j. PROPN cblr-1737 194 5 ( ( PUNCT cblr-1737 194 6 dec dec PROPN cblr-1737 194 7 . . PROPN cblr-1737 194 8 16 16 NUM cblr-1737 194 9 , , PUNCT cblr-1737 194 10 2013 2013 NUM cblr-1737 194 11 , , PUNCT cblr-1737 194 12 7:23 7:23 NUM cblr-1737 194 13 pm pm NOUN cblr-1737 194 14 ) ) PUNCT cblr-1737 194 15 , , PUNCT cblr-1737 194 16 http://www.wsj.com/articles/sb100014240527023041737045792626342875 http://www.wsj.com/articles/sb100014240527023041737045792626342875 PROPN cblr-1737 194 17 34164 34164 NUM cblr-1737 195 1 [ [ X cblr-1737 195 2 http://perma.cc/tf6n-a55h http://perma.cc/tf6n-a55h VERB cblr-1737 195 3 ] ] PUNCT cblr-1737 195 4 . . PUNCT cblr-1737 196 1 64 64 NUM cblr-1737 196 2 inv inv ADJ cblr-1737 196 3 . . PUNCT cblr-1737 196 4 co. co. PROPN cblr-1737 196 5 inst inst PROPN cblr-1737 196 6 . . PROPN cblr-1737 196 7 , , PUNCT cblr-1737 196 8 comment comment NOUN cblr-1737 196 9 letter letter NOUN cblr-1737 196 10 on on ADP cblr-1737 196 11 proposed propose VERB cblr-1737 196 12 rule rule NOUN cblr-1737 196 13 on on ADP cblr-1737 196 14 credit credit NOUN cblr-1737 196 15 risk risk NOUN cblr-1737 196 16 retention retention NOUN cblr-1737 196 17 7 7 NUM cblr-1737 196 18 ( ( PUNCT cblr-1737 196 19 oct oct PROPN cblr-1737 196 20 . . PROPN cblr-1737 196 21 30 30 NUM cblr-1737 196 22 , , PUNCT cblr-1737 196 23 2013 2013 NUM cblr-1737 196 24 ) ) PUNCT cblr-1737 196 25 , , PUNCT cblr-1737 196 26 https://www.sec.gov/comments/s7-14-11/s714 https://www.sec.gov/comments/s7-14-11/s714 X cblr-1737 196 27 11-414.pdf 11-414.pdf X cblr-1737 196 28 [ [ X cblr-1737 196 29 https://perma.cc/brj7-6k4q https://perma.cc/brj7-6k4q X cblr-1737 196 30 ] ] X cblr-1737 196 31 . . PUNCT cblr-1737 197 1 65 65 NUM cblr-1737 197 2 see see VERB cblr-1737 197 3 mcgee mcgee PROPN cblr-1737 197 4 , , PUNCT cblr-1737 197 5 supra supra PROPN cblr-1737 197 6 note note NOUN cblr-1737 197 7 52 52 NUM cblr-1737 197 8 ( ( PUNCT cblr-1737 197 9 “ " PUNCT cblr-1737 197 10 ‘ ' PUNCT cblr-1737 197 11 most most ADJ cblr-1737 197 12 of of ADP cblr-1737 197 13 the the DET cblr-1737 197 14 problems problem NOUN cblr-1737 197 15 that that PRON cblr-1737 197 16 came come VERB cblr-1737 197 17 about about ADV cblr-1737 197 18 in in ADP cblr-1737 197 19 2008 2008 NUM cblr-1737 197 20 were be AUX cblr-1737 197 21 really really ADV cblr-1737 197 22 brought bring VERB cblr-1737 197 23 on on ADP cblr-1737 197 24 by by ADP cblr-1737 197 25 very very ADV cblr-1737 197 26 highly highly ADV cblr-1737 197 27 leveraged leveraged ADJ cblr-1737 197 28 structures structure NOUN cblr-1737 197 29 on on ADP cblr-1737 197 30 fairly fairly ADV cblr-1737 197 31 weak weak ADJ cblr-1737 197 32 underlying underlying ADJ cblr-1737 197 33 bonds bond NOUN cblr-1737 197 34 , , PUNCT cblr-1737 197 35 and and CCONJ cblr-1737 197 36 as as ADP cblr-1737 197 37 a a DET cblr-1737 197 38 result result NOUN cblr-1737 197 39 , , PUNCT cblr-1737 197 40 when when SCONJ cblr-1737 197 41 things thing NOUN cblr-1737 197 42 went go VERB cblr-1737 197 43 wrong wrong ADJ cblr-1737 197 44 , , PUNCT cblr-1737 197 45 there there PRON cblr-1737 197 46 was be VERB cblr-1737 197 47 not not PART cblr-1737 197 48 enough enough ADJ cblr-1737 197 49 liquidity liquidity NOUN cblr-1737 197 50 to to PART cblr-1737 197 51 unwind unwind VERB cblr-1737 197 52 those those DET cblr-1737 197 53 vehicles vehicle NOUN cblr-1737 197 54 , , PUNCT cblr-1737 197 55 and and CCONJ cblr-1737 197 56 that that PRON cblr-1737 197 57 ’s ’ VERB cblr-1737 197 58 why why SCONJ cblr-1737 197 59 you you PRON cblr-1737 197 60 saw see VERB cblr-1737 197 61 plummeting plummet VERB cblr-1737 197 62 prices price NOUN cblr-1737 197 63 , , PUNCT cblr-1737 197 64 ’ ' PUNCT cblr-1737 197 65 a a DET cblr-1737 197 66 wall wall PROPN cblr-1737 197 67 street street PROPN cblr-1737 197 68 banker banker PROPN cblr-1737 197 69 said say VERB cblr-1737 197 70 recently recently ADV cblr-1737 197 71 . . PUNCT cblr-1737 197 72 ” " PUNCT cblr-1737 197 73 ) ) PUNCT cblr-1737 197 74 . . PUNCT cblr-1737 198 1 66 66 NUM cblr-1737 198 2 see see VERB cblr-1737 198 3 bergstresser bergstresser NOUN cblr-1737 198 4 , , PUNCT cblr-1737 198 5 cohen cohen PROPN cblr-1737 198 6 & & CCONJ cblr-1737 198 7 shenai shenai PROPN cblr-1737 198 8 , , PUNCT cblr-1737 198 9 supra supra PROPN cblr-1737 198 10 note note NOUN cblr-1737 198 11 60 60 NUM cblr-1737 198 12 , , PUNCT cblr-1737 198 13 at at ADP cblr-1737 198 14 22 22 NUM cblr-1737 198 15 . . PUNCT cblr-1737 199 1 67 67 NUM cblr-1737 200 1 i i PRON cblr-1737 200 2 d. d. PROPN cblr-1737 200 3 68 68 NUM cblr-1737 200 4 see see VERB cblr-1737 200 5 mcgee mcgee PROPN cblr-1737 200 6 , , PUNCT cblr-1737 200 7 supra supra PROPN cblr-1737 200 8 note note PROPN cblr-1737 200 9 52 52 NUM cblr-1737 200 10 ; ; PUNCT cblr-1737 200 11 see see VERB cblr-1737 200 12 generally generally ADV cblr-1737 200 13 bergstresser bergstresser NOUN cblr-1737 200 14 , , PUNCT cblr-1737 200 15 cohen cohen PROPN cblr-1737 200 16 & & CCONJ cblr-1737 200 17 shenai shenai PROPN cblr-1737 200 18 , , PUNCT cblr-1737 200 19 supra supra PROPN cblr-1737 200 20 note note NOUN cblr-1737 200 21 60 60 NUM cblr-1737 200 22 ( ( PUNCT cblr-1737 200 23 exploring explore VERB cblr-1737 200 24 a a DET cblr-1737 200 25 number number NOUN cblr-1737 200 26 of of ADP cblr-1737 200 27 potential potential ADJ cblr-1737 200 28 causes cause NOUN cblr-1737 200 29 for for ADP cblr-1737 200 30 the the DET cblr-1737 200 31 yield yield NOUN cblr-1737 200 32 inversion inversion NOUN cblr-1737 200 33 phenomenon phenomenon NOUN cblr-1737 200 34 in in ADP cblr-1737 200 35 municipal municipal ADJ cblr-1737 200 36 bonds bond NOUN cblr-1737 200 37 ) ) PUNCT cblr-1737 200 38 . . PUNCT cblr-1737 201 1 yield yield NOUN cblr-1737 201 2 inversion inversion NOUN cblr-1737 201 3 occurs occur VERB cblr-1737 201 4 when when SCONJ cblr-1737 201 5 interest interest NOUN cblr-1737 201 6 rates rate NOUN cblr-1737 201 7 on on ADP cblr-1737 201 8 conventionally conventionally ADV cblr-1737 201 9 less less ADV cblr-1737 201 10 attractive attractive ADJ cblr-1737 201 11 debt debt NOUN cblr-1737 201 12 ( ( PUNCT cblr-1737 201 13 such such ADJ cblr-1737 201 14 as as ADP cblr-1737 201 15 shorter shorter ADV cblr-1737 201 16 - - PUNCT cblr-1737 201 17 dated date VERB cblr-1737 201 18 or or CCONJ cblr-1737 201 19 uninsured uninsured ADJ cblr-1737 201 20 debt debt NOUN cblr-1737 201 21 ) ) PUNCT cblr-1737 201 22 are be AUX cblr-1737 201 23 higher high ADJ cblr-1737 201 24 than than ADP cblr-1737 201 25 rates rate NOUN cblr-1737 201 26 on on ADP cblr-1737 201 27 conventionally conventionally ADV cblr-1737 201 28 more more ADV cblr-1737 201 29 attractive attractive ADJ cblr-1737 201 30 debt debt NOUN cblr-1737 201 31 ( ( PUNCT cblr-1737 201 32 such such ADJ cblr-1737 201 33 as as ADP cblr-1737 201 34 longer long ADV cblr-1737 201 35 - - PUNCT cblr-1737 201 36 dated date VERB cblr-1737 201 37 or or CCONJ cblr-1737 201 38 insured insure VERB cblr-1737 201 39 debt debt NOUN cblr-1737 201 40 ) ) PUNCT cblr-1737 201 41 and and CCONJ cblr-1737 201 42 was be AUX cblr-1737 201 43 a a DET cblr-1737 201 44 major major ADJ cblr-1737 201 45 ingredient ingredient NOUN cblr-1737 201 46 in in ADP cblr-1737 201 47 causing cause VERB cblr-1737 201 48 the the DET cblr-1737 201 49 disruptions disruption NOUN cblr-1737 201 50 in in ADP cblr-1737 201 51 the the DET cblr-1737 201 52 municipal municipal ADJ cblr-1737 201 53 bond bond NOUN cblr-1737 201 54 market market NOUN cblr-1737 201 55 during during ADP cblr-1737 201 56 the the DET cblr-1737 201 57 2008 2008 NUM cblr-1737 201 58 financial financial ADJ cblr-1737 201 59 crisis crisis NOUN cblr-1737 201 60 . . PUNCT cblr-1737 202 1 miki miki PROPN cblr-1737 202 2 – – PUNCT cblr-1737 202 3 final final ADJ cblr-1737 202 4 no no NOUN cblr-1737 202 5 . . PUNCT cblr-1737 203 1 1:252 1:252 NOUN cblr-1737 203 2 ] ] X cblr-1737 203 3 live live VERB cblr-1737 203 4 and and CCONJ cblr-1737 203 5 let let AUX cblr-1737 203 6 die die VERB cblr-1737 203 7 267 267 NUM cblr-1737 203 8 meant mean VERB cblr-1737 203 9 that that SCONJ cblr-1737 203 10 tobs tob NOUN cblr-1737 203 11 were be AUX cblr-1737 203 12 no no ADV cblr-1737 203 13 longer long ADV cblr-1737 203 14 profitable profitable ADJ cblr-1737 203 15 for for ADP cblr-1737 203 16 investors investor NOUN cblr-1737 203 17 , , PUNCT cblr-1737 203 18 and and CCONJ cblr-1737 203 19 investors investor NOUN cblr-1737 203 20 took take VERB cblr-1737 203 21 huge huge ADJ cblr-1737 203 22 losses.69 losses.69 PROPN cblr-1737 203 23 iii iii PROPN cblr-1737 203 24 . . PROPN cblr-1737 203 25 brief brief ADJ cblr-1737 203 26 overview overview NOUN cblr-1737 203 27 of of ADP cblr-1737 203 28 various various ADJ cblr-1737 203 29 postfinancial postfinancial ADJ cblr-1737 203 30 crisis crisis NOUN cblr-1737 203 31 provisions provision NOUN cblr-1737 203 32 with with ADP cblr-1737 203 33 an an DET cblr-1737 203 34 influence influence NOUN cblr-1737 203 35 on on ADP cblr-1737 203 36 funding funding NOUN cblr-1737 203 37 costs cost NOUN cblr-1737 203 38 for for ADP cblr-1737 203 39 municipalities municipality NOUN cblr-1737 203 40 a. a. NOUN cblr-1737 203 41 the the DET cblr-1737 203 42 lcr lcr PROPN cblr-1737 203 43 and and CCONJ cblr-1737 203 44 hqla hqla PROPN cblr-1737 203 45 requirement requirement NOUN cblr-1737 203 46 the the DET cblr-1737 203 47 lcr lcr NOUN cblr-1737 203 48 was be AUX cblr-1737 203 49 initially initially ADV cblr-1737 203 50 developed develop VERB cblr-1737 203 51 in in ADP cblr-1737 203 52 response response NOUN cblr-1737 203 53 to to ADP cblr-1737 203 54 the the DET cblr-1737 203 55 2008 2008 NUM cblr-1737 203 56 financial financial ADJ cblr-1737 203 57 crisis crisis NOUN cblr-1737 203 58 , , PUNCT cblr-1737 203 59 and and CCONJ cblr-1737 203 60 stipulates stipulate VERB cblr-1737 203 61 that that SCONJ cblr-1737 203 62 large large ADJ cblr-1737 203 63 banks bank NOUN cblr-1737 203 64 must must AUX cblr-1737 203 65 hold hold VERB cblr-1737 203 66 enough enough ADJ cblr-1737 203 67 cash cash NOUN cblr-1737 203 68 - - PUNCT cblr-1737 203 69 like like ADJ cblr-1737 203 70 assets asset NOUN cblr-1737 203 71 — — PUNCT cblr-1737 203 72 i.e. i.e. X cblr-1737 203 73 , , PUNCT cblr-1737 203 74 hqlas hqla NOUN cblr-1737 203 75 — — PUNCT cblr-1737 203 76 to to PART cblr-1737 203 77 meet meet VERB cblr-1737 203 78 their their PRON cblr-1737 203 79 obligations obligation NOUN cblr-1737 203 80 for for ADP cblr-1737 203 81 thirty thirty NUM cblr-1737 203 82 days day NOUN cblr-1737 203 83 in in ADP cblr-1737 203 84 a a DET cblr-1737 203 85 liquidity liquidity NOUN cblr-1737 203 86 stress stress NOUN cblr-1737 203 87 test test NOUN cblr-1737 203 88 scenario.70 scenario.70 PROPN cblr-1737 203 89 since since SCONJ cblr-1737 203 90 a a DET cblr-1737 203 91 key key ADJ cblr-1737 203 92 trigger trigger NOUN cblr-1737 203 93 of of ADP cblr-1737 203 94 the the DET cblr-1737 203 95 2008 2008 NUM cblr-1737 203 96 financial financial ADJ cblr-1737 203 97 crisis crisis NOUN cblr-1737 203 98 was be AUX cblr-1737 203 99 the the DET cblr-1737 203 100 initial initial ADJ cblr-1737 203 101 “ " PUNCT cblr-1737 203 102 liquidity liquidity NOUN cblr-1737 203 103 crunch crunch NOUN cblr-1737 203 104 , , PUNCT cblr-1737 203 105 ” " PUNCT cblr-1737 203 106 when when SCONJ cblr-1737 203 107 many many ADJ cblr-1737 203 108 banks bank NOUN cblr-1737 203 109 had have VERB cblr-1737 203 110 adequate adequate ADJ cblr-1737 203 111 capital capital NOUN cblr-1737 203 112 levels level NOUN cblr-1737 203 113 but but CCONJ cblr-1737 203 114 struggled struggle VERB cblr-1737 203 115 to to PART cblr-1737 203 116 meet meet VERB cblr-1737 203 117 obligations obligation NOUN cblr-1737 203 118 because because SCONJ cblr-1737 203 119 they they PRON cblr-1737 203 120 lacked lack VERB cblr-1737 203 121 short short ADJ cblr-1737 203 122 - - PUNCT cblr-1737 203 123 term term NOUN cblr-1737 203 124 liquidity,71 liquidity,71 ADJ cblr-1737 203 125 regulators regulator NOUN cblr-1737 203 126 ’ ’ PART cblr-1737 203 127 strategy strategy NOUN cblr-1737 203 128 to to PART cblr-1737 203 129 develop develop VERB cblr-1737 203 130 a a DET cblr-1737 203 131 more more ADV cblr-1737 203 132 resilient resilient ADJ cblr-1737 203 133 banking banking NOUN cblr-1737 203 134 sector sector NOUN cblr-1737 203 135 focused focus VERB cblr-1737 203 136 on on ADP cblr-1737 203 137 promoting promote VERB cblr-1737 203 138 short short ADJ cblr-1737 203 139 - - PUNCT cblr-1737 203 140 term term NOUN cblr-1737 203 141 liquidity.72 liquidity.72 NOUN cblr-1737 203 142 the the DET cblr-1737 203 143 lcr lcr NOUN cblr-1737 203 144 , , PUNCT cblr-1737 203 145 modeled model VERB cblr-1737 203 146 after after ADP cblr-1737 203 147 basel basel PROPN cblr-1737 203 148 iii iii PROPN cblr-1737 203 149 , , PUNCT cblr-1737 203 150 a a DET cblr-1737 203 151 global global ADJ cblr-1737 203 152 , , PUNCT cblr-1737 203 153 voluntary voluntary ADJ cblr-1737 203 154 regulatory regulatory ADJ cblr-1737 203 155 framework framework NOUN cblr-1737 203 156 for for ADP cblr-1737 203 157 banks bank NOUN cblr-1737 203 158 , , PUNCT cblr-1737 203 159 stipulates stipulate VERB cblr-1737 203 160 that that SCONJ cblr-1737 203 161 banking banking NOUN cblr-1737 203 162 organizations organization NOUN cblr-1737 203 163 with with ADP cblr-1737 203 164 greater great ADJ cblr-1737 203 165 than than ADP cblr-1737 203 166 $ $ SYM cblr-1737 203 167 250 250 NUM cblr-1737 203 168 billion billion NUM cblr-1737 203 169 in in ADP cblr-1737 203 170 total total ADJ cblr-1737 203 171 consolidated consolidated ADJ cblr-1737 203 172 assets asset NOUN cblr-1737 203 173 are be AUX cblr-1737 203 174 subject subject ADJ cblr-1737 203 175 to to ADP cblr-1737 203 176 the the DET cblr-1737 203 177 lcr lcr NOUN cblr-1737 203 178 and and CCONJ cblr-1737 203 179 hqla hqla PROPN cblr-1737 203 180 requirements requirement NOUN cblr-1737 203 181 ; ; PUNCT cblr-1737 203 182 bank bank NOUN cblr-1737 203 183 holding hold VERB cblr-1737 203 184 companies company NOUN cblr-1737 203 185 with with ADP cblr-1737 203 186 total total ADJ cblr-1737 203 187 consolidated consolidated ADJ cblr-1737 203 188 assets asset NOUN cblr-1737 203 189 between between ADP cblr-1737 203 190 $ $ SYM cblr-1737 203 191 50 50 NUM cblr-1737 203 192 billion billion NUM cblr-1737 203 193 and and CCONJ cblr-1737 203 194 $ $ SYM cblr-1737 203 195 250 250 NUM cblr-1737 203 196 billion billion NUM cblr-1737 203 197 are be AUX cblr-1737 203 198 subject subject ADJ cblr-1737 203 199 to to ADP cblr-1737 203 200 less less ADV cblr-1737 203 201 stringent stringent ADJ cblr-1737 203 202 rules.73 rules.73 NOUN cblr-1737 203 203 banks bank NOUN cblr-1737 203 204 in in ADP cblr-1737 203 205 both both DET cblr-1737 203 206 asset asset NOUN cblr-1737 203 207 ranges range VERB cblr-1737 203 208 69 69 NUM cblr-1737 203 209 see see NOUN cblr-1737 204 1 supra supra PROPN cblr-1737 204 2 note note PROPN cblr-1737 204 3 57 57 NUM cblr-1737 204 4 and and CCONJ cblr-1737 204 5 accompanying accompany VERB cblr-1737 204 6 text text NOUN cblr-1737 204 7 ; 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PUNCT cblr-1737 204 16 70 70 NUM cblr-1737 204 17 basel basel PROPN cblr-1737 204 18 comm comm NOUN cblr-1737 204 19 . . PUNCT cblr-1737 205 1 on on ADP cblr-1737 205 2 banking banking NOUN cblr-1737 205 3 supervision supervision NOUN cblr-1737 205 4 , , PUNCT cblr-1737 205 5 basel basel PROPN cblr-1737 205 6 iii iii PROPN cblr-1737 205 7 : : PUNCT cblr-1737 205 8 the the DET cblr-1737 205 9 liquidity liquidity NOUN cblr-1737 205 10 coverage coverage NOUN cblr-1737 205 11 ratio ratio NOUN cblr-1737 205 12 and and CCONJ cblr-1737 205 13 liquidity liquidity NOUN cblr-1737 205 14 risk risk NOUN cblr-1737 205 15 monitoring monitoring NOUN cblr-1737 205 16 tools tool NOUN cblr-1737 205 17 paras para NOUN cblr-1737 205 18 . . PUNCT cblr-1737 206 1 10–11 10–11 NUM cblr-1737 206 2 , , PUNCT cblr-1737 206 3 16 16 NUM cblr-1737 206 4 ( ( PUNCT cblr-1737 206 5 jan jan PROPN cblr-1737 206 6 . . PROPN cblr-1737 206 7 2013 2013 NUM cblr-1737 206 8 ) ) PUNCT cblr-1737 206 9 , , PUNCT cblr-1737 206 10 http://www.bis.org/publ/bcbs238.pdf http://www.bis.org/publ/bcbs238.pdf X cblr-1737 207 1 [ [ X cblr-1737 207 2 http://perma.cc/bth56apx http://perma.cc/bth56apx PROPN cblr-1737 207 3 ] ] X cblr-1737 207 4 . . PUNCT cblr-1737 208 1 71 71 NUM cblr-1737 208 2 see see VERB cblr-1737 208 3 i i PRON cblr-1737 208 4 d. d. PROPN cblr-1737 208 5 at at ADP cblr-1737 208 6 para para PROPN cblr-1737 208 7 . . PUNCT cblr-1737 209 1 2 2 NUM cblr-1737 209 2 . . NUM cblr-1737 209 3 72 72 NUM cblr-1737 209 4 see see VERB cblr-1737 209 5 i i PRON cblr-1737 209 6 d. d. PROPN cblr-1737 209 7 at at ADP cblr-1737 209 8 para para PROPN cblr-1737 209 9 . . PUNCT cblr-1737 210 1 1 1 NUM cblr-1737 210 2 . . X cblr-1737 210 3 73 73 NUM cblr-1737 210 4 davis davis PROPN cblr-1737 210 5 polk polk PROPN cblr-1737 210 6 & & CCONJ cblr-1737 210 7 wardwell wardwell PROPN cblr-1737 210 8 llp llp PROPN cblr-1737 210 9 , , PUNCT cblr-1737 210 10 u.s u.s PROPN cblr-1737 210 11 . . PROPN cblr-1737 210 12 basel basel PROPN cblr-1737 210 13 iii iii PROPN cblr-1737 210 14 liquidity liquidity PROPN cblr-1737 210 15 coverage coverage NOUN cblr-1737 210 16 ratio ratio NOUN cblr-1737 210 17 final final ADJ cblr-1737 210 18 rule rule NOUN cblr-1737 210 19 visual visual ADJ cblr-1737 210 20 memorandum memorandum NOUN cblr-1737 210 21 6 6 NUM cblr-1737 210 22 ( ( PUNCT cblr-1737 210 23 sept sept PROPN cblr-1737 210 24 . . PROPN cblr-1737 210 25 23 23 NUM cblr-1737 210 26 , , PUNCT cblr-1737 210 27 2014 2014 NUM cblr-1737 210 28 ) ) PUNCT cblr-1737 210 29 , , PUNCT cblr-1737 210 30 http://usbasel3 http://usbasel3 PROPN cblr-1737 210 31 . . NOUN cblr-1737 210 32 com com NOUN cblr-1737 210 33 / / SYM cblr-1737 210 34 docs docs PROPN cblr-1737 210 35 / / SYM cblr-1737 210 36 final%20lcr%20visual%20memo.pdf final%20lcr%20visual%20memo.pdf NOUN cblr-1737 210 37 [ [ X cblr-1737 210 38 https://perma.cc/t5epehgn https://perma.cc/t5epehgn NOUN cblr-1737 210 39 ] ] X cblr-1737 210 40 . . PUNCT cblr-1737 211 1 miki miki PROPN cblr-1737 211 2 – – PUNCT cblr-1737 211 3 final final ADJ cblr-1737 211 4 268 268 NUM cblr-1737 211 5 columbia columbia PROPN cblr-1737 211 6 business business NOUN cblr-1737 211 7 law law PROPN cblr-1737 211 8 review review NOUN cblr-1737 212 1 [ [ X cblr-1737 212 2 vol vol NOUN cblr-1737 212 3 . . NOUN cblr-1737 212 4 2016 2016 NUM cblr-1737 212 5 must must AUX cblr-1737 212 6 hold hold VERB cblr-1737 212 7 enough enough ADJ cblr-1737 212 8 liquid liquid ADJ cblr-1737 212 9 assets asset NOUN cblr-1737 212 10 to to PART cblr-1737 212 11 survive survive VERB cblr-1737 212 12 a a DET cblr-1737 212 13 thirty thirty NUM cblr-1737 212 14 - - PUNCT cblr-1737 212 15 day day NOUN cblr-1737 212 16 stress stress NOUN cblr-1737 212 17 test.74 test.74 NOUN cblr-1737 212 18 under under ADP cblr-1737 212 19 the the DET cblr-1737 212 20 international international ADJ cblr-1737 212 21 basel basel PROPN cblr-1737 212 22 iii iii PROPN cblr-1737 212 23 standard standard PROPN cblr-1737 212 24 , , PUNCT cblr-1737 212 25 there there PRON cblr-1737 212 26 are be VERB cblr-1737 212 27 two two NUM cblr-1737 212 28 classes class NOUN cblr-1737 212 29 of of ADP cblr-1737 212 30 hqla hqla PROPN cblr-1737 212 31 - - PUNCT cblr-1737 212 32 eligible eligible ADJ cblr-1737 212 33 assets asset NOUN cblr-1737 212 34 — — PUNCT cblr-1737 212 35 level level NOUN cblr-1737 212 36 1 1 NUM cblr-1737 212 37 and and CCONJ cblr-1737 212 38 level level NOUN cblr-1737 212 39 2 2 NUM cblr-1737 212 40 , , PUNCT cblr-1737 212 41 with with SCONJ cblr-1737 212 42 level level NOUN cblr-1737 212 43 2 2 NUM cblr-1737 212 44 assets asset NOUN cblr-1737 212 45 being be AUX cblr-1737 212 46 divided divide VERB cblr-1737 212 47 further far ADV cblr-1737 212 48 into into ADP cblr-1737 212 49 level level NOUN cblr-1737 212 50 2a 2a NUM cblr-1737 212 51 assets asset NOUN cblr-1737 212 52 and and CCONJ cblr-1737 212 53 level level NOUN cblr-1737 212 54 2b 2b NUM cblr-1737 212 55 assets asset NOUN cblr-1737 212 56 . . PUNCT cblr-1737 213 1 level level NOUN cblr-1737 213 2 1 1 NUM cblr-1737 213 3 assets asset NOUN cblr-1737 213 4 are be AUX cblr-1737 213 5 cash cash NOUN cblr-1737 213 6 - - PUNCT cblr-1737 213 7 like like ADJ cblr-1737 213 8 assets asset NOUN cblr-1737 213 9 that that PRON cblr-1737 213 10 can can AUX cblr-1737 213 11 comprise comprise VERB cblr-1737 213 12 an an DET cblr-1737 213 13 unlimited unlimited ADJ cblr-1737 213 14 percentage percentage NOUN cblr-1737 213 15 of of ADP cblr-1737 213 16 the the DET cblr-1737 213 17 hqla hqla PROPN cblr-1737 213 18 pool pool NOUN cblr-1737 213 19 and and CCONJ cblr-1737 213 20 are be AUX cblr-1737 213 21 not not PART cblr-1737 213 22 subject subject ADJ cblr-1737 213 23 to to ADP cblr-1737 213 24 haircuts haircut NOUN cblr-1737 213 25 , , PUNCT cblr-1737 213 26 which which PRON cblr-1737 213 27 are be AUX cblr-1737 213 28 reductions reduction NOUN cblr-1737 213 29 to to ADP cblr-1737 213 30 the the DET cblr-1737 213 31 asset asset NOUN cblr-1737 213 32 ’s ’s PART cblr-1737 213 33 market market NOUN cblr-1737 213 34 value value NOUN cblr-1737 213 35 for for ADP cblr-1737 213 36 the the DET cblr-1737 213 37 purpose purpose NOUN cblr-1737 213 38 of of ADP cblr-1737 213 39 calculating calculate VERB cblr-1737 213 40 the the DET cblr-1737 213 41 asset asset NOUN cblr-1737 213 42 ’s ’s PART cblr-1737 213 43 value value NOUN cblr-1737 213 44 to to PART cblr-1737 213 45 meet meet VERB cblr-1737 213 46 capital capital NOUN cblr-1737 213 47 requirements.75 requirements.75 ADV cblr-1737 213 48 some some DET cblr-1737 213 49 examples example NOUN cblr-1737 213 50 of of ADP cblr-1737 213 51 level level NOUN cblr-1737 213 52 1 1 NUM cblr-1737 213 53 assets asset NOUN cblr-1737 213 54 under under ADP cblr-1737 213 55 basel basel PROPN cblr-1737 213 56 iii iii PROPN cblr-1737 213 57 include include VERB cblr-1737 213 58 coins coin NOUN cblr-1737 213 59 , , PUNCT cblr-1737 213 60 banknotes banknote NOUN cblr-1737 213 61 , , PUNCT cblr-1737 213 62 and and CCONJ cblr-1737 213 63 central central ADJ cblr-1737 213 64 bank bank NOUN cblr-1737 213 65 reserves.76 reserves.76 PROPN cblr-1737 213 66 level level NOUN cblr-1737 213 67 2a 2a NUM cblr-1737 213 68 assets asset NOUN cblr-1737 213 69 and and CCONJ cblr-1737 213 70 2b 2b NUM cblr-1737 213 71 assets asset NOUN cblr-1737 213 72 are be AUX cblr-1737 213 73 considered consider VERB cblr-1737 213 74 less less ADJ cblr-1737 213 75 liquid liquid ADJ cblr-1737 213 76 assets asset NOUN cblr-1737 213 77 that that PRON cblr-1737 213 78 may may AUX cblr-1737 213 79 together together ADV cblr-1737 213 80 comprise comprise VERB cblr-1737 213 81 up up ADP cblr-1737 213 82 to to PART cblr-1737 213 83 forty forty NUM cblr-1737 213 84 percent percent NOUN cblr-1737 213 85 of of ADP cblr-1737 213 86 a a DET cblr-1737 213 87 bank bank NOUN cblr-1737 213 88 ’s ’s PART cblr-1737 213 89 pool pool NOUN cblr-1737 213 90 of of ADP cblr-1737 213 91 hqlas hqla NOUN cblr-1737 213 92 , , PUNCT cblr-1737 213 93 and and CCONJ cblr-1737 213 94 are be AUX cblr-1737 213 95 subject subject ADJ cblr-1737 213 96 to to ADP cblr-1737 213 97 haircuts.77 haircuts.77 NOUN cblr-1737 213 98 typical typical ADJ cblr-1737 213 99 level level NOUN cblr-1737 213 100 2a 2a NUM cblr-1737 213 101 assets asset NOUN cblr-1737 213 102 under under ADP cblr-1737 213 103 basel basel PROPN cblr-1737 213 104 iii iii PROPN cblr-1737 213 105 include include VERB cblr-1737 213 106 debt debt NOUN cblr-1737 213 107 guaranteed guarantee VERB cblr-1737 213 108 by by ADP cblr-1737 213 109 sovereigns sovereign NOUN cblr-1737 213 110 , , PUNCT cblr-1737 213 111 central central ADJ cblr-1737 213 112 banks bank NOUN cblr-1737 213 113 , , PUNCT cblr-1737 213 114 or or CCONJ cblr-1737 213 115 public public ADJ cblr-1737 213 116 sector sector NOUN cblr-1737 213 117 entities entity NOUN cblr-1737 213 118 , , PUNCT cblr-1737 213 119 subject subject ADJ cblr-1737 213 120 to to ADP cblr-1737 213 121 certain certain ADJ cblr-1737 213 122 liquidity liquidity NOUN cblr-1737 213 123 requirements requirement NOUN cblr-1737 213 124 , , PUNCT cblr-1737 213 125 and and CCONJ cblr-1737 213 126 corporate corporate ADJ cblr-1737 213 127 debt debt NOUN cblr-1737 213 128 with with ADP cblr-1737 213 129 a a DET cblr-1737 213 130 rating rating NOUN cblr-1737 213 131 of of ADP cblr-1737 213 132 at at ADV cblr-1737 213 133 least least ADJ cblr-1737 213 134 aa-.78 aa-.78 NOUN cblr-1737 213 135 level level NOUN cblr-1737 213 136 2b 2b NUM cblr-1737 213 137 assets asset NOUN cblr-1737 213 138 under under ADP cblr-1737 213 139 basel basel PROPN cblr-1737 213 140 iii iii PROPN cblr-1737 213 141 include include VERB cblr-1737 213 142 certain certain ADJ cblr-1737 213 143 residential residential ADJ cblr-1737 213 144 mortgage mortgage NOUN cblr-1737 213 145 - - PUNCT cblr-1737 213 146 backed back VERB cblr-1737 213 147 securities security NOUN cblr-1737 213 148 , , PUNCT cblr-1737 213 149 corporate corporate ADJ cblr-1737 213 150 debt debt NOUN cblr-1737 213 151 with with ADP cblr-1737 213 152 a a DET cblr-1737 213 153 rating rating NOUN cblr-1737 213 154 of of ADP cblr-1737 213 155 between between ADP cblr-1737 213 156 a+ a+ PUNCT cblr-1737 213 157 and and CCONJ cblr-1737 213 158 bbb- bbb- ADJ cblr-1737 213 159 , , PUNCT cblr-1737 213 160 and and CCONJ cblr-1737 213 161 common common ADJ cblr-1737 213 162 equity.79 equity.79 PROPN cblr-1737 213 163 basel basel PROPN cblr-1737 213 164 iii iii PROPN cblr-1737 213 165 generally generally ADV cblr-1737 213 166 treats treat VERB cblr-1737 213 167 municipal municipal ADJ cblr-1737 213 168 bonds bond NOUN cblr-1737 213 169 as as ADP cblr-1737 213 170 level level NOUN cblr-1737 213 171 2a 2a NUM cblr-1737 213 172 assets asset NOUN cblr-1737 213 173 , , PUNCT cblr-1737 213 174 as as SCONJ cblr-1737 213 175 they they PRON cblr-1737 213 176 fit fit VERB cblr-1737 213 177 within within ADP cblr-1737 213 178 the the DET cblr-1737 213 179 basel basel PROPN cblr-1737 213 180 iii iii PROPN cblr-1737 213 181 definition definition NOUN cblr-1737 213 182 for for ADP cblr-1737 213 183 level level NOUN cblr-1737 213 184 2a 2a NUM cblr-1737 213 185 assets asset NOUN cblr-1737 213 186 of of ADP cblr-1737 213 187 “ " PUNCT cblr-1737 213 188 marketable marketable ADJ cblr-1737 213 189 securities security NOUN cblr-1737 213 190 representing represent VERB cblr-1737 213 191 claims claim NOUN cblr-1737 213 192 on on ADP cblr-1737 213 193 or or CCONJ cblr-1737 213 194 guaranteed guarantee VERB cblr-1737 213 195 by by ADP cblr-1737 213 196 sovereigns sovereign NOUN cblr-1737 213 197 , , PUNCT cblr-1737 213 198 central central ADJ cblr-1737 213 199 banks bank NOUN cblr-1737 213 200 , , PUNCT cblr-1737 213 201 public public ADJ cblr-1737 213 202 sector sector NOUN cblr-1737 213 203 entities entity NOUN cblr-1737 213 204 or or CCONJ cblr-1737 213 205 multilateral multilateral ADJ cblr-1737 213 206 development development NOUN cblr-1737 213 207 banks bank NOUN cblr-1737 213 208 . . PUNCT cblr-1737 214 1 ”80 ”80 NOUN cblr-1737 214 2 74 74 NUM cblr-1737 214 3 see see VERB cblr-1737 214 4 i i PRON cblr-1737 214 5 d. d. PROPN cblr-1737 214 6 at at ADP cblr-1737 214 7 4 4 NUM cblr-1737 214 8 . . PUNCT cblr-1737 215 1 see see VERB cblr-1737 215 2 also also ADV cblr-1737 215 3 liquidity liquidity NOUN cblr-1737 215 4 coverage coverage NOUN cblr-1737 215 5 ratio ratio NOUN cblr-1737 215 6 : : PUNCT cblr-1737 215 7 liquidity liquidity NOUN cblr-1737 215 8 risk risk NOUN cblr-1737 215 9 measurement measurement NOUN cblr-1737 215 10 standards standard NOUN cblr-1737 215 11 , , PUNCT cblr-1737 215 12 final final ADJ cblr-1737 215 13 rule rule NOUN cblr-1737 215 14 , , PUNCT cblr-1737 215 15 79 79 NUM cblr-1737 215 16 fed feed VERB cblr-1737 215 17 . . PUNCT cblr-1737 216 1 reg reg PROPN cblr-1737 216 2 . . PUNCT cblr-1737 217 1 61,440 61,440 NUM cblr-1737 217 2 , , PUNCT cblr-1737 217 3 61,520–21 61,520–21 PROPN cblr-1737 217 4 ( ( PUNCT cblr-1737 217 5 oct oct PROPN cblr-1737 217 6 . . PROPN cblr-1737 217 7 10 10 NUM cblr-1737 217 8 , , PUNCT cblr-1737 217 9 2014 2014 NUM cblr-1737 217 10 ) ) PUNCT cblr-1737 217 11 ( ( PUNCT cblr-1737 217 12 to to PART cblr-1737 217 13 be be AUX cblr-1737 217 14 codified codify VERB cblr-1737 217 15 at at ADP cblr-1737 217 16 12 12 NUM cblr-1737 217 17 c.f.r c.f.r NOUN cblr-1737 217 18 . . PUNCT cblr-1737 218 1 pts pts PROPN cblr-1737 218 2 . . PROPN cblr-1737 219 1 50 50 NUM cblr-1737 219 2 , , PUNCT cblr-1737 219 3 249 249 NUM cblr-1737 219 4 , , PUNCT cblr-1737 219 5 329 329 NUM cblr-1737 219 6 ) ) PUNCT cblr-1737 219 7 ( ( PUNCT cblr-1737 219 8 explaining explain VERB cblr-1737 219 9 21calendar 21calendar NOUN cblr-1737 219 10 - - PUNCT cblr-1737 219 11 day day NOUN cblr-1737 219 12 stress stress NOUN cblr-1737 219 13 test test NOUN cblr-1737 219 14 period period NOUN cblr-1737 219 15 originally originally ADV cblr-1737 219 16 proposed propose VERB cblr-1737 219 17 for for ADP cblr-1737 219 18 banks bank NOUN cblr-1737 219 19 with with ADP cblr-1737 219 20 assets asset NOUN cblr-1737 219 21 between between ADP cblr-1737 219 22 $ $ SYM cblr-1737 219 23 50 50 NUM cblr-1737 219 24 billion billion NUM cblr-1737 219 25 and and CCONJ cblr-1737 219 26 $ $ SYM cblr-1737 219 27 250 250 NUM cblr-1737 219 28 billion billion NUM cblr-1737 219 29 and and CCONJ cblr-1737 219 30 reasons reason NOUN cblr-1737 219 31 a a DET cblr-1737 219 32 30 30 NUM cblr-1737 219 33 - - PUNCT cblr-1737 219 34 calendar calendar NOUN cblr-1737 219 35 - - PUNCT cblr-1737 219 36 day day NOUN cblr-1737 219 37 period period NOUN cblr-1737 219 38 was be AUX cblr-1737 219 39 selected select VERB cblr-1737 219 40 for for ADP cblr-1737 219 41 such such ADJ cblr-1737 219 42 banks bank NOUN cblr-1737 219 43 in in ADP cblr-1737 219 44 the the DET cblr-1737 219 45 final final ADJ cblr-1737 219 46 rule rule NOUN cblr-1737 219 47 ) ) PUNCT cblr-1737 219 48 . . PUNCT cblr-1737 220 1 75 75 NUM cblr-1737 220 2 see see VERB cblr-1737 220 3 generally generally ADV cblr-1737 220 4 davis davis PROPN cblr-1737 220 5 polk polk PROPN cblr-1737 220 6 & & CCONJ cblr-1737 220 7 wardwell wardwell PROPN cblr-1737 220 8 llp llp PROPN cblr-1737 220 9 , , PUNCT cblr-1737 220 10 supra supra PROPN cblr-1737 220 11 note note PROPN cblr-1737 220 12 73 73 NUM cblr-1737 220 13 , , PUNCT cblr-1737 220 14 at at ADP cblr-1737 220 15 11 11 NUM cblr-1737 220 16 . . PUNCT cblr-1737 221 1 76 76 NUM cblr-1737 221 2 see see VERB cblr-1737 221 3 basel basel PROPN cblr-1737 221 4 committee committee PROPN cblr-1737 221 5 on on ADP cblr-1737 221 6 banking banking NOUN cblr-1737 221 7 supervision supervision NOUN cblr-1737 221 8 , , PUNCT cblr-1737 221 9 supra supra PROPN cblr-1737 221 10 note note PROPN cblr-1737 221 11 70 70 NUM cblr-1737 221 12 , , PUNCT cblr-1737 221 13 at at ADP cblr-1737 221 14 para para NOUN cblr-1737 221 15 . . PUNCT cblr-1737 222 1 50 50 NUM cblr-1737 222 2 . . X cblr-1737 223 1 77 77 NUM cblr-1737 223 2 see see VERB cblr-1737 223 3 i i PRON cblr-1737 223 4 d. d. PROPN cblr-1737 223 5 at at ADP cblr-1737 223 6 para para PROPN cblr-1737 223 7 . . PUNCT cblr-1737 224 1 51 51 NUM cblr-1737 224 2 . . X cblr-1737 224 3 78 78 NUM cblr-1737 224 4 see see VERB cblr-1737 224 5 i i PRON cblr-1737 224 6 d. d. PROPN cblr-1737 224 7 at at ADP cblr-1737 224 8 para para PROPN cblr-1737 224 9 . . PUNCT cblr-1737 225 1 52 52 NUM cblr-1737 225 2 . . X cblr-1737 226 1 79 79 NUM cblr-1737 226 2 see see VERB cblr-1737 226 3 i i PRON cblr-1737 226 4 d. d. PROPN cblr-1737 226 5 at at ADP cblr-1737 226 6 para para PROPN cblr-1737 226 7 . . PUNCT cblr-1737 227 1 54 54 NUM cblr-1737 227 2 . . NUM cblr-1737 227 3 80 80 NUM cblr-1737 227 4 see see VERB cblr-1737 227 5 i i PRON cblr-1737 227 6 d. d. PROPN cblr-1737 227 7 at at ADP cblr-1737 227 8 para para PROPN cblr-1737 227 9 . . PUNCT cblr-1737 228 1 52 52 NUM cblr-1737 228 2 . . PUNCT cblr-1737 229 1 miki miki PROPN cblr-1737 229 2 – – PUNCT cblr-1737 229 3 final final ADJ cblr-1737 229 4 no no NOUN cblr-1737 229 5 . . PUNCT cblr-1737 230 1 1:252 1:252 NOUN cblr-1737 230 2 ] ] X cblr-1737 230 3 live live VERB cblr-1737 230 4 and and CCONJ cblr-1737 230 5 let let AUX cblr-1737 230 6 die die VERB cblr-1737 230 7 269 269 NUM cblr-1737 230 8 while while SCONJ cblr-1737 230 9 the the DET cblr-1737 230 10 american american PROPN cblr-1737 230 11 lcr lcr PROPN cblr-1737 230 12 is be AUX cblr-1737 230 13 similar similar ADJ cblr-1737 230 14 to to ADP cblr-1737 230 15 those those PRON cblr-1737 230 16 promulgated promulgate VERB cblr-1737 230 17 under under ADP cblr-1737 230 18 basel basel PROPN cblr-1737 230 19 iii iii PROPN cblr-1737 230 20 , , PUNCT cblr-1737 230 21 there there PRON cblr-1737 230 22 are be VERB cblr-1737 230 23 key key ADJ cblr-1737 230 24 differences difference NOUN cblr-1737 230 25 between between ADP cblr-1737 230 26 the the DET cblr-1737 230 27 basel basel PROPN cblr-1737 230 28 iii iii PROPN cblr-1737 230 29 framework framework NOUN cblr-1737 230 30 and and CCONJ cblr-1737 230 31 the the DET cblr-1737 230 32 lcr.81 lcr.81 NOUN cblr-1737 230 33 for for ADP cblr-1737 230 34 the the DET cblr-1737 230 35 purposes purpose NOUN cblr-1737 230 36 of of ADP cblr-1737 230 37 this this DET cblr-1737 230 38 note note NOUN cblr-1737 230 39 , , PUNCT cblr-1737 230 40 the the DET cblr-1737 230 41 key key ADJ cblr-1737 230 42 differences difference NOUN cblr-1737 230 43 relate relate VERB cblr-1737 230 44 to to ADP cblr-1737 230 45 the the DET cblr-1737 230 46 mix mix NOUN cblr-1737 230 47 of of ADP cblr-1737 230 48 assets asset NOUN cblr-1737 230 49 that that PRON cblr-1737 230 50 may may AUX cblr-1737 230 51 satisfy satisfy VERB cblr-1737 230 52 the the DET cblr-1737 230 53 hqla hqla PROPN cblr-1737 230 54 requirement.82 requirement.82 NOUN cblr-1737 230 55 in in ADP cblr-1737 230 56 september september PROPN cblr-1737 230 57 2014 2014 NUM cblr-1737 230 58 , , PUNCT cblr-1737 230 59 when when SCONJ cblr-1737 230 60 the the DET cblr-1737 230 61 fed fed PROPN cblr-1737 230 62 unanimously unanimously ADV cblr-1737 230 63 agreed agree VERB cblr-1737 230 64 to to ADP cblr-1737 230 65 a a DET cblr-1737 230 66 new new ADJ cblr-1737 230 67 liquidity liquidity NOUN cblr-1737 230 68 rule rule NOUN cblr-1737 230 69 requiring require VERB cblr-1737 230 70 thirty thirty NUM cblr-1737 230 71 of of ADP cblr-1737 230 72 the the DET cblr-1737 230 73 nation nation NOUN cblr-1737 230 74 ’s ’s PART cblr-1737 230 75 largest large ADJ cblr-1737 230 76 banks bank NOUN cblr-1737 230 77 to to PART cblr-1737 230 78 hold hold VERB cblr-1737 230 79 a a DET cblr-1737 230 80 combined combine VERB cblr-1737 230 81 $ $ SYM cblr-1737 230 82 100 100 NUM cblr-1737 230 83 billion billion NUM cblr-1737 230 84 more more ADJ cblr-1737 230 85 in in ADP cblr-1737 230 86 cash cash NOUN cblr-1737 230 87 or or CCONJ cblr-1737 230 88 cash cash NOUN cblr-1737 230 89 - - PUNCT cblr-1737 230 90 like like ADJ cblr-1737 230 91 assets asset NOUN cblr-1737 230 92 , , PUNCT cblr-1737 230 93 municipal municipal ADJ cblr-1737 230 94 bonds bond NOUN cblr-1737 230 95 were be AUX cblr-1737 230 96 excluded exclude VERB cblr-1737 230 97 from from ADP cblr-1737 230 98 hqla hqla PROPN cblr-1737 230 99 status.83 status.83 PROPN cblr-1737 230 100 what what PRON cblr-1737 230 101 is be AUX cblr-1737 230 102 notable notable ADJ cblr-1737 230 103 is be AUX cblr-1737 230 104 the the DET cblr-1737 230 105 treatment treatment NOUN cblr-1737 230 106 of of ADP cblr-1737 230 107 municipal municipal ADJ cblr-1737 230 108 bonds bond NOUN cblr-1737 230 109 in in ADP cblr-1737 230 110 contrast contrast NOUN cblr-1737 230 111 to to ADP cblr-1737 230 112 financial financial ADJ cblr-1737 230 113 instruments instrument NOUN cblr-1737 230 114 that that PRON cblr-1737 230 115 are be AUX cblr-1737 230 116 comparable comparable ADJ cblr-1737 230 117 : : PUNCT cblr-1737 230 118 corporate corporate ADJ cblr-1737 230 119 debt debt NOUN cblr-1737 230 120 securities security NOUN cblr-1737 230 121 may may AUX cblr-1737 230 122 qualify qualify VERB cblr-1737 230 123 as as ADP cblr-1737 230 124 level level NOUN cblr-1737 230 125 2b 2b NOUN cblr-1737 230 126 assets.84 assets.84 PROPN cblr-1737 230 127 further far ADV cblr-1737 230 128 , , PUNCT cblr-1737 230 129 bonds bond NOUN cblr-1737 230 130 issued issue VERB cblr-1737 230 131 by by ADP cblr-1737 230 132 gses gse NOUN cblr-1737 230 133 ( ( PUNCT cblr-1737 230 134 “ " PUNCT cblr-1737 230 135 gse gse ADJ cblr-1737 230 136 bonds bond NOUN cblr-1737 230 137 ” " PUNCT cblr-1737 230 138 ) ) PUNCT cblr-1737 230 139 are be AUX cblr-1737 230 140 classified classify VERB cblr-1737 230 141 as as ADP cblr-1737 230 142 level level NOUN cblr-1737 230 143 2a 2a NUM cblr-1737 230 144 assets.85 assets.85 NOUN cblr-1737 231 1 81 81 NUM cblr-1737 231 2 see see VERB cblr-1737 231 3 davis davis PROPN cblr-1737 231 4 polk polk PROPN cblr-1737 231 5 & & CCONJ cblr-1737 231 6 wardwell wardwell PROPN cblr-1737 231 7 llp llp PROPN cblr-1737 231 8 , , PUNCT cblr-1737 231 9 supra supra PROPN cblr-1737 231 10 note note PROPN cblr-1737 231 11 73 73 NUM cblr-1737 231 12 , , PUNCT cblr-1737 231 13 at at ADP cblr-1737 231 14 14 14 NUM cblr-1737 231 15 . . PUNCT cblr-1737 232 1 82 82 NUM cblr-1737 232 2 see see VERB cblr-1737 232 3 tracy tracy PROPN cblr-1737 232 4 , , PUNCT cblr-1737 232 5 supra supra PROPN cblr-1737 232 6 note note NOUN cblr-1737 232 7 13 13 NUM cblr-1737 232 8 . . SYM cblr-1737 232 9 83 83 NUM cblr-1737 232 10 see see VERB cblr-1737 232 11 i i PRON cblr-1737 232 12 d. d. PROPN cblr-1737 232 13 84 84 NUM cblr-1737 232 14 12 12 NUM cblr-1737 232 15 c.f.r c.f.r NOUN cblr-1737 232 16 . . PUNCT cblr-1737 233 1 § § PROPN cblr-1737 233 2 50.20(c)(1 50.20(c)(1 NUM cblr-1737 233 3 ) ) PUNCT cblr-1737 233 4 ( ( PUNCT cblr-1737 233 5 2015 2015 NUM cblr-1737 233 6 ) ) PUNCT cblr-1737 233 7 ; ; PUNCT cblr-1737 233 8 12 12 NUM cblr-1737 233 9 c.f.r c.f.r NOUN cblr-1737 233 10 . . PUNCT cblr-1737 234 1 § § PROPN cblr-1737 234 2 249.20(c)(1 249.20(c)(1 NUM cblr-1737 234 3 ) ) PUNCT cblr-1737 234 4 ( ( PUNCT cblr-1737 234 5 2015 2015 NUM cblr-1737 234 6 ) ) PUNCT cblr-1737 234 7 ; ; PUNCT cblr-1737 234 8 12 12 NUM cblr-1737 234 9 c.f.r c.f.r NOUN cblr-1737 234 10 . . PUNCT cblr-1737 235 1 § § PROPN cblr-1737 235 2 329.20(c)(1 329.20(c)(1 NOUN cblr-1737 235 3 ) ) PUNCT cblr-1737 235 4 ( ( PUNCT cblr-1737 235 5 2015 2015 NUM cblr-1737 235 6 ) ) PUNCT cblr-1737 235 7 . . PUNCT cblr-1737 236 1 corporate corporate ADJ cblr-1737 236 2 bonds bond NOUN cblr-1737 236 3 are be AUX cblr-1737 236 4 considered consider VERB cblr-1737 236 5 level level NOUN cblr-1737 236 6 2b 2b NUM cblr-1737 236 7 assets asset NOUN cblr-1737 236 8 if if SCONJ cblr-1737 236 9 they they PRON cblr-1737 236 10 are be AUX cblr-1737 236 11 : : PUNCT cblr-1737 236 12 ( ( PUNCT cblr-1737 236 13 i i NOUN cblr-1737 236 14 ) ) PUNCT cblr-1737 236 15 investment investment NOUN cblr-1737 236 16 grade grade NOUN cblr-1737 236 17 under under ADP cblr-1737 236 18 12 12 NUM cblr-1737 236 19 cfr cfr NOUN cblr-1737 236 20 part part NOUN cblr-1737 236 21 1 1 NUM cblr-1737 236 22 as as ADP cblr-1737 236 23 of of ADP cblr-1737 236 24 the the DET cblr-1737 236 25 calculation calculation NOUN cblr-1737 236 26 date date NOUN cblr-1737 236 27 ; ; PUNCT cblr-1737 236 28 ( ( PUNCT cblr-1737 236 29 ii ii NOUN cblr-1737 236 30 ) ) PUNCT cblr-1737 236 31 issued issue VERB cblr-1737 236 32 or or CCONJ cblr-1737 236 33 guaranteed guarantee VERB cblr-1737 236 34 by by ADP cblr-1737 236 35 an an DET cblr-1737 236 36 entity entity NOUN cblr-1737 236 37 whose whose DET cblr-1737 236 38 obligations obligation NOUN cblr-1737 236 39 have have VERB cblr-1737 236 40 a a DET cblr-1737 236 41 proven prove VERB cblr-1737 236 42 record record NOUN cblr-1737 236 43 as as ADP cblr-1737 236 44 a a DET cblr-1737 236 45 reliable reliable ADJ cblr-1737 236 46 source source NOUN cblr-1737 236 47 of of ADP cblr-1737 236 48 liquidity liquidity NOUN cblr-1737 236 49 in in ADP cblr-1737 236 50 repurchase repurchase NOUN cblr-1737 236 51 or or CCONJ cblr-1737 236 52 sales sale NOUN cblr-1737 236 53 markets market NOUN cblr-1737 236 54 during during ADP cblr-1737 236 55 stressed stress VERB cblr-1737 236 56 market market NOUN cblr-1737 236 57 conditions condition NOUN cblr-1737 236 58 , , PUNCT cblr-1737 236 59 as as SCONJ cblr-1737 236 60 demonstrated demonstrate VERB cblr-1737 236 61 by by ADP cblr-1737 236 62 : : PUNCT cblr-1737 236 63 ( ( PUNCT cblr-1737 236 64 a a X cblr-1737 236 65 ) ) PUNCT cblr-1737 236 66 the the DET cblr-1737 236 67 market market NOUN cblr-1737 236 68 price price NOUN cblr-1737 236 69 of of ADP cblr-1737 236 70 the the DET cblr-1737 236 71 corporate corporate ADJ cblr-1737 236 72 debt debt NOUN cblr-1737 236 73 security security NOUN cblr-1737 236 74 or or CCONJ cblr-1737 236 75 equivalent equivalent ADJ cblr-1737 236 76 securities security NOUN cblr-1737 236 77 of of ADP cblr-1737 236 78 the the DET cblr-1737 236 79 issuer issuer NOUN cblr-1737 236 80 declining decline VERB cblr-1737 236 81 by by ADP cblr-1737 236 82 no no DET cblr-1737 236 83 more more ADJ cblr-1737 236 84 than than ADP cblr-1737 236 85 20 20 NUM cblr-1737 236 86 percent percent NOUN cblr-1737 236 87 during during ADP cblr-1737 236 88 a a DET cblr-1737 236 89 30 30 NUM cblr-1737 236 90 calendar calendar NOUN cblr-1737 236 91 - - PUNCT cblr-1737 236 92 day day NOUN cblr-1737 236 93 period period NOUN cblr-1737 236 94 of of ADP cblr-1737 236 95 significant significant ADJ cblr-1737 236 96 stress stress NOUN cblr-1737 236 97 , , PUNCT cblr-1737 236 98 or or CCONJ cblr-1737 236 99 ( ( PUNCT cblr-1737 236 100 b b X cblr-1737 236 101 ) ) PUNCT cblr-1737 236 102 the the DET cblr-1737 236 103 market market NOUN cblr-1737 236 104 haircut haircut NOUN cblr-1737 236 105 demanded demand VERB cblr-1737 236 106 by by ADP cblr-1737 236 107 counterparties counterpartie NOUN cblr-1737 236 108 to to ADP cblr-1737 236 109 secured secure VERB cblr-1737 236 110 lending lending NOUN cblr-1737 236 111 and and CCONJ cblr-1737 236 112 secured secure VERB cblr-1737 236 113 funding funding NOUN cblr-1737 236 114 transactions transaction NOUN cblr-1737 236 115 that that PRON cblr-1737 236 116 are be AUX cblr-1737 236 117 collateralized collateralize VERB cblr-1737 236 118 by by ADP cblr-1737 236 119 the the DET cblr-1737 236 120 corporate corporate ADJ cblr-1737 236 121 debt debt NOUN cblr-1737 236 122 security security NOUN cblr-1737 236 123 or or CCONJ cblr-1737 236 124 equivalent equivalent ADJ cblr-1737 236 125 securities security NOUN cblr-1737 236 126 of of ADP cblr-1737 236 127 the the DET cblr-1737 236 128 issuer issuer NOUN cblr-1737 236 129 increasing increase VERB cblr-1737 236 130 by by ADP cblr-1737 236 131 no no DET cblr-1737 236 132 more more ADJ cblr-1737 236 133 than than ADP cblr-1737 236 134 20 20 NUM cblr-1737 236 135 percentage percentage NOUN cblr-1737 236 136 points point NOUN cblr-1737 236 137 during during ADP cblr-1737 236 138 a a DET cblr-1737 236 139 30 30 NUM cblr-1737 236 140 calendar calendar NOUN cblr-1737 236 141 - - PUNCT cblr-1737 236 142 day day NOUN cblr-1737 236 143 period period NOUN cblr-1737 236 144 of of ADP cblr-1737 236 145 significant significant ADJ cblr-1737 236 146 stress stress NOUN cblr-1737 236 147 ; ; PUNCT cblr-1737 236 148 and and CCONJ cblr-1737 236 149 ( ( PUNCT cblr-1737 236 150 iii iii NOUN cblr-1737 236 151 ) ) PUNCT cblr-1737 236 152 not not PART cblr-1737 236 153 an an DET cblr-1737 236 154 obligation obligation NOUN cblr-1737 236 155 of of ADP cblr-1737 236 156 a a DET cblr-1737 236 157 financial financial ADJ cblr-1737 236 158 sector sector NOUN cblr-1737 236 159 entity entity NOUN cblr-1737 236 160 and and CCONJ cblr-1737 236 161 not not PART cblr-1737 236 162 an an DET cblr-1737 236 163 obligation obligation NOUN cblr-1737 236 164 of of ADP cblr-1737 236 165 a a DET cblr-1737 236 166 consolidated consolidated ADJ cblr-1737 236 167 subsidiary subsidiary NOUN cblr-1737 236 168 of of ADP cblr-1737 236 169 a a DET cblr-1737 236 170 financial financial ADJ cblr-1737 236 171 sector sector NOUN cblr-1737 236 172 entity entity NOUN cblr-1737 236 173 . . PUNCT cblr-1737 237 1 i i PRON cblr-1737 237 2 d. d. PROPN cblr-1737 237 3 85 85 NUM cblr-1737 237 4 12 12 NUM cblr-1737 237 5 c.f.r c.f.r NOUN cblr-1737 237 6 . . PUNCT cblr-1737 238 1 § § PROPN cblr-1737 238 2 50.20(b)(1 50.20(b)(1 NUM cblr-1737 238 3 ) ) PUNCT cblr-1737 238 4 ( ( PUNCT cblr-1737 238 5 2015 2015 NUM cblr-1737 238 6 ) ) PUNCT cblr-1737 238 7 ; ; PUNCT cblr-1737 238 8 12 12 NUM cblr-1737 238 9 c.f.r c.f.r NOUN cblr-1737 238 10 . . PUNCT cblr-1737 239 1 § § PROPN cblr-1737 239 2 249.20(b)(1 249.20(b)(1 NOUN cblr-1737 239 3 ) ) PUNCT cblr-1737 239 4 ( ( PUNCT cblr-1737 239 5 2015 2015 NUM cblr-1737 239 6 ) ) PUNCT cblr-1737 239 7 ; ; PUNCT cblr-1737 239 8 12 12 NUM cblr-1737 239 9 c.f.r c.f.r NOUN cblr-1737 239 10 . . PUNCT cblr-1737 240 1 § § PROPN cblr-1737 240 2 329.20(b)(1 329.20(b)(1 PROPN cblr-1737 240 3 ) ) PUNCT cblr-1737 240 4 ( ( PUNCT cblr-1737 240 5 2015 2015 NUM cblr-1737 240 6 ) ) PUNCT cblr-1737 240 7 . . PUNCT cblr-1737 241 1 an an DET cblr-1737 241 2 asset asset NOUN cblr-1737 241 3 is be AUX cblr-1737 241 4 a a DET cblr-1737 241 5 level level NOUN cblr-1737 241 6 2a 2a NUM cblr-1737 241 7 liquid liquid ADJ cblr-1737 241 8 asset asset NOUN cblr-1737 241 9 if if SCONJ cblr-1737 241 10 the the DET cblr-1737 241 11 asset asset NOUN cblr-1737 241 12 is be AUX cblr-1737 241 13 liquid liquid ADJ cblr-1737 241 14 and and CCONJ cblr-1737 241 15 readily readily ADV cblr-1737 241 16 - - PUNCT cblr-1737 241 17 marketable marketable ADJ cblr-1737 241 18 and and CCONJ cblr-1737 241 19 is be AUX cblr-1737 241 20 . . PUNCT cblr-1737 241 21 . . PUNCT cblr-1737 241 22 . . PUNCT cblr-1737 242 1 [ [ X cblr-1737 242 2 a a X cblr-1737 242 3 ] ] X cblr-1737 242 4 security security NOUN cblr-1737 242 5 issued issue VERB cblr-1737 242 6 by by ADP cblr-1737 242 7 , , PUNCT cblr-1737 242 8 or or CCONJ cblr-1737 242 9 guaranteed guarantee VERB cblr-1737 242 10 as as ADP cblr-1737 242 11 to to ADP cblr-1737 242 12 the the DET cblr-1737 242 13 timely timely ADJ cblr-1737 242 14 payment payment NOUN cblr-1737 242 15 of of ADP cblr-1737 242 16 principal principal NOUN cblr-1737 242 17 and and CCONJ cblr-1737 242 18 miki miki ADJ cblr-1737 242 19 – – PUNCT cblr-1737 242 20 final final ADJ cblr-1737 242 21 270 270 NUM cblr-1737 242 22 columbia columbia PROPN cblr-1737 242 23 business business NOUN cblr-1737 242 24 law law PROPN cblr-1737 242 25 review review NOUN cblr-1737 242 26 [ [ X cblr-1737 242 27 vol vol NOUN cblr-1737 242 28 . . NOUN cblr-1737 242 29 2016 2016 NUM cblr-1737 243 1 the the DET cblr-1737 243 2 exclusion exclusion NOUN cblr-1737 243 3 of of ADP cblr-1737 243 4 municipal municipal ADJ cblr-1737 243 5 bonds bond NOUN cblr-1737 243 6 has have AUX cblr-1737 243 7 triggered trigger VERB cblr-1737 243 8 a a DET cblr-1737 243 9 wave wave NOUN cblr-1737 243 10 of of ADP cblr-1737 243 11 commentary commentary NOUN cblr-1737 243 12 from from ADP cblr-1737 243 13 academics academic NOUN cblr-1737 243 14 , , PUNCT cblr-1737 243 15 regulators regulator NOUN cblr-1737 243 16 , , PUNCT cblr-1737 243 17 politicians politician NOUN cblr-1737 243 18 , , PUNCT cblr-1737 243 19 and and CCONJ cblr-1737 243 20 the the DET cblr-1737 243 21 financial financial ADJ cblr-1737 243 22 services service NOUN cblr-1737 243 23 industry industry NOUN cblr-1737 243 24 . . PUNCT cblr-1737 244 1 supporters supporter NOUN cblr-1737 244 2 of of ADP cblr-1737 244 3 the the DET cblr-1737 244 4 exclusion exclusion NOUN cblr-1737 244 5 of of ADP cblr-1737 244 6 municipal municipal ADJ cblr-1737 244 7 bonds bond NOUN cblr-1737 244 8 from from ADP cblr-1737 244 9 hqla hqla PROPN cblr-1737 244 10 designation designation NOUN cblr-1737 244 11 contend contend VERB cblr-1737 244 12 that that SCONJ cblr-1737 244 13 municipal municipal ADJ cblr-1737 244 14 bonds bond NOUN cblr-1737 244 15 have have VERB cblr-1737 244 16 low low ADJ cblr-1737 244 17 trading trading NOUN cblr-1737 244 18 activity activity NOUN cblr-1737 244 19 , , PUNCT cblr-1737 244 20 and and CCONJ cblr-1737 244 21 that that SCONJ cblr-1737 244 22 the the DET cblr-1737 244 23 corresponding corresponding ADJ cblr-1737 244 24 lack lack NOUN cblr-1737 244 25 of of ADP cblr-1737 244 26 liquidity liquidity NOUN cblr-1737 244 27 and and CCONJ cblr-1737 244 28 the the DET cblr-1737 244 29 inability inability NOUN cblr-1737 244 30 to to PART cblr-1737 244 31 monetize monetize VERB cblr-1737 244 32 municipal municipal ADJ cblr-1737 244 33 bonds bond NOUN cblr-1737 244 34 quickly quickly ADV cblr-1737 244 35 justify justify VERB cblr-1737 244 36 their their PRON cblr-1737 244 37 exclusion.86 exclusion.86 NOUN cblr-1737 244 38 however however ADV cblr-1737 244 39 , , PUNCT cblr-1737 244 40 critics critic NOUN cblr-1737 244 41 , , PUNCT cblr-1737 244 42 including include VERB cblr-1737 244 43 sen sen PROPN cblr-1737 244 44 . . PROPN cblr-1737 244 45 charles charles PROPN cblr-1737 244 46 schumer schumer PROPN cblr-1737 244 47 ( ( PUNCT cblr-1737 244 48 d d PROPN cblr-1737 244 49 - - PUNCT cblr-1737 244 50 n.y n.y PROPN cblr-1737 244 51 . . PROPN cblr-1737 244 52 ) ) PUNCT cblr-1737 244 53 , , PUNCT cblr-1737 244 54 highlighted highlight VERB cblr-1737 244 55 the the DET cblr-1737 244 56 size size NOUN cblr-1737 244 57 and and CCONJ cblr-1737 244 58 scope scope NOUN cblr-1737 244 59 of of ADP cblr-1737 244 60 the the DET cblr-1737 244 61 municipal municipal ADJ cblr-1737 244 62 bond bond NOUN cblr-1737 244 63 market market NOUN cblr-1737 244 64 in in ADP cblr-1737 244 65 fighting fight VERB cblr-1737 244 66 for for ADP cblr-1737 244 67 its its PRON cblr-1737 244 68 inclusion.87 inclusion.87 NOUN cblr-1737 244 69 in in ADP cblr-1737 244 70 response response NOUN cblr-1737 244 71 , , PUNCT cblr-1737 244 72 federal federal PROPN cblr-1737 244 73 reserve reserve PROPN cblr-1737 244 74 board board PROPN cblr-1737 244 75 governor governor PROPN cblr-1737 244 76 daniel daniel PROPN cblr-1737 244 77 tarullo tarullo PROPN cblr-1737 244 78 left leave VERB cblr-1737 244 79 the the DET cblr-1737 244 80 door door NOUN cblr-1737 244 81 open open ADJ cblr-1737 244 82 for for ADP cblr-1737 244 83 municipal municipal ADJ cblr-1737 244 84 bonds bond NOUN cblr-1737 244 85 to to PART cblr-1737 244 86 become become VERB cblr-1737 244 87 hqla hqla PROPN cblr-1737 244 88 - - PUNCT cblr-1737 244 89 eligible,88 eligible,88 PROPN cblr-1737 244 90 and and CCONJ cblr-1737 244 91 in in ADP cblr-1737 244 92 early early ADJ cblr-1737 244 93 2015 2015 NUM cblr-1737 244 94 , , PUNCT cblr-1737 244 95 the the DET cblr-1737 244 96 fed fed PROPN cblr-1737 244 97 proposed propose VERB cblr-1737 244 98 a a DET cblr-1737 244 99 rule rule NOUN cblr-1737 244 100 that that PRON cblr-1737 244 101 would would AUX cblr-1737 244 102 amend amend VERB cblr-1737 244 103 the the DET cblr-1737 244 104 lcr lcr NOUN cblr-1737 244 105 requirement requirement NOUN cblr-1737 244 106 so so SCONJ cblr-1737 244 107 that that SCONJ cblr-1737 244 108 municipal municipal ADJ cblr-1737 244 109 bonds bond NOUN cblr-1737 244 110 would would AUX cblr-1737 244 111 be be AUX cblr-1737 244 112 treated treat VERB cblr-1737 244 113 as as ADP cblr-1737 244 114 level level NOUN cblr-1737 244 115 2b 2b NOUN cblr-1737 244 116 liquid liquid ADJ cblr-1737 244 117 assets asset NOUN cblr-1737 244 118 for for ADP cblr-1737 244 119 the the DET cblr-1737 244 120 lcr.89 lcr.89 PROPN cblr-1737 244 121 however however ADV cblr-1737 244 122 , , PUNCT cblr-1737 244 123 those those PRON cblr-1737 244 124 lobbying lobby VERB cblr-1737 244 125 for for ADP cblr-1737 244 126 more more ADV cblr-1737 244 127 favorable favorable ADJ cblr-1737 244 128 treatment treatment NOUN cblr-1737 244 129 of of ADP cblr-1737 244 130 municipal municipal ADJ cblr-1737 244 131 bonds bond NOUN cblr-1737 244 132 could could AUX cblr-1737 244 133 not not PART cblr-1737 244 134 consider consider VERB cblr-1737 244 135 interest interest NOUN cblr-1737 244 136 by by ADP cblr-1737 244 137 , , PUNCT cblr-1737 244 138 a a DET cblr-1737 244 139 u.s u.s PROPN cblr-1737 244 140 . . PROPN cblr-1737 244 141 government government NOUN cblr-1737 244 142 - - PUNCT cblr-1737 244 143 sponsored sponsor VERB cblr-1737 244 144 enterprise enterprise NOUN cblr-1737 244 145 , , PUNCT cblr-1737 244 146 that that PRON cblr-1737 244 147 is be AUX cblr-1737 244 148 investment investment NOUN cblr-1737 244 149 grade grade NOUN cblr-1737 244 150 under under ADP cblr-1737 244 151 12 12 NUM cblr-1737 244 152 cfr cfr NOUN cblr-1737 244 153 part part NOUN cblr-1737 244 154 1 1 NUM cblr-1737 244 155 as as ADP cblr-1737 244 156 of of ADP cblr-1737 244 157 the the DET cblr-1737 244 158 calculation calculation NOUN cblr-1737 244 159 date date NOUN cblr-1737 244 160 , , PUNCT cblr-1737 244 161 provided provide VERB cblr-1737 244 162 that that SCONJ cblr-1737 244 163 the the DET cblr-1737 244 164 claim claim NOUN cblr-1737 244 165 is be AUX cblr-1737 244 166 senior senior ADJ cblr-1737 244 167 to to ADP cblr-1737 244 168 preferred preferred ADJ cblr-1737 244 169 stock stock NOUN cblr-1737 244 170 . . PUNCT cblr-1737 245 1 i i PRON cblr-1737 245 2 d. d. PROPN cblr-1737 245 3 86 86 NUM cblr-1737 245 4 see see VERB cblr-1737 245 5 stephen stephen PROPN cblr-1737 245 6 j. j. PROPN cblr-1737 245 7 lubben lubben PROPN cblr-1737 245 8 , , PUNCT cblr-1737 245 9 when when SCONJ cblr-1737 245 10 debt debt NOUN cblr-1737 245 11 markets market NOUN cblr-1737 245 12 do do AUX cblr-1737 245 13 n’t not PART cblr-1737 245 14 really really ADV cblr-1737 245 15 act act VERB cblr-1737 245 16 as as ADP cblr-1737 245 17 markets market NOUN cblr-1737 245 18 , , PUNCT cblr-1737 245 19 n.y n.y PROPN cblr-1737 245 20 . . PROPN cblr-1737 245 21 times times PROPN cblr-1737 245 22 ( ( PUNCT cblr-1737 245 23 oct oct PROPN cblr-1737 245 24 . . PROPN cblr-1737 245 25 1 1 NUM cblr-1737 245 26 , , PUNCT cblr-1737 245 27 2014 2014 NUM cblr-1737 245 28 , , PUNCT cblr-1737 245 29 3:57 3:57 NUM cblr-1737 245 30 pm pm NOUN cblr-1737 245 31 ) ) PUNCT cblr-1737 245 32 , , PUNCT cblr-1737 245 33 http://dealbook.nytimes http://dealbook.nytimes PROPN cblr-1737 245 34 . . PUNCT cblr-1737 246 1 com/2014/10/01 com/2014/10/01 PUNCT cblr-1737 246 2 / / SYM cblr-1737 246 3 when when SCONJ cblr-1737 246 4 - - PUNCT cblr-1737 246 5 debt debt NOUN cblr-1737 246 6 - - PUNCT cblr-1737 246 7 markets market NOUN cblr-1737 246 8 - - PUNCT cblr-1737 246 9 dont dont ADV cblr-1737 246 10 - - PUNCT cblr-1737 246 11 really really ADV cblr-1737 246 12 - - PUNCT cblr-1737 246 13 act act NOUN cblr-1737 246 14 - - PUNCT cblr-1737 246 15 as as ADP cblr-1737 246 16 - - PUNCT cblr-1737 246 17 markets market NOUN cblr-1737 246 18 [ [ X cblr-1737 246 19 http:// http:// PROPN cblr-1737 246 20 perma.cc/2epm-ghn7 perma.cc/2epm-ghn7 NUM cblr-1737 246 21 ] ] PUNCT cblr-1737 246 22 ; ; PUNCT cblr-1737 246 23 liquidity liquidity NOUN cblr-1737 246 24 coverage coverage NOUN cblr-1737 246 25 ratio ratio NOUN cblr-1737 246 26 : : PUNCT cblr-1737 246 27 liquidity liquidity NOUN cblr-1737 246 28 risk risk NOUN cblr-1737 246 29 measurement measurement NOUN cblr-1737 246 30 standards standard NOUN cblr-1737 246 31 , , PUNCT cblr-1737 246 32 final final ADJ cblr-1737 246 33 rule rule NOUN cblr-1737 246 34 , , PUNCT cblr-1737 246 35 79 79 NUM cblr-1737 246 36 fed feed VERB cblr-1737 246 37 . . PUNCT cblr-1737 247 1 reg reg PROPN cblr-1737 247 2 . . PUNCT cblr-1737 248 1 61,440 61,440 NUM cblr-1737 248 2 , , PUNCT cblr-1737 248 3 61,444 61,444 NUM cblr-1737 248 4 , , PUNCT cblr-1737 248 5 61,462 61,462 NUM cblr-1737 248 6 ( ( PUNCT cblr-1737 248 7 oct oct PROPN cblr-1737 248 8 . . PROPN cblr-1737 248 9 10 10 NUM cblr-1737 248 10 , , PUNCT cblr-1737 248 11 2014 2014 NUM cblr-1737 248 12 ) ) PUNCT cblr-1737 248 13 ( ( PUNCT cblr-1737 248 14 to to PART cblr-1737 248 15 be be AUX cblr-1737 248 16 codified codify VERB cblr-1737 248 17 at at ADP cblr-1737 248 18 12 12 NUM cblr-1737 248 19 c.f.r c.f.r NOUN cblr-1737 248 20 . . PUNCT cblr-1737 249 1 pts pts PROPN cblr-1737 249 2 . . PROPN cblr-1737 250 1 50 50 NUM cblr-1737 250 2 , , PUNCT cblr-1737 250 3 249 249 NUM cblr-1737 250 4 , , PUNCT cblr-1737 250 5 329 329 NUM cblr-1737 250 6 ) ) PUNCT cblr-1737 250 7 . . PUNCT cblr-1737 251 1 87 87 NUM cblr-1737 251 2 see see VERB cblr-1737 251 3 letter letter NOUN cblr-1737 251 4 from from ADP cblr-1737 251 5 charles charles PROPN cblr-1737 251 6 e. e. PROPN cblr-1737 251 7 schumer schumer PROPN cblr-1737 251 8 , , PUNCT cblr-1737 251 9 u.s u.s PROPN cblr-1737 251 10 . . PROPN cblr-1737 251 11 senator senator PROPN cblr-1737 251 12 , , PUNCT cblr-1737 251 13 to to ADP cblr-1737 251 14 daniel daniel PROPN cblr-1737 251 15 tarullo tarullo PROPN cblr-1737 251 16 , , PUNCT cblr-1737 251 17 member member NOUN cblr-1737 251 18 , , PUNCT cblr-1737 251 19 bd bd PROPN cblr-1737 251 20 . . PROPN cblr-1737 251 21 of of ADP cblr-1737 251 22 governors governor NOUN cblr-1737 251 23 of of ADP cblr-1737 251 24 the the DET cblr-1737 251 25 u.s u.s PROPN cblr-1737 251 26 . . PROPN cblr-1737 251 27 fed fed PROPN cblr-1737 251 28 . . PUNCT cblr-1737 251 29 reserve reserve PROPN cblr-1737 251 30 bd bd PROPN cblr-1737 251 31 . . PROPN cblr-1737 251 32 , , PUNCT cblr-1737 251 33 thomas thomas PROPN cblr-1737 251 34 j. j. PROPN cblr-1737 251 35 curry curry PROPN cblr-1737 251 36 , , PUNCT cblr-1737 251 37 comptroller comptroller NOUN cblr-1737 251 38 of of ADP cblr-1737 251 39 the the DET cblr-1737 251 40 currency currency NOUN cblr-1737 251 41 , , PUNCT cblr-1737 251 42 and and CCONJ cblr-1737 251 43 martin martin PROPN cblr-1737 251 44 j. j. PROPN cblr-1737 251 45 gruenburg gruenburg PROPN cblr-1737 251 46 , , PUNCT cblr-1737 251 47 chairman chairman NOUN cblr-1737 251 48 , , PUNCT cblr-1737 251 49 fed fed PROPN cblr-1737 251 50 . . PUNCT cblr-1737 252 1 deposit deposit PROPN cblr-1737 252 2 ins ins PROPN cblr-1737 252 3 . . PUNCT cblr-1737 252 4 corp corp PROPN cblr-1737 252 5 . . PROPN cblr-1737 252 6 ( ( PUNCT cblr-1737 252 7 sept sept PROPN cblr-1737 252 8 . . PROPN cblr-1737 252 9 16 16 NUM cblr-1737 252 10 , , PUNCT cblr-1737 252 11 2014 2014 NUM cblr-1737 252 12 ) ) PUNCT cblr-1737 252 13 , , PUNCT cblr-1737 252 14 https://www.fdic https://www.fdic PROPN cblr-1737 252 15 . . PUNCT cblr-1737 252 16 gov gov PROPN cblr-1737 252 17 / / SYM cblr-1737 252 18 regulations regulation NOUN cblr-1737 252 19 / / SYM cblr-1737 252 20 laws law NOUN cblr-1737 252 21 / / SYM cblr-1737 252 22 federal/2013/2013 federal/2013/2013 ADJ cblr-1737 252 23 - - PUNCT cblr-1737 252 24 liquidity_coverage_ae04 liquidity_coverage_ae04 ADJ cblr-1737 252 25 - - PUNCT cblr-1737 252 26 c_97.pdf c_97.pdf PROPN cblr-1737 253 1 [ [ X cblr-1737 253 2 https://perma.cc/n6zd-acj9 https://perma.cc/n6zd-acj9 X cblr-1737 253 3 ] ] X cblr-1737 253 4 . . PUNCT cblr-1737 253 5 88 88 NUM cblr-1737 253 6 see see VERB cblr-1737 253 7 tracy tracy PROPN cblr-1737 253 8 , , PUNCT cblr-1737 253 9 supra supra PROPN cblr-1737 253 10 note note NOUN cblr-1737 253 11 13 13 NUM cblr-1737 253 12 ( ( PUNCT cblr-1737 253 13 “ " PUNCT cblr-1737 253 14 mr mr PROPN cblr-1737 253 15 . . PROPN cblr-1737 253 16 tarullo tarullo PROPN cblr-1737 253 17 said say VERB cblr-1737 253 18 staff staff NOUN cblr-1737 253 19 would would AUX cblr-1737 253 20 reconsider reconsider VERB cblr-1737 253 21 [ [ X cblr-1737 253 22 the the DET cblr-1737 253 23 treatment treatment NOUN cblr-1737 253 24 of of ADP cblr-1737 253 25 municipal municipal ADJ cblr-1737 253 26 debt debt NOUN cblr-1737 253 27 securities security NOUN cblr-1737 253 28 ] ] PUNCT cblr-1737 253 29 in in ADP cblr-1737 253 30 the the DET cblr-1737 253 31 future future NOUN cblr-1737 253 32 and and CCONJ cblr-1737 253 33 ‘ ' PUNCT cblr-1737 253 34 develop develop VERB cblr-1737 253 35 some some DET cblr-1737 253 36 criteria criterion NOUN cblr-1737 253 37 for for ADP cblr-1737 253 38 determining determine VERB cblr-1737 253 39 which which PRON cblr-1737 253 40 such such ADJ cblr-1737 253 41 bonds bond NOUN cblr-1737 253 42 fall fall VERB cblr-1737 253 43 into into ADP cblr-1737 253 44 [ [ X cblr-1737 253 45 the the DET cblr-1737 253 46 hqla hqla ADJ cblr-1737 253 47 ] ] X cblr-1737 253 48 category category NOUN cblr-1737 253 49 and and CCONJ cblr-1737 253 50 thus thus ADV cblr-1737 253 51 might might AUX cblr-1737 253 52 be be AUX cblr-1737 253 53 considered consider VERB cblr-1737 253 54 for for ADP cblr-1737 253 55 inclusion inclusion NOUN cblr-1737 253 56 ’ ' PUNCT cblr-1737 253 57 as as ADP cblr-1737 253 58 a a DET cblr-1737 253 59 high high ADJ cblr-1737 253 60 - - PUNCT cblr-1737 253 61 quality quality NOUN cblr-1737 253 62 liquid liquid ADJ cblr-1737 253 63 asset asset NOUN cblr-1737 253 64 . . PUNCT cblr-1737 253 65 ” " PUNCT cblr-1737 253 66 ) ) PUNCT cblr-1737 253 67 . . PUNCT cblr-1737 254 1 89 89 NUM cblr-1737 254 2 see see VERB cblr-1737 254 3 liquidity liquidity NOUN cblr-1737 254 4 coverage coverage NOUN cblr-1737 254 5 ratio ratio NOUN cblr-1737 254 6 : : PUNCT cblr-1737 254 7 treatment treatment NOUN cblr-1737 254 8 of of ADP cblr-1737 254 9 u.s u.s PROPN cblr-1737 254 10 . . PROPN cblr-1737 254 11 municipal municipal ADJ cblr-1737 254 12 securities security NOUN cblr-1737 254 13 as as ADP cblr-1737 254 14 high high ADJ cblr-1737 254 15 - - PUNCT cblr-1737 254 16 quality quality NOUN cblr-1737 254 17 liquid liquid ADJ cblr-1737 254 18 assets asset NOUN cblr-1737 254 19 , , PUNCT cblr-1737 254 20 80 80 NUM cblr-1737 254 21 fed feed VERB cblr-1737 254 22 . . PUNCT cblr-1737 255 1 reg reg PROPN cblr-1737 255 2 . . PROPN cblr-1737 255 3 30,383 30,383 NUM cblr-1737 255 4 , , PUNCT cblr-1737 255 5 30,385 30,385 NUM cblr-1737 255 6 ( ( PUNCT cblr-1737 255 7 proposed propose VERB cblr-1737 255 8 may may PROPN cblr-1737 255 9 28 28 NUM cblr-1737 255 10 , , PUNCT cblr-1737 255 11 2015 2015 NUM cblr-1737 255 12 ) ) PUNCT cblr-1737 255 13 ( ( PUNCT cblr-1737 255 14 to to PART cblr-1737 255 15 be be AUX cblr-1737 255 16 codified codify VERB cblr-1737 255 17 at at ADP cblr-1737 255 18 12 12 NUM cblr-1737 255 19 c.f.r c.f.r NOUN cblr-1737 255 20 . . PUNCT cblr-1737 256 1 pt pt PROPN cblr-1737 256 2 . . PROPN cblr-1737 256 3 249 249 NUM cblr-1737 256 4 ) ) PUNCT cblr-1737 256 5 . . PUNCT cblr-1737 257 1 miki miki PROPN cblr-1737 257 2 – – PUNCT cblr-1737 257 3 final final ADJ cblr-1737 257 4 no no NOUN cblr-1737 257 5 . . PUNCT cblr-1737 258 1 1:252 1:252 NOUN cblr-1737 258 2 ] ] X cblr-1737 258 3 live live VERB cblr-1737 258 4 and and CCONJ cblr-1737 258 5 let let AUX cblr-1737 258 6 die die VERB cblr-1737 258 7 271 271 NUM cblr-1737 258 8 the the DET cblr-1737 258 9 fed fed PROPN cblr-1737 258 10 proposed propose VERB cblr-1737 258 11 rule rule VERB cblr-1737 258 12 a a DET cblr-1737 258 13 victory victory NOUN cblr-1737 258 14 . . PUNCT cblr-1737 259 1 under under ADP cblr-1737 259 2 the the DET cblr-1737 259 3 proposal proposal NOUN cblr-1737 259 4 , , PUNCT cblr-1737 259 5 level level ADJ cblr-1737 259 6 2b 2b NUM cblr-1737 259 7 assets asset NOUN cblr-1737 259 8 could could AUX cblr-1737 259 9 not not PART cblr-1737 259 10 account account VERB cblr-1737 259 11 for for ADP cblr-1737 259 12 more more ADJ cblr-1737 259 13 than than ADP cblr-1737 259 14 fifteen fifteen NUM cblr-1737 259 15 percent percent NOUN cblr-1737 259 16 of of ADP cblr-1737 259 17 the the DET cblr-1737 259 18 total total ADJ cblr-1737 259 19 hqla hqla PROPN cblr-1737 259 20 amount amount NOUN cblr-1737 259 21 , , PUNCT cblr-1737 259 22 and and CCONJ cblr-1737 259 23 the the DET cblr-1737 259 24 fed fed PROPN cblr-1737 259 25 would would AUX cblr-1737 259 26 also also ADV cblr-1737 259 27 cap cap VERB cblr-1737 259 28 the the DET cblr-1737 259 29 amount amount NOUN cblr-1737 259 30 of of ADP cblr-1737 259 31 hqlas hqla NOUN cblr-1737 259 32 that that SCONJ cblr-1737 259 33 an an DET cblr-1737 259 34 institution institution NOUN cblr-1737 259 35 could could AUX cblr-1737 259 36 hold hold VERB cblr-1737 259 37 via via ADP cblr-1737 259 38 municipal municipal ADJ cblr-1737 259 39 bonds bond NOUN cblr-1737 259 40 at at ADP cblr-1737 259 41 five five NUM cblr-1737 259 42 percent.90 percent.90 ADV cblr-1737 259 43 more more ADV cblr-1737 259 44 importantly importantly ADV cblr-1737 259 45 , , PUNCT cblr-1737 259 46 the the DET cblr-1737 259 47 occ occ NOUN cblr-1737 259 48 and and CCONJ cblr-1737 259 49 the the DET cblr-1737 259 50 fdic fdic PROPN cblr-1737 259 51 did do AUX cblr-1737 259 52 not not PART cblr-1737 259 53 follow follow VERB cblr-1737 259 54 suit suit NOUN cblr-1737 259 55 in in ADP cblr-1737 259 56 proposing propose VERB cblr-1737 259 57 a a DET cblr-1737 259 58 similar similar ADJ cblr-1737 259 59 position position NOUN cblr-1737 259 60 as as ADP cblr-1737 259 61 the the DET cblr-1737 259 62 fed.91 fed.91 PROPN cblr-1737 259 63 the the DET cblr-1737 259 64 occ occ NOUN cblr-1737 259 65 indicated indicate VERB cblr-1737 259 66 that that SCONJ cblr-1737 259 67 it it PRON cblr-1737 259 68 is be AUX cblr-1737 259 69 not not PART cblr-1737 259 70 convinced convince VERB cblr-1737 259 71 that that SCONJ cblr-1737 259 72 municipal municipal ADJ cblr-1737 259 73 bonds bond NOUN cblr-1737 259 74 can can AUX cblr-1737 259 75 be be AUX cblr-1737 259 76 easily easily ADV cblr-1737 259 77 traded trade VERB cblr-1737 259 78 , , PUNCT cblr-1737 259 79 while while SCONJ cblr-1737 259 80 the the DET cblr-1737 259 81 fdic fdic PROPN cblr-1737 259 82 ’s ’s PART cblr-1737 259 83 position position NOUN cblr-1737 259 84 remains remain VERB cblr-1737 259 85 unclear.92 unclear.92 ADJ cblr-1737 259 86 as as ADP cblr-1737 259 87 the the DET cblr-1737 259 88 primary primary ADJ cblr-1737 259 89 regulator regulator NOUN cblr-1737 259 90 for for ADP cblr-1737 259 91 many many ADJ cblr-1737 259 92 large large ADJ cblr-1737 259 93 institutions institution NOUN cblr-1737 259 94 capable capable ADJ cblr-1737 259 95 of of ADP cblr-1737 259 96 impacting impact VERB cblr-1737 259 97 market market NOUN cblr-1737 259 98 liquidity liquidity NOUN cblr-1737 259 99 , , PUNCT cblr-1737 259 100 the the DET cblr-1737 259 101 occ occ NOUN cblr-1737 259 102 ’s ’s PART cblr-1737 259 103 lack lack NOUN cblr-1737 259 104 of of ADP cblr-1737 259 105 willingness willingness NOUN cblr-1737 259 106 to to PART cblr-1737 259 107 change change VERB cblr-1737 259 108 its its PRON cblr-1737 259 109 lcr lcr NOUN cblr-1737 259 110 requirements requirement NOUN cblr-1737 259 111 is be AUX cblr-1737 259 112 concerning concern VERB cblr-1737 259 113 . . PUNCT cblr-1737 260 1 of of ADP cblr-1737 260 2 the the DET cblr-1737 260 3 top top ADJ cblr-1737 260 4 nine nine NUM cblr-1737 260 5 holders holder NOUN cblr-1737 260 6 of of ADP cblr-1737 260 7 municipal municipal ADJ cblr-1737 260 8 bonds bond NOUN cblr-1737 260 9 in in ADP cblr-1737 260 10 the the DET cblr-1737 260 11 country country NOUN cblr-1737 260 12 , , PUNCT cblr-1737 260 13 seven seven NUM cblr-1737 260 14 are be AUX cblr-1737 260 15 regulated regulate VERB cblr-1737 260 16 by by ADP cblr-1737 260 17 the the DET cblr-1737 260 18 occ occ NOUN cblr-1737 260 19 , , PUNCT cblr-1737 260 20 although although SCONJ cblr-1737 260 21 the the DET cblr-1737 260 22 bank bank NOUN cblr-1737 260 23 of of ADP cblr-1737 260 24 new new PROPN cblr-1737 260 25 york york PROPN cblr-1737 260 26 mellon mellon PROPN cblr-1737 260 27 and and CCONJ cblr-1737 260 28 state state PROPN cblr-1737 260 29 street street PROPN cblr-1737 260 30 bank bank PROPN cblr-1737 260 31 & & CCONJ cblr-1737 260 32 trust trust PROPN cblr-1737 260 33 are be AUX cblr-1737 260 34 notable notable ADJ cblr-1737 260 35 exceptions.93 exceptions.93 NOUN cblr-1737 260 36 lawmakers lawmaker NOUN cblr-1737 260 37 have have AUX cblr-1737 260 38 attempted attempt VERB cblr-1737 260 39 to to PART cblr-1737 260 40 take take VERB cblr-1737 260 41 matters matter NOUN cblr-1737 260 42 into into ADP cblr-1737 260 43 their their PRON cblr-1737 260 44 own own ADJ cblr-1737 260 45 hands hand NOUN cblr-1737 260 46 ; ; PUNCT cblr-1737 260 47 a a DET cblr-1737 260 48 bipartisan bipartisan ADJ cblr-1737 260 49 coalition coalition NOUN cblr-1737 260 50 of of ADP cblr-1737 260 51 members member NOUN cblr-1737 260 52 of of ADP cblr-1737 260 53 the the DET cblr-1737 260 54 house house PROPN cblr-1737 260 55 financial financial PROPN cblr-1737 260 56 services services PROPN cblr-1737 260 57 committee committee PROPN cblr-1737 260 58 , , PUNCT cblr-1737 260 59 led lead VERB cblr-1737 260 60 by by ADP cblr-1737 260 61 rep rep PROPN cblr-1737 260 62 . . PROPN cblr-1737 260 63 luke luke PROPN cblr-1737 260 64 messer messer PROPN cblr-1737 260 65 ( ( PUNCT cblr-1737 260 66 r r NOUN cblr-1737 260 67 - - NOUN cblr-1737 260 68 ind ind NOUN cblr-1737 260 69 . . PUNCT cblr-1737 260 70 ) ) PUNCT cblr-1737 260 71 , , PUNCT cblr-1737 260 72 have have AUX cblr-1737 260 73 proposed propose VERB cblr-1737 260 74 h.r h.r PROPN cblr-1737 260 75 . . PROPN cblr-1737 260 76 2209 2209 NUM cblr-1737 260 77 , , PUNCT cblr-1737 260 78 which which PRON cblr-1737 260 79 would would AUX cblr-1737 260 80 require require VERB cblr-1737 260 81 that that SCONJ cblr-1737 260 82 the the DET cblr-1737 260 83 lcr lcr NOUN cblr-1737 260 84 rule rule NOUN cblr-1737 260 85 treat treat NOUN cblr-1737 260 86 investment investment NOUN cblr-1737 260 87 grade grade NOUN cblr-1737 260 88 municipal municipal ADJ cblr-1737 260 89 bonds bond NOUN cblr-1737 260 90 actively actively ADV cblr-1737 260 91 traded trade VERB cblr-1737 260 92 in in ADP cblr-1737 260 93 the the DET cblr-1737 260 94 secondary secondary ADJ cblr-1737 260 95 market market NOUN cblr-1737 260 96 as as ADP cblr-1737 260 97 level level NOUN cblr-1737 260 98 2a 2a NUM cblr-1737 260 99 assets asset NOUN cblr-1737 260 100 , , PUNCT cblr-1737 260 101 the the DET cblr-1737 260 102 same same ADJ cblr-1737 260 103 tier tier NOUN cblr-1737 260 104 as as ADP cblr-1737 260 105 claims claim NOUN cblr-1737 260 106 on on ADP cblr-1737 260 107 gses.94 gses.94 PROPN cblr-1737 260 108 b. b. PROPN cblr-1737 260 109 the the DET cblr-1737 260 110 volcker volcker PROPN cblr-1737 260 111 rule rule VERB cblr-1737 260 112 the the DET cblr-1737 260 113 volcker volcker NOUN cblr-1737 260 114 rule rule NOUN cblr-1737 260 115 , , PUNCT cblr-1737 260 116 enacted enact VERB cblr-1737 260 117 in in ADP cblr-1737 260 118 section section NOUN cblr-1737 260 119 619 619 NUM cblr-1737 260 120 of of ADP cblr-1737 260 121 the the DET cblr-1737 260 122 doddfrank doddfrank PROPN cblr-1737 260 123 act act PROPN cblr-1737 260 124 , , PUNCT cblr-1737 260 125 added add VERB cblr-1737 260 126 section section NOUN cblr-1737 260 127 13 13 NUM cblr-1737 260 128 to to ADP cblr-1737 260 129 the the DET cblr-1737 260 130 bank bank NOUN cblr-1737 260 131 holding hold VERB cblr-1737 260 132 company company NOUN cblr-1737 260 133 act act NOUN cblr-1737 260 134 , , PUNCT cblr-1737 260 135 which which PRON cblr-1737 260 136 regulates regulate VERB cblr-1737 260 137 the the DET cblr-1737 260 138 actions action NOUN cblr-1737 260 139 of of ADP cblr-1737 260 140 bank bank NOUN cblr-1737 260 141 holding hold VERB cblr-1737 260 142 companies.95 companies.95 NOUN cblr-1737 260 143 90 90 NUM cblr-1737 260 144 see see VERB cblr-1737 260 145 i i PRON cblr-1737 260 146 d. d. PROPN cblr-1737 260 147 at at ADP cblr-1737 260 148 30,387 30,387 NUM cblr-1737 260 149 . . PUNCT cblr-1737 261 1 91 91 NUM cblr-1737 261 2 see see VERB cblr-1737 261 3 ackerman ackerman PROPN cblr-1737 261 4 & & CCONJ cblr-1737 261 5 mcgrane mcgrane PROPN cblr-1737 261 6 , , PUNCT cblr-1737 261 7 supra supra PROPN cblr-1737 261 8 note note PROPN cblr-1737 261 9 15 15 NUM cblr-1737 261 10 ( ( PUNCT cblr-1737 261 11 “ " PUNCT cblr-1737 261 12 the the DET cblr-1737 261 13 other other ADJ cblr-1737 261 14 two two NUM cblr-1737 261 15 regulators regulator NOUN cblr-1737 261 16 , , PUNCT cblr-1737 261 17 the the DET cblr-1737 261 18 [ [ X cblr-1737 261 19 occ occ X cblr-1737 261 20 ] ] X cblr-1737 261 21 and and CCONJ cblr-1737 261 22 the the DET cblr-1737 261 23 [ [ X cblr-1737 261 24 fdic fdic PROPN cblr-1737 261 25 ] ] X cblr-1737 261 26 , , PUNCT cblr-1737 261 27 currently currently ADV cblr-1737 261 28 do do AUX cblr-1737 261 29 n’t not PART cblr-1737 261 30 plan plan VERB cblr-1737 261 31 to to PART cblr-1737 261 32 follow follow VERB cblr-1737 261 33 the the DET cblr-1737 261 34 fed fed PROPN cblr-1737 261 35 , , PUNCT cblr-1737 261 36 people people NOUN cblr-1737 261 37 with with ADP cblr-1737 261 38 knowledge knowledge NOUN cblr-1737 261 39 of of ADP cblr-1737 261 40 those those DET cblr-1737 261 41 agencies agency NOUN cblr-1737 261 42 said say VERB cblr-1737 261 43 . . PUNCT cblr-1737 261 44 ” " PUNCT cblr-1737 261 45 ) ) PUNCT cblr-1737 261 46 . . PUNCT cblr-1737 262 1 92 92 NUM cblr-1737 262 2 see see VERB cblr-1737 262 3 i i PRON cblr-1737 262 4 d. d. PROPN cblr-1737 262 5 93 93 NUM cblr-1737 262 6 see see VERB cblr-1737 262 7 kyle kyle NOUN cblr-1737 262 8 glazier glazier PROPN cblr-1737 262 9 , , PUNCT cblr-1737 262 10 fed fed PROPN cblr-1737 262 11 : : PUNCT cblr-1737 262 12 muni muni PROPN cblr-1737 262 13 hqla hqla PROPN cblr-1737 262 14 gets get VERB cblr-1737 262 15 a a DET cblr-1737 262 16 proposal proposal NOUN cblr-1737 262 17 , , PUNCT cblr-1737 262 18 the the DET cblr-1737 262 19 bond bond NOUN cblr-1737 262 20 buyer buyer NOUN cblr-1737 262 21 , , PUNCT cblr-1737 262 22 may may AUX cblr-1737 262 23 22 22 NUM cblr-1737 262 24 , , PUNCT cblr-1737 262 25 2015 2015 NUM cblr-1737 262 26 , , PUNCT cblr-1737 262 27 at at ADP cblr-1737 262 28 1 1 NUM cblr-1737 262 29 , , PUNCT cblr-1737 262 30 3 3 NUM cblr-1737 262 31 ; ; PUNCT cblr-1737 262 32 ackerman ackerman PROPN cblr-1737 262 33 & & CCONJ cblr-1737 262 34 mcgrane mcgrane PROPN cblr-1737 262 35 , , PUNCT cblr-1737 262 36 supra supra PROPN cblr-1737 262 37 note note NOUN cblr-1737 262 38 15 15 NUM cblr-1737 262 39 . . PUNCT cblr-1737 262 40 94 94 NUM cblr-1737 263 1 h.r h.r PROPN cblr-1737 263 2 . . PROPN cblr-1737 263 3 2209 2209 NUM cblr-1737 263 4 , , PUNCT cblr-1737 263 5 114th 114th PROPN cblr-1737 263 6 cong cong NOUN cblr-1737 263 7 . . PUNCT cblr-1737 264 1 ( ( PUNCT cblr-1737 264 2 2015 2015 NUM cblr-1737 264 3 ) ) PUNCT cblr-1737 264 4 ( ( PUNCT cblr-1737 264 5 “ " PUNCT cblr-1737 264 6 to to PART cblr-1737 264 7 require require VERB cblr-1737 264 8 the the DET cblr-1737 264 9 appropriate appropriate ADJ cblr-1737 264 10 federal federal ADJ cblr-1737 264 11 banking banking NOUN cblr-1737 264 12 agencies agency NOUN cblr-1737 264 13 to to PART cblr-1737 264 14 treat treat VERB cblr-1737 264 15 certain certain ADJ cblr-1737 264 16 municipal municipal ADJ cblr-1737 264 17 obligations obligation NOUN cblr-1737 264 18 as as ADP cblr-1737 264 19 level level NOUN cblr-1737 264 20 2a 2a NUM cblr-1737 264 21 liquid liquid ADJ cblr-1737 264 22 assets asset NOUN cblr-1737 264 23 , , PUNCT cblr-1737 264 24 and and CCONJ cblr-1737 264 25 for for ADP cblr-1737 264 26 other other ADJ cblr-1737 264 27 purposes purpose NOUN cblr-1737 264 28 . . PUNCT cblr-1737 264 29 ” " PUNCT cblr-1737 264 30 ) ) PUNCT cblr-1737 264 31 . . PUNCT cblr-1737 265 1 95 95 NUM cblr-1737 265 2 see see VERB cblr-1737 265 3 hearing hear VERB cblr-1737 265 4 on on ADP cblr-1737 265 5 the the DET cblr-1737 265 6 impact impact NOUN cblr-1737 265 7 of of ADP cblr-1737 265 8 the the DET cblr-1737 265 9 dodd dodd PROPN cblr-1737 265 10 - - PUNCT cblr-1737 265 11 frank frank PROPN cblr-1737 265 12 act act NOUN cblr-1737 265 13 on on ADP cblr-1737 265 14 municipal municipal ADJ cblr-1737 265 15 finance finance NOUN cblr-1737 265 16 : : PUNCT cblr-1737 265 17 hearing hear VERB cblr-1737 265 18 before before ADP cblr-1737 265 19 the the DET cblr-1737 265 20 h. h. PROPN cblr-1737 265 21 subcomm subcomm PROPN cblr-1737 265 22 . . PUNCT cblr-1737 266 1 on on ADP cblr-1737 266 2 capital capital NOUN cblr-1737 266 3 mkts mkts NOUN cblr-1737 266 4 . . PUNCT cblr-1737 267 1 and and CCONJ cblr-1737 267 2 gov’t gov’t NUM cblr-1737 267 3 miki miki ADJ cblr-1737 267 4 – – PUNCT cblr-1737 267 5 final final ADJ cblr-1737 267 6 272 272 NUM cblr-1737 267 7 columbia columbia PROPN cblr-1737 267 8 business business NOUN cblr-1737 267 9 law law PROPN cblr-1737 267 10 review review NOUN cblr-1737 268 1 [ [ X cblr-1737 268 2 vol vol NOUN cblr-1737 268 3 . . NOUN cblr-1737 268 4 2016 2016 NUM cblr-1737 268 5 the the DET cblr-1737 268 6 volcker volcker NOUN cblr-1737 268 7 rule rule NOUN cblr-1737 268 8 has have VERB cblr-1737 268 9 two two NUM cblr-1737 268 10 primary primary ADJ cblr-1737 268 11 objectives objective NOUN cblr-1737 268 12 : : PUNCT cblr-1737 268 13 preventing prevent VERB cblr-1737 268 14 banks bank NOUN cblr-1737 268 15 from from ADP cblr-1737 268 16 engaging engage VERB cblr-1737 268 17 in in ADP cblr-1737 268 18 proprietary proprietary ADJ cblr-1737 268 19 trading trading NOUN cblr-1737 268 20 in in ADP cblr-1737 268 21 certain certain ADJ cblr-1737 268 22 classes class NOUN cblr-1737 268 23 of of ADP cblr-1737 268 24 securities security NOUN cblr-1737 268 25 , , PUNCT cblr-1737 268 26 and and CCONJ cblr-1737 268 27 preventing prevent VERB cblr-1737 268 28 banks bank NOUN cblr-1737 268 29 from from ADP cblr-1737 268 30 making make VERB cblr-1737 268 31 certain certain ADJ cblr-1737 268 32 risky risky ADJ cblr-1737 268 33 investments investment NOUN cblr-1737 268 34 in in ADP cblr-1737 268 35 those those DET cblr-1737 268 36 hedge hedge NOUN cblr-1737 268 37 funds fund NOUN cblr-1737 268 38 and and CCONJ cblr-1737 268 39 private private ADJ cblr-1737 268 40 equity equity NOUN cblr-1737 268 41 funds fund NOUN cblr-1737 268 42 defined define VERB cblr-1737 268 43 under under ADP cblr-1737 268 44 the the DET cblr-1737 268 45 rule rule NOUN cblr-1737 268 46 as as ADP cblr-1737 268 47 “ " PUNCT cblr-1737 268 48 covered covered ADJ cblr-1737 268 49 funds fund NOUN cblr-1737 268 50 . . PUNCT cblr-1737 269 1 ”96 ”96 ADV cblr-1737 269 2 there there PRON cblr-1737 269 3 were be VERB cblr-1737 269 4 concerns concern NOUN cblr-1737 269 5 based base VERB cblr-1737 269 6 on on ADP cblr-1737 269 7 regulators regulator NOUN cblr-1737 269 8 ’ ' PUNCT cblr-1737 269 9 proposed propose VERB cblr-1737 269 10 regulation regulation NOUN cblr-1737 269 11 that that SCONJ cblr-1737 269 12 financial financial ADJ cblr-1737 269 13 institutions institution NOUN cblr-1737 269 14 subject subject ADJ cblr-1737 269 15 to to ADP cblr-1737 269 16 the the DET cblr-1737 269 17 volcker volcker NOUN cblr-1737 269 18 rule rule NOUN cblr-1737 269 19 would would AUX cblr-1737 269 20 have have VERB cblr-1737 269 21 to to PART cblr-1737 269 22 ( ( PUNCT cblr-1737 269 23 a a PRON cblr-1737 269 24 ) ) PUNCT cblr-1737 269 25 suspend suspend VERB cblr-1737 269 26 secondary secondary ADJ cblr-1737 269 27 trading trading NOUN cblr-1737 269 28 in in ADP cblr-1737 269 29 at at ADP cblr-1737 269 30 least least ADJ cblr-1737 269 31 some some PRON cblr-1737 269 32 category category NOUN cblr-1737 269 33 of of ADP cblr-1737 269 34 municipal municipal ADJ cblr-1737 269 35 bonds bond NOUN cblr-1737 269 36 and and CCONJ cblr-1737 269 37 ( ( PUNCT cblr-1737 269 38 b b NOUN cblr-1737 269 39 ) ) PUNCT cblr-1737 269 40 refrain refrain VERB cblr-1737 269 41 from from ADP cblr-1737 269 42 acquiring acquire VERB cblr-1737 269 43 or or CCONJ cblr-1737 269 44 retaining retain VERB cblr-1737 269 45 an an DET cblr-1737 269 46 ownership ownership NOUN cblr-1737 269 47 interest interest NOUN cblr-1737 269 48 , , PUNCT cblr-1737 269 49 or or CCONJ cblr-1737 269 50 sponsoring sponsor VERB cblr-1737 269 51 tobs.97 tobs.97 NOUN cblr-1737 269 52 the the DET cblr-1737 269 53 former former ADJ cblr-1737 269 54 concern concern NOUN cblr-1737 269 55 was be AUX cblr-1737 269 56 resolved resolve VERB cblr-1737 269 57 in in ADP cblr-1737 269 58 favor favor NOUN cblr-1737 269 59 of of ADP cblr-1737 269 60 financial financial ADJ cblr-1737 269 61 institutions institution NOUN cblr-1737 269 62 and and CCONJ cblr-1737 269 63 municipalities municipality NOUN cblr-1737 269 64 , , PUNCT cblr-1737 269 65 as as SCONJ cblr-1737 269 66 all all DET cblr-1737 269 67 municipal municipal ADJ cblr-1737 269 68 bonds bond NOUN cblr-1737 269 69 are be AUX cblr-1737 269 70 eligible eligible ADJ cblr-1737 269 71 for for ADP cblr-1737 269 72 proprietary proprietary ADJ cblr-1737 269 73 trading trading NOUN cblr-1737 269 74 under under ADP cblr-1737 269 75 the the DET cblr-1737 269 76 final final ADJ cblr-1737 269 77 volcker volcker NOUN cblr-1737 269 78 rule.98 rule.98 PROPN cblr-1737 269 79 this this DET cblr-1737 269 80 note note NOUN cblr-1737 269 81 focuses focus VERB cblr-1737 269 82 on on ADP cblr-1737 269 83 why why SCONJ cblr-1737 269 84 the the DET cblr-1737 269 85 latter latter ADJ cblr-1737 269 86 should should AUX cblr-1737 269 87 be be AUX cblr-1737 269 88 sponsored sponsor VERB cblr-1737 269 89 enters enter NOUN cblr-1737 269 90 . . PUNCT cblr-1737 270 1 of of ADP cblr-1737 270 2 the the DET cblr-1737 270 3 h. h. PROPN cblr-1737 270 4 comm comm NOUN cblr-1737 270 5 . . PUNCT cblr-1737 271 1 on on ADP cblr-1737 271 2 fin fin NOUN cblr-1737 271 3 . . PUNCT cblr-1737 272 1 servs servs PROPN cblr-1737 272 2 . . PROPN cblr-1737 272 3 , , PUNCT cblr-1737 272 4 112th 112th PROPN cblr-1737 272 5 cong cong NOUN cblr-1737 272 6 . . PUNCT cblr-1737 273 1 71 71 NUM cblr-1737 273 2 ( ( PUNCT cblr-1737 273 3 2012 2012 NUM cblr-1737 273 4 ) ) PUNCT cblr-1737 273 5 ( ( PUNCT cblr-1737 273 6 statement statement NOUN cblr-1737 273 7 of of ADP cblr-1737 273 8 kenneth kenneth PROPN cblr-1737 273 9 gibbs gibbs PROPN cblr-1737 273 10 , , PUNCT cblr-1737 273 11 member member NOUN cblr-1737 273 12 , , PUNCT cblr-1737 273 13 board board NOUN cblr-1737 273 14 of of ADP cblr-1737 273 15 directors director NOUN cblr-1737 273 16 and and CCONJ cblr-1737 273 17 chair chair NOUN cblr-1737 273 18 , , PUNCT cblr-1737 273 19 municipal municipal ADJ cblr-1737 273 20 securities security NOUN cblr-1737 273 21 division division NOUN cblr-1737 273 22 , , PUNCT cblr-1737 273 23 securities security NOUN cblr-1737 273 24 industry industry NOUN cblr-1737 273 25 and and CCONJ cblr-1737 273 26 financial financial ADJ cblr-1737 273 27 markets market NOUN cblr-1737 273 28 association association NOUN cblr-1737 273 29 ) ) PUNCT cblr-1737 273 30 . . PUNCT cblr-1737 274 1 96 96 NUM cblr-1737 274 2 see see VERB cblr-1737 274 3 hicks hick NOUN cblr-1737 274 4 , , PUNCT cblr-1737 274 5 supra supra PROPN cblr-1737 274 6 note note PROPN cblr-1737 274 7 1 1 NUM cblr-1737 274 8 , , PUNCT cblr-1737 274 9 at at ADP cblr-1737 274 10 2 2 NUM cblr-1737 274 11 ; ; PUNCT cblr-1737 274 12 see see VERB cblr-1737 274 13 prohibitions prohibition NOUN cblr-1737 274 14 and and CCONJ cblr-1737 274 15 restrictions restriction NOUN cblr-1737 274 16 on on ADP cblr-1737 274 17 proprietary proprietary ADJ cblr-1737 274 18 trading trading NOUN cblr-1737 274 19 and and CCONJ cblr-1737 274 20 certain certain ADJ cblr-1737 274 21 interests interest NOUN cblr-1737 274 22 in in ADP cblr-1737 274 23 , , PUNCT cblr-1737 274 24 and and CCONJ cblr-1737 274 25 relationships relationship NOUN cblr-1737 274 26 with with ADP cblr-1737 274 27 , , PUNCT cblr-1737 274 28 hedge hedge NOUN cblr-1737 274 29 funds fund NOUN cblr-1737 274 30 and and CCONJ cblr-1737 274 31 private private ADJ cblr-1737 274 32 equity equity NOUN cblr-1737 274 33 funds fund NOUN cblr-1737 274 34 , , PUNCT cblr-1737 274 35 79 79 NUM cblr-1737 274 36 fed feed VERB cblr-1737 274 37 . . PUNCT cblr-1737 275 1 reg reg PROPN cblr-1737 275 2 . . PUNCT cblr-1737 276 1 5536 5536 NUM cblr-1737 276 2 , , PUNCT cblr-1737 276 3 5668 5668 NUM cblr-1737 276 4 ( ( PUNCT cblr-1737 276 5 jan jan PROPN cblr-1737 276 6 . . PROPN cblr-1737 276 7 31 31 NUM cblr-1737 276 8 , , PUNCT cblr-1737 276 9 2014 2014 NUM cblr-1737 276 10 ) ) PUNCT cblr-1737 276 11 ( ( PUNCT cblr-1737 276 12 to to PART cblr-1737 276 13 be be AUX cblr-1737 276 14 codified codify VERB cblr-1737 276 15 at at ADP cblr-1737 276 16 12 12 NUM cblr-1737 276 17 c.f.r c.f.r NOUN cblr-1737 276 18 . . PUNCT cblr-1737 277 1 pts pts PROPN cblr-1737 277 2 . . PROPN cblr-1737 277 3 44 44 NUM cblr-1737 277 4 , , PUNCT cblr-1737 277 5 248 248 NUM cblr-1737 277 6 , , PUNCT cblr-1737 277 7 351 351 NUM cblr-1737 277 8 , , PUNCT cblr-1737 277 9 17 17 NUM cblr-1737 277 10 c.f.r c.f.r NOUN cblr-1737 277 11 . . PUNCT cblr-1737 278 1 pt pt PROPN cblr-1737 278 2 . . PROPN cblr-1737 278 3 255 255 NUM cblr-1737 278 4 ) ) PUNCT cblr-1737 278 5 ( ( PUNCT cblr-1737 278 6 describing describe VERB cblr-1737 278 7 the the DET cblr-1737 278 8 statutory statutory PROPN cblr-1737 278 9 volcker volcker PROPN cblr-1737 278 10 rule rule NOUN cblr-1737 278 11 codified codify VERB cblr-1737 278 12 at at ADP cblr-1737 278 13 12 12 NUM cblr-1737 278 14 u.s.c u.s.c ADJ cblr-1737 278 15 . . PUNCT cblr-1737 279 1 § § PROPN cblr-1737 279 2 1851 1851 NUM cblr-1737 279 3 ) ) PUNCT cblr-1737 279 4 . . PUNCT cblr-1737 280 1 97 97 NUM cblr-1737 280 2 see see VERB cblr-1737 280 3 generally generally ADV cblr-1737 280 4 nuveen nuveen ADJ cblr-1737 280 5 asset asset NOUN cblr-1737 280 6 management management NOUN cblr-1737 280 7 , , PUNCT cblr-1737 280 8 llc llc PROPN cblr-1737 280 9 , , PUNCT cblr-1737 280 10 the the DET cblr-1737 280 11 volcker volcker NOUN cblr-1737 280 12 rule rule NOUN cblr-1737 280 13 and and CCONJ cblr-1737 280 14 the the DET cblr-1737 280 15 municipal municipal ADJ cblr-1737 280 16 bond bond NOUN cblr-1737 280 17 market market NOUN cblr-1737 280 18 1 1 NUM cblr-1737 280 19 ( ( PUNCT cblr-1737 280 20 jan jan PROPN cblr-1737 280 21 . . PROPN cblr-1737 280 22 2014 2014 NUM cblr-1737 280 23 ) ) PUNCT cblr-1737 280 24 . . PUNCT cblr-1737 281 1 98 98 NUM cblr-1737 281 2 see see VERB cblr-1737 281 3 prohibitions prohibition NOUN cblr-1737 281 4 and and CCONJ cblr-1737 281 5 restrictions restriction NOUN cblr-1737 281 6 on on ADP cblr-1737 281 7 proprietary proprietary ADJ cblr-1737 281 8 trading trading NOUN cblr-1737 281 9 and and CCONJ cblr-1737 281 10 certain certain ADJ cblr-1737 281 11 interests interest NOUN cblr-1737 281 12 in in ADP cblr-1737 281 13 , , PUNCT cblr-1737 281 14 and and CCONJ cblr-1737 281 15 relationships relationship NOUN cblr-1737 281 16 with with ADP cblr-1737 281 17 , , PUNCT cblr-1737 281 18 hedge hedge NOUN cblr-1737 281 19 funds fund NOUN cblr-1737 281 20 and and CCONJ cblr-1737 281 21 private private ADJ cblr-1737 281 22 equity equity NOUN cblr-1737 281 23 funds fund NOUN cblr-1737 281 24 , , PUNCT cblr-1737 281 25 79 79 NUM cblr-1737 281 26 fed feed VERB cblr-1737 281 27 . . PUNCT cblr-1737 282 1 reg reg PROPN cblr-1737 282 2 . . PUNCT cblr-1737 283 1 at at ADP cblr-1737 283 2 5644–46 5644–46 NUM cblr-1737 283 3 . . PUNCT cblr-1737 284 1 the the DET cblr-1737 284 2 initial initial ADJ cblr-1737 284 3 proposed propose VERB cblr-1737 284 4 rule rule NOUN cblr-1737 284 5 exempted exempt VERB cblr-1737 284 6 municipal municipal ADJ cblr-1737 284 7 bonds bond NOUN cblr-1737 284 8 issued issue VERB cblr-1737 284 9 by by ADP cblr-1737 284 10 state state NOUN cblr-1737 284 11 and and CCONJ cblr-1737 284 12 local local ADJ cblr-1737 284 13 governments government NOUN cblr-1737 284 14 from from ADP cblr-1737 284 15 proprietary proprietary ADJ cblr-1737 284 16 trading trading NOUN cblr-1737 284 17 restrictions restriction NOUN cblr-1737 284 18 , , PUNCT cblr-1737 284 19 but but CCONJ cblr-1737 284 20 it it PRON cblr-1737 284 21 did do AUX cblr-1737 284 22 not not PART cblr-1737 284 23 exempt exempt VERB cblr-1737 284 24 those those PRON cblr-1737 284 25 issued issue VERB cblr-1737 284 26 by by ADP cblr-1737 284 27 an an DET cblr-1737 284 28 agency agency NOUN cblr-1737 284 29 of of ADP cblr-1737 284 30 state state NOUN cblr-1737 284 31 and and CCONJ cblr-1737 284 32 local local ADJ cblr-1737 284 33 governments government NOUN cblr-1737 284 34 . . PUNCT cblr-1737 285 1 commenters commenter NOUN cblr-1737 285 2 noted note VERB cblr-1737 285 3 that that SCONJ cblr-1737 285 4 the the DET cblr-1737 285 5 proposed propose VERB cblr-1737 285 6 rule rule NOUN cblr-1737 285 7 would would AUX cblr-1737 285 8 bifurcate bifurcate VERB cblr-1737 285 9 the the DET cblr-1737 285 10 municipal municipal ADJ cblr-1737 285 11 bond bond NOUN cblr-1737 285 12 market market NOUN cblr-1737 285 13 without without ADP cblr-1737 285 14 a a DET cblr-1737 285 15 meaningful meaningful ADJ cblr-1737 285 16 improvement improvement NOUN cblr-1737 285 17 in in ADP cblr-1737 285 18 the the DET cblr-1737 285 19 soundness soundness NOUN cblr-1737 285 20 of of ADP cblr-1737 285 21 banking banking NOUN cblr-1737 285 22 entities entity NOUN cblr-1737 285 23 . . PUNCT cblr-1737 286 1 i i PRON cblr-1737 286 2 d. d. PROPN cblr-1737 286 3 at at ADP cblr-1737 286 4 5645 5645 NUM cblr-1737 286 5 . . PUNCT cblr-1737 287 1 many many ADJ cblr-1737 287 2 states state NOUN cblr-1737 287 3 and and CCONJ cblr-1737 287 4 municipalities municipality NOUN cblr-1737 287 5 rely rely VERB cblr-1737 287 6 on on ADP cblr-1737 287 7 securities security NOUN cblr-1737 287 8 issued issue VERB cblr-1737 287 9 by by ADP cblr-1737 287 10 agencies agency NOUN cblr-1737 287 11 and and CCONJ cblr-1737 287 12 instrumentalities instrumentality NOUN cblr-1737 287 13 to to PART cblr-1737 287 14 fund fund VERB cblr-1737 287 15 “ " PUNCT cblr-1737 287 16 essential essential ADJ cblr-1737 287 17 activities activity NOUN cblr-1737 287 18 , , PUNCT cblr-1737 287 19 including include VERB cblr-1737 287 20 utility utility NOUN cblr-1737 287 21 systems system NOUN cblr-1737 287 22 , , PUNCT cblr-1737 287 23 infrastructure infrastructure NOUN cblr-1737 287 24 projects project NOUN cblr-1737 287 25 , , PUNCT cblr-1737 287 26 affordable affordable ADJ cblr-1737 287 27 housing housing NOUN cblr-1737 287 28 , , PUNCT cblr-1737 287 29 hospitals hospital NOUN cblr-1737 287 30 , , PUNCT cblr-1737 287 31 universities university NOUN cblr-1737 287 32 , , PUNCT cblr-1737 287 33 and and CCONJ cblr-1737 287 34 other other ADJ cblr-1737 287 35 nonprofit nonprofit ADJ cblr-1737 287 36 institutions institution NOUN cblr-1737 287 37 . . PUNCT cblr-1737 287 38 ” " PUNCT cblr-1737 288 1 i i PRON cblr-1737 288 2 d. d. PROPN cblr-1737 288 3 at at ADP cblr-1737 288 4 5646 5646 NUM cblr-1737 288 5 . . PUNCT cblr-1737 289 1 “ " PUNCT cblr-1737 289 2 exempting exempt VERB cblr-1737 289 3 obligations obligation NOUN cblr-1737 289 4 issued issue VERB cblr-1737 289 5 by by ADP cblr-1737 289 6 state state NOUN cblr-1737 289 7 and and CCONJ cblr-1737 289 8 municipal municipal ADJ cblr-1737 289 9 agencies agency NOUN cblr-1737 289 10 and and CCONJ cblr-1737 289 11 instrumentalities instrumentality NOUN cblr-1737 289 12 in in ADP cblr-1737 289 13 the the DET cblr-1737 289 14 same same ADJ cblr-1737 289 15 manner manner NOUN cblr-1737 289 16 as as ADP cblr-1737 289 17 the the DET cblr-1737 289 18 direct direct ADJ cblr-1737 289 19 obligations obligation NOUN cblr-1737 289 20 of of ADP cblr-1737 289 21 states state NOUN cblr-1737 289 22 and and CCONJ cblr-1737 289 23 municipalities municipality NOUN cblr-1737 289 24 lessens lessen VERB cblr-1737 289 25 potential potential ADJ cblr-1737 289 26 inconsistent inconsistent ADJ cblr-1737 289 27 treatment treatment NOUN cblr-1737 289 28 of of ADP cblr-1737 289 29 government government NOUN cblr-1737 289 30 obligations obligation NOUN cblr-1737 289 31 across across ADP cblr-1737 289 32 states state NOUN cblr-1737 289 33 and and CCONJ cblr-1737 289 34 municipalities municipality NOUN cblr-1737 289 35 that that PRON cblr-1737 289 36 use use VERB cblr-1737 289 37 different different ADJ cblr-1737 289 38 funding funding NOUN cblr-1737 289 39 methods method NOUN cblr-1737 289 40 for for ADP cblr-1737 289 41 government government NOUN cblr-1737 289 42 projects project NOUN cblr-1737 289 43 . . PUNCT cblr-1737 289 44 ” " PUNCT cblr-1737 290 1 i i PRON cblr-1737 290 2 d. d. PROPN cblr-1737 290 3 regulators regulator NOUN cblr-1737 290 4 found find VERB cblr-1737 290 5 these these DET cblr-1737 290 6 arguments argument NOUN cblr-1737 290 7 persuasive persuasive ADJ cblr-1737 290 8 over over ADP cblr-1737 290 9 concerns concern NOUN cblr-1737 290 10 miki miki PROPN cblr-1737 290 11 – – PUNCT cblr-1737 290 12 final final ADJ cblr-1737 290 13 no no NOUN cblr-1737 290 14 . . PUNCT cblr-1737 291 1 1:252 1:252 NOUN cblr-1737 291 2 ] ] X cblr-1737 291 3 live live VERB cblr-1737 291 4 and and CCONJ cblr-1737 291 5 let let AUX cblr-1737 291 6 die die VERB cblr-1737 291 7 273 273 NUM cblr-1737 291 8 resolved resolve VERB cblr-1737 291 9 in in ADP cblr-1737 291 10 favor favor NOUN cblr-1737 291 11 of of ADP cblr-1737 291 12 financial financial ADJ cblr-1737 291 13 institutions institution NOUN cblr-1737 291 14 and and CCONJ cblr-1737 291 15 municipalities municipality NOUN cblr-1737 291 16 as as ADV cblr-1737 291 17 well well ADV cblr-1737 291 18 . . PUNCT cblr-1737 292 1 1 1 X cblr-1737 292 2 . . X cblr-1737 292 3 the the DET cblr-1737 292 4 volcker volcker NOUN cblr-1737 292 5 rule rule NOUN cblr-1737 292 6 and and CCONJ cblr-1737 292 7 tender tender ADJ cblr-1737 292 8 option option NOUN cblr-1737 292 9 bonds bond NOUN cblr-1737 292 10 with with ADP cblr-1737 292 11 respect respect NOUN cblr-1737 292 12 to to ADP cblr-1737 292 13 the the DET cblr-1737 292 14 “ " PUNCT cblr-1737 292 15 covered covered ADJ cblr-1737 292 16 funds fund NOUN cblr-1737 292 17 ” " PUNCT cblr-1737 292 18 requirement requirement NOUN cblr-1737 292 19 , , PUNCT cblr-1737 292 20 the the DET cblr-1737 292 21 securities security NOUN cblr-1737 292 22 industry industry NOUN cblr-1737 292 23 and and CCONJ cblr-1737 292 24 financial financial ADJ cblr-1737 292 25 markets market NOUN cblr-1737 292 26 association association NOUN cblr-1737 292 27 ( ( PUNCT cblr-1737 292 28 “ " PUNCT cblr-1737 292 29 sifma sifma NOUN cblr-1737 292 30 ” " PUNCT cblr-1737 292 31 ) ) PUNCT cblr-1737 292 32 , , PUNCT cblr-1737 292 33 an an DET cblr-1737 292 34 american american ADJ cblr-1737 292 35 trade trade NOUN cblr-1737 292 36 group group NOUN cblr-1737 292 37 representing represent VERB cblr-1737 292 38 securities security NOUN cblr-1737 292 39 firms firm NOUN cblr-1737 292 40 , , PUNCT cblr-1737 292 41 banks bank NOUN cblr-1737 292 42 , , PUNCT cblr-1737 292 43 and and CCONJ cblr-1737 292 44 asset asset NOUN cblr-1737 292 45 managers manager NOUN cblr-1737 292 46 , , PUNCT cblr-1737 292 47 and and CCONJ cblr-1737 292 48 individual individual ADJ cblr-1737 292 49 firms firm NOUN cblr-1737 292 50 in in ADP cblr-1737 292 51 the the DET cblr-1737 292 52 industry industry NOUN cblr-1737 292 53 have have AUX cblr-1737 292 54 been be AUX cblr-1737 292 55 largely largely ADV cblr-1737 292 56 unsuccessful unsuccessful ADJ cblr-1737 292 57 at at ADP cblr-1737 292 58 favorably favorably ADV cblr-1737 292 59 influencing influence VERB cblr-1737 292 60 regulators regulator NOUN cblr-1737 292 61 ’ ' PUNCT cblr-1737 292 62 interpretation interpretation NOUN cblr-1737 292 63 of of ADP cblr-1737 292 64 the the DET cblr-1737 292 65 volcker volcker NOUN cblr-1737 292 66 rule rule NOUN cblr-1737 292 67 . . PUNCT cblr-1737 293 1 the the DET cblr-1737 293 2 final final ADJ cblr-1737 293 3 rule rule NOUN cblr-1737 293 4 implementing implement VERB cblr-1737 293 5 the the DET cblr-1737 293 6 volcker volcker NOUN cblr-1737 293 7 rule rule NOUN cblr-1737 293 8 prohibits prohibit VERB cblr-1737 293 9 any any DET cblr-1737 293 10 banking banking NOUN cblr-1737 293 11 entity entity NOUN cblr-1737 293 12 , , PUNCT cblr-1737 293 13 as as ADP cblr-1737 293 14 a a DET cblr-1737 293 15 principal principal NOUN cblr-1737 293 16 , , PUNCT cblr-1737 293 17 from from ADP cblr-1737 293 18 acquiring acquire VERB cblr-1737 293 19 or or CCONJ cblr-1737 293 20 retaining retain VERB cblr-1737 293 21 an an DET cblr-1737 293 22 ownership ownership NOUN cblr-1737 293 23 interest interest NOUN cblr-1737 293 24 or or CCONJ cblr-1737 293 25 sponsoring sponsor VERB cblr-1737 293 26 a a DET cblr-1737 293 27 “ " PUNCT cblr-1737 293 28 covered cover VERB cblr-1737 293 29 fund,”99 fund,”99 NOUN cblr-1737 293 30 which which PRON cblr-1737 293 31 is be AUX cblr-1737 293 32 defined define VERB cblr-1737 293 33 to to PART cblr-1737 293 34 include include VERB cblr-1737 293 35 any any DET cblr-1737 293 36 issuer issuer NOUN cblr-1737 293 37 that that PRON cblr-1737 293 38 would would AUX cblr-1737 293 39 be be AUX cblr-1737 293 40 an an DET cblr-1737 293 41 “ " PUNCT cblr-1737 293 42 investment investment NOUN cblr-1737 293 43 company company NOUN cblr-1737 293 44 , , PUNCT cblr-1737 293 45 ” " PUNCT cblr-1737 293 46 as as SCONJ cblr-1737 293 47 defined define VERB cblr-1737 293 48 in in ADP cblr-1737 293 49 the the DET cblr-1737 293 50 investment investment NOUN cblr-1737 293 51 company company NOUN cblr-1737 293 52 act act NOUN cblr-1737 293 53 of of ADP cblr-1737 293 54 1940 1940 NUM cblr-1737 293 55 ( ( PUNCT cblr-1737 293 56 the the DET cblr-1737 293 57 “ " PUNCT cblr-1737 293 58 1940 1940 NUM cblr-1737 293 59 act act NOUN cblr-1737 293 60 ” " PUNCT cblr-1737 293 61 ) ) PUNCT cblr-1737 293 62 , , PUNCT cblr-1737 293 63 “ " PUNCT cblr-1737 293 64 but but CCONJ cblr-1737 293 65 for for ADP cblr-1737 293 66 section section NOUN cblr-1737 293 67 3(c)(1 3(c)(1 NUM cblr-1737 293 68 ) ) PUNCT cblr-1737 293 69 or or CCONJ cblr-1737 293 70 3(c)(7 3(c)(7 NUM cblr-1737 293 71 ) ) PUNCT cblr-1737 293 72 ” " PUNCT cblr-1737 293 73 of of ADP cblr-1737 293 74 the the DET cblr-1737 293 75 1940 1940 NUM cblr-1737 293 76 act.100 act.100 NOUN cblr-1737 293 77 the the DET cblr-1737 293 78 definition definition NOUN cblr-1737 293 79 of of ADP cblr-1737 293 80 “ " PUNCT cblr-1737 293 81 covered covered ADJ cblr-1737 293 82 fund fund NOUN cblr-1737 293 83 ” " PUNCT cblr-1737 293 84 generally generally ADV cblr-1737 293 85 covers cover VERB cblr-1737 293 86 high high ADJ cblr-1737 293 87 - - PUNCT cblr-1737 293 88 risk risk NOUN cblr-1737 293 89 entities entity NOUN cblr-1737 293 90 such such ADJ cblr-1737 293 91 as as ADP cblr-1737 293 92 private private ADJ cblr-1737 293 93 equity equity NOUN cblr-1737 293 94 funds fund NOUN cblr-1737 293 95 and and CCONJ cblr-1737 293 96 hedge hedge NOUN cblr-1737 293 97 that that SCONJ cblr-1737 293 98 bonds bond NOUN cblr-1737 293 99 issued issue VERB cblr-1737 293 100 by by ADP cblr-1737 293 101 agencies agency NOUN cblr-1737 293 102 and and CCONJ cblr-1737 293 103 instrumentalities instrumentality NOUN cblr-1737 293 104 of of ADP cblr-1737 293 105 states state NOUN cblr-1737 293 106 or or CCONJ cblr-1737 293 107 municipalities municipality NOUN cblr-1737 293 108 pose pose VERB cblr-1737 293 109 risks risk NOUN cblr-1737 293 110 to to ADP cblr-1737 293 111 the the DET cblr-1737 293 112 banking banking NOUN cblr-1737 293 113 system system NOUN cblr-1737 293 114 because because SCONJ cblr-1737 293 115 the the DET cblr-1737 293 116 market market NOUN cblr-1737 293 117 for for ADP cblr-1737 293 118 these these DET cblr-1737 293 119 bonds bond NOUN cblr-1737 293 120 has have AUX cblr-1737 293 121 not not PART cblr-1737 293 122 been be AUX cblr-1737 293 123 properly properly ADV cblr-1737 293 124 regulated regulate VERB cblr-1737 293 125 or or CCONJ cblr-1737 293 126 controlled control VERB cblr-1737 293 127 , , PUNCT cblr-1737 293 128 as as SCONJ cblr-1737 293 129 regulators regulator NOUN cblr-1737 293 130 decided decide VERB cblr-1737 293 131 that that SCONJ cblr-1737 293 132 both both DET cblr-1737 293 133 bonds bond NOUN cblr-1737 293 134 issued issue VERB cblr-1737 293 135 by by ADP cblr-1737 293 136 municipalities municipality NOUN cblr-1737 293 137 and and CCONJ cblr-1737 293 138 agents agent NOUN cblr-1737 293 139 of of ADP cblr-1737 293 140 municipalities municipality NOUN cblr-1737 293 141 are be AUX cblr-1737 293 142 ultimately ultimately ADV cblr-1737 293 143 the the DET cblr-1737 293 144 obligation obligation NOUN cblr-1737 293 145 of of ADP cblr-1737 293 146 the the DET cblr-1737 293 147 municipality municipality NOUN cblr-1737 293 148 . . PUNCT cblr-1737 294 1 i i PRON cblr-1737 294 2 d. d. PROPN cblr-1737 294 3 ultimately ultimately ADV cblr-1737 294 4 , , PUNCT cblr-1737 294 5 whether whether SCONJ cblr-1737 294 6 the the DET cblr-1737 294 7 municipality municipality NOUN cblr-1737 294 8 issues issue VERB cblr-1737 294 9 the the DET cblr-1737 294 10 obligation obligation NOUN cblr-1737 294 11 directly directly ADV cblr-1737 294 12 or or CCONJ cblr-1737 294 13 by by ADP cblr-1737 294 14 an an DET cblr-1737 294 15 agent agent NOUN cblr-1737 294 16 reflects reflect VERB cblr-1737 294 17 only only ADV cblr-1737 294 18 a a DET cblr-1737 294 19 difference difference NOUN cblr-1737 294 20 in in ADP cblr-1737 294 21 funding funding NOUN cblr-1737 294 22 source source NOUN cblr-1737 294 23 . . PUNCT cblr-1737 295 1 99 99 NUM cblr-1737 295 2 17 17 NUM cblr-1737 295 3 c.f.r c.f.r NOUN cblr-1737 295 4 . . PUNCT cblr-1737 296 1 § § PROPN cblr-1737 296 2 255.10(a 255.10(a NUM cblr-1737 296 3 ) ) PUNCT cblr-1737 296 4 ( ( PUNCT cblr-1737 296 5 2015 2015 NUM cblr-1737 296 6 ) ) PUNCT cblr-1737 296 7 . . PUNCT cblr-1737 297 1 100 100 NUM cblr-1737 297 2 17 17 NUM cblr-1737 297 3 c.f.r c.f.r NOUN cblr-1737 297 4 . . PUNCT cblr-1737 298 1 § § PROPN cblr-1737 298 2 255.10(b)(i 255.10(b)(i NUM cblr-1737 298 3 ) ) PUNCT cblr-1737 298 4 ( ( PUNCT cblr-1737 298 5 2015 2015 NUM cblr-1737 298 6 ) ) PUNCT cblr-1737 298 7 . . PUNCT cblr-1737 299 1 see see VERB cblr-1737 299 2 also also ADV cblr-1737 299 3 sullivan sullivan PROPN cblr-1737 299 4 & & CCONJ cblr-1737 299 5 cromwell cromwell PROPN cblr-1737 299 6 llp llp PROPN cblr-1737 299 7 , , PUNCT cblr-1737 299 8 volcker volcker PROPN cblr-1737 299 9 rule rule PROPN cblr-1737 299 10 : : PUNCT cblr-1737 299 11 u.s u.s PROPN cblr-1737 299 12 . . PROPN cblr-1737 299 13 agencies agency NOUN cblr-1737 299 14 approve approve VERB cblr-1737 299 15 final final ADJ cblr-1737 299 16 volcker volcker NOUN cblr-1737 299 17 rule rule NOUN cblr-1737 299 18 , , PUNCT cblr-1737 299 19 detailing detail VERB cblr-1737 299 20 prohibitions prohibition NOUN cblr-1737 299 21 and and CCONJ cblr-1737 299 22 compliance compliance NOUN cblr-1737 299 23 regimes regime NOUN cblr-1737 299 24 applicable applicable ADJ cblr-1737 299 25 to to ADP cblr-1737 299 26 banking banking NOUN cblr-1737 299 27 entities entity NOUN cblr-1737 299 28 worldwide worldwide ADV cblr-1737 300 1 62–63 62–63 NUM cblr-1737 300 2 ( ( PUNCT cblr-1737 300 3 jan jan PROPN cblr-1737 300 4 . . PROPN cblr-1737 300 5 27 27 NUM cblr-1737 300 6 , , PUNCT cblr-1737 300 7 2014 2014 NUM cblr-1737 300 8 ) ) PUNCT cblr-1737 300 9 , , PUNCT cblr-1737 300 10 https://www.sullcrom.com/ https://www.sullcrom.com/ NOUN cblr-1737 300 11 sitefiles sitefile NOUN cblr-1737 300 12 / / SYM cblr-1737 300 13 publications publication NOUN cblr-1737 300 14 / / SYM cblr-1737 300 15 sc_publication_volcker_rule.pdf sc_publication_volcker_rule.pdf PROPN cblr-1737 301 1 [ [ X cblr-1737 301 2 http://perma.cc/ http://perma.cc/ PROPN cblr-1737 301 3 7cs7 7cs7 PROPN cblr-1737 301 4 - - PUNCT cblr-1737 301 5 5kmq 5kmq NOUN cblr-1737 301 6 ] ] X cblr-1737 302 1 [ [ X cblr-1737 302 2 hereinafter hereinafter NOUN cblr-1737 302 3 sullivan sullivan PROPN cblr-1737 302 4 & & CCONJ cblr-1737 302 5 cromwell cromwell PROPN cblr-1737 302 6 ] ] PUNCT cblr-1737 302 7 ( ( PUNCT cblr-1737 302 8 “ " PUNCT cblr-1737 302 9 [ [ X cblr-1737 302 10 a]s a]s X cblr-1737 302 11 a a DET cblr-1737 302 12 threshold threshold NOUN cblr-1737 302 13 matter matter NOUN cblr-1737 302 14 , , PUNCT cblr-1737 302 15 a a DET cblr-1737 302 16 company company NOUN cblr-1737 302 17 may may AUX cblr-1737 302 18 be be AUX cblr-1737 302 19 an an DET cblr-1737 302 20 investment investment NOUN cblr-1737 302 21 company company NOUN cblr-1737 302 22 if if SCONJ cblr-1737 302 23 it it PRON cblr-1737 302 24 issues issue VERB cblr-1737 302 25 or or CCONJ cblr-1737 302 26 proposes propose VERB cblr-1737 302 27 to to PART cblr-1737 302 28 issue issue VERB cblr-1737 302 29 any any DET cblr-1737 302 30 security security NOUN cblr-1737 302 31 and and CCONJ cblr-1737 302 32 ‘ ' PUNCT cblr-1737 302 33 is be AUX cblr-1737 302 34 or or CCONJ cblr-1737 302 35 holds hold VERB cblr-1737 302 36 itself itself PRON cblr-1737 302 37 out out ADP cblr-1737 302 38 as as ADP cblr-1737 302 39 being be AUX cblr-1737 302 40 engaged engage VERB cblr-1737 302 41 primarily primarily ADV cblr-1737 302 42 , , PUNCT cblr-1737 302 43 or or CCONJ cblr-1737 302 44 proposes propose VERB cblr-1737 302 45 to to PART cblr-1737 302 46 engage engage VERB cblr-1737 302 47 primarily primarily ADV cblr-1737 302 48 , , PUNCT cblr-1737 302 49 in in ADP cblr-1737 302 50 the the DET cblr-1737 302 51 business business NOUN cblr-1737 302 52 of of ADP cblr-1737 302 53 investing investing NOUN cblr-1737 302 54 , , PUNCT cblr-1737 302 55 reinvesting reinveste VERB cblr-1737 302 56 , , PUNCT cblr-1737 302 57 or or CCONJ cblr-1737 302 58 trading trading NOUN cblr-1737 302 59 in in ADP cblr-1737 302 60 securities security NOUN cblr-1737 302 61 ’ ' PUNCT cblr-1737 302 62 or or CCONJ cblr-1737 302 63 ‘ ' PUNCT cblr-1737 302 64 is be AUX cblr-1737 302 65 engaged engage VERB cblr-1737 302 66 or or CCONJ cblr-1737 302 67 proposes propose VERB cblr-1737 302 68 to to PART cblr-1737 302 69 engage engage VERB cblr-1737 302 70 in in ADP cblr-1737 302 71 the the DET cblr-1737 302 72 business business NOUN cblr-1737 302 73 of of ADP cblr-1737 302 74 investing investing NOUN cblr-1737 302 75 , , PUNCT cblr-1737 302 76 reinvesting reinveste VERB cblr-1737 302 77 , , PUNCT cblr-1737 302 78 owning owning NOUN cblr-1737 302 79 , , PUNCT cblr-1737 302 80 holding holding NOUN cblr-1737 302 81 , , PUNCT cblr-1737 302 82 or or CCONJ cblr-1737 302 83 trading trading NOUN cblr-1737 302 84 in in ADP cblr-1737 302 85 securities security NOUN cblr-1737 302 86 , , PUNCT cblr-1737 302 87 and and CCONJ cblr-1737 302 88 owns own VERB cblr-1737 302 89 or or CCONJ cblr-1737 302 90 proposes propose VERB cblr-1737 302 91 to to PART cblr-1737 302 92 acquire acquire VERB cblr-1737 302 93 investment investment NOUN cblr-1737 302 94 securities security NOUN cblr-1737 302 95 having have VERB cblr-1737 302 96 a a DET cblr-1737 302 97 value value NOUN cblr-1737 302 98 exceeding exceed VERB cblr-1737 302 99 40 40 NUM cblr-1737 302 100 per per ADP cblr-1737 302 101 centum centum NOUN cblr-1737 302 102 of of ADP cblr-1737 302 103 the the DET cblr-1737 302 104 value value NOUN cblr-1737 302 105 of of ADP cblr-1737 302 106 such such ADJ cblr-1737 302 107 issuer issuer NOUN cblr-1737 302 108 ’s ’s PART cblr-1737 302 109 total total ADJ cblr-1737 302 110 assets asset NOUN cblr-1737 302 111 ( ( PUNCT cblr-1737 302 112 exclusive exclusive ADJ cblr-1737 302 113 of of ADP cblr-1737 302 114 government government NOUN cblr-1737 302 115 securities security NOUN cblr-1737 302 116 and and CCONJ cblr-1737 302 117 cash cash NOUN cblr-1737 302 118 items item NOUN cblr-1737 302 119 ) ) PUNCT cblr-1737 302 120 on on ADP cblr-1737 302 121 an an DET cblr-1737 302 122 unconsolidated unconsolidated ADJ cblr-1737 302 123 basis basis NOUN cblr-1737 302 124 . . PUNCT cblr-1737 302 125 ’ ' PUNCT cblr-1737 302 126 ” " PUNCT cblr-1737 302 127 ) ) PUNCT cblr-1737 302 128 . . PUNCT cblr-1737 303 1 miki miki PROPN cblr-1737 303 2 – – PUNCT cblr-1737 303 3 final final ADJ cblr-1737 303 4 274 274 NUM cblr-1737 303 5 columbia columbia PROPN cblr-1737 303 6 business business NOUN cblr-1737 303 7 law law NOUN cblr-1737 303 8 review review NOUN cblr-1737 303 9 [ [ X cblr-1737 303 10 vol vol NOUN cblr-1737 303 11 . . NOUN cblr-1737 303 12 2016 2016 NUM cblr-1737 304 1 funds.101 funds.101 NOUN cblr-1737 304 2 unfortunately unfortunately ADV cblr-1737 304 3 for for ADP cblr-1737 304 4 banks bank NOUN cblr-1737 304 5 , , PUNCT cblr-1737 304 6 municipalities municipality NOUN cblr-1737 304 7 , , PUNCT cblr-1737 304 8 and and CCONJ cblr-1737 304 9 borrowers borrower NOUN cblr-1737 304 10 , , PUNCT cblr-1737 304 11 tob tob NOUN cblr-1737 304 12 vehicles vehicle NOUN cblr-1737 304 13 are be AUX cblr-1737 304 14 included include VERB cblr-1737 304 15 within within ADP cblr-1737 304 16 the the DET cblr-1737 304 17 definition definition NOUN cblr-1737 304 18 of of ADP cblr-1737 304 19 a a DET cblr-1737 304 20 “ " PUNCT cblr-1737 304 21 covered covered ADJ cblr-1737 304 22 fund fund NOUN cblr-1737 304 23 . . PUNCT cblr-1737 304 24 ”102 ”102 PUNCT cblr-1737 305 1 moreover moreover ADV cblr-1737 305 2 , , PUNCT cblr-1737 305 3 to to ADP cblr-1737 305 4 the the DET cblr-1737 305 5 extent extent NOUN cblr-1737 305 6 that that SCONJ cblr-1737 305 7 a a DET cblr-1737 305 8 banking banking NOUN cblr-1737 305 9 entity entity NOUN cblr-1737 305 10 is be AUX cblr-1737 305 11 serving serve VERB cblr-1737 305 12 as as ADP cblr-1737 305 13 the the DET cblr-1737 305 14 sponsor sponsor NOUN cblr-1737 305 15 , , PUNCT cblr-1737 305 16 investment investment NOUN cblr-1737 305 17 adviser adviser NOUN cblr-1737 305 18 , , PUNCT cblr-1737 305 19 or or CCONJ cblr-1737 305 20 investment investment NOUN cblr-1737 305 21 manager manager NOUN cblr-1737 305 22 to to ADP cblr-1737 305 23 a a DET cblr-1737 305 24 tob tob NOUN cblr-1737 305 25 vehicle vehicle NOUN cblr-1737 305 26 , , PUNCT cblr-1737 305 27 the the DET cblr-1737 305 28 volcker volcker NOUN cblr-1737 305 29 rule rule NOUN cblr-1737 305 30 would would AUX cblr-1737 305 31 prohibit prohibit VERB cblr-1737 305 32 the the DET cblr-1737 305 33 banking banking NOUN cblr-1737 305 34 entity entity NOUN cblr-1737 305 35 or or CCONJ cblr-1737 305 36 its its PRON cblr-1737 305 37 affiliates affiliate NOUN cblr-1737 305 38 from from ADP cblr-1737 305 39 entering enter VERB cblr-1737 305 40 into into ADP cblr-1737 305 41 certain certain ADJ cblr-1737 305 42 “ " PUNCT cblr-1737 305 43 covered covered ADJ cblr-1737 305 44 transactions transaction NOUN cblr-1737 305 45 ” " PUNCT cblr-1737 305 46 with with ADP cblr-1737 305 47 the the DET cblr-1737 305 48 tob tob NOUN cblr-1737 305 49 vehicle vehicle NOUN cblr-1737 305 50 , , PUNCT cblr-1737 305 51 including include VERB cblr-1737 305 52 providing provide VERB cblr-1737 305 53 liquidity liquidity NOUN cblr-1737 305 54 facilities facility NOUN cblr-1737 305 55 and and CCONJ cblr-1737 305 56 credit credit NOUN cblr-1737 305 57 enhancement.103 enhancement.103 NOUN cblr-1737 305 58 this this PRON cblr-1737 305 59 created create VERB cblr-1737 305 60 fears fear NOUN cblr-1737 305 61 that that SCONJ cblr-1737 305 62 the the DET cblr-1737 305 63 volcker volcker NOUN cblr-1737 305 64 rule rule NOUN cblr-1737 305 65 would would AUX cblr-1737 305 66 limit limit VERB cblr-1737 305 67 the the DET cblr-1737 305 68 market market NOUN cblr-1737 305 69 for for ADP cblr-1737 305 70 tobs tob NOUN cblr-1737 305 71 , , PUNCT cblr-1737 305 72 since since SCONJ cblr-1737 305 73 banks bank NOUN cblr-1737 305 74 would would AUX cblr-1737 305 75 have have VERB cblr-1737 305 76 to to PART cblr-1737 305 77 cease cease VERB cblr-1737 305 78 participating participate VERB cblr-1737 305 79 in in ADP cblr-1737 305 80 the the DET cblr-1737 305 81 tob tob NOUN cblr-1737 305 82 market.104 market.104 NOUN cblr-1737 305 83 a a DET cblr-1737 305 84 number number NOUN cblr-1737 305 85 of of ADP cblr-1737 305 86 commenters commenter NOUN cblr-1737 305 87 called call VERB cblr-1737 305 88 for for ADP cblr-1737 305 89 the the DET cblr-1737 305 90 exclusion exclusion NOUN cblr-1737 305 91 of of ADP cblr-1737 305 92 tob tob NOUN cblr-1737 305 93 vehicles vehicle NOUN cblr-1737 305 94 from from ADP cblr-1737 305 95 the the DET cblr-1737 305 96 definition definition NOUN cblr-1737 305 97 of of ADP cblr-1737 305 98 a a DET cblr-1737 305 99 “ " PUNCT cblr-1737 305 100 covered covered ADJ cblr-1737 305 101 fund fund NOUN cblr-1737 305 102 ” " PUNCT cblr-1737 305 103 because because SCONJ cblr-1737 305 104 tobs tob NOUN cblr-1737 305 105 are be AUX cblr-1737 305 106 similar similar ADJ cblr-1737 305 107 to to ADP cblr-1737 305 108 repurchase repurchase NOUN cblr-1737 305 109 agreements agreement NOUN cblr-1737 305 110 , , PUNCT cblr-1737 305 111 which which PRON cblr-1737 305 112 the the DET cblr-1737 305 113 volcker volcker NOUN cblr-1737 305 114 rule rule VERB cblr-1737 305 115 excludes.105 excludes.105 PROPN cblr-1737 305 116 nevertheless nevertheless ADV cblr-1737 305 117 , , PUNCT cblr-1737 305 118 tob tob NOUN cblr-1737 305 119 vehicles vehicle NOUN cblr-1737 305 120 were be AUX cblr-1737 305 121 not not PART cblr-1737 305 122 exempted exempt VERB cblr-1737 305 123 from from ADP cblr-1737 305 124 the the DET cblr-1737 305 125 definition definition NOUN cblr-1737 305 126 of of ADP cblr-1737 305 127 “ " PUNCT cblr-1737 305 128 covered covered ADJ cblr-1737 305 129 fund fund NOUN cblr-1737 305 130 ” " PUNCT cblr-1737 305 131 in in ADP cblr-1737 305 132 the the DET cblr-1737 305 133 final final ADJ cblr-1737 305 134 version version NOUN cblr-1737 305 135 of of ADP cblr-1737 305 136 the the DET cblr-1737 305 137 volcker volcker PROPN cblr-1737 305 138 rule.106 rule.106 PROPN cblr-1737 305 139 regulators regulator NOUN cblr-1737 305 140 cited cite VERB cblr-1737 305 141 the the DET cblr-1737 305 142 fact fact NOUN cblr-1737 305 143 that that SCONJ cblr-1737 305 144 while while SCONJ cblr-1737 305 145 the the DET cblr-1737 305 146 volcker volcker NOUN cblr-1737 305 147 rule rule NOUN cblr-1737 305 148 does do AUX cblr-1737 305 149 not not PART cblr-1737 305 150 apply apply VERB cblr-1737 305 151 to to ADP cblr-1737 305 152 municipal municipal ADJ cblr-1737 305 153 101 101 NUM cblr-1737 305 154 see see VERB cblr-1737 305 155 i i PROPN cblr-1737 305 156 d. d. PROPN cblr-1737 305 157 at at ADP cblr-1737 305 158 60 60 NUM cblr-1737 305 159 . . PUNCT cblr-1737 306 1 ( ( PUNCT cblr-1737 306 2 some some DET cblr-1737 306 3 commenters commenter NOUN cblr-1737 306 4 on on ADP cblr-1737 306 5 the the DET cblr-1737 306 6 proposed propose VERB cblr-1737 306 7 rule rule NOUN cblr-1737 306 8 suggested suggest VERB cblr-1737 306 9 that that SCONJ cblr-1737 306 10 agencies agency NOUN cblr-1737 306 11 attempt attempt VERB cblr-1737 306 12 to to PART cblr-1737 306 13 provide provide VERB cblr-1737 306 14 qualitative qualitative NOUN cblr-1737 306 15 , , PUNCT cblr-1737 306 16 characteristics characteristic NOUN cblr-1737 306 17 - - PUNCT cblr-1737 306 18 based base VERB cblr-1737 306 19 definitions definition NOUN cblr-1737 306 20 of of ADP cblr-1737 306 21 “ " PUNCT cblr-1737 306 22 hedge hedge NOUN cblr-1737 306 23 fund fund NOUN cblr-1737 306 24 ” " PUNCT cblr-1737 306 25 and and CCONJ cblr-1737 306 26 “ " PUNCT cblr-1737 306 27 private private ADJ cblr-1737 306 28 equity equity NOUN cblr-1737 306 29 fund fund NOUN cblr-1737 306 30 , , PUNCT cblr-1737 306 31 ” " PUNCT cblr-1737 306 32 so so ADV cblr-1737 306 33 as as SCONJ cblr-1737 306 34 not not PART cblr-1737 306 35 to to PART cblr-1737 306 36 capture capture VERB cblr-1737 306 37 those those DET cblr-1737 306 38 vehicles vehicle NOUN cblr-1737 306 39 that that PRON cblr-1737 306 40 are be AUX cblr-1737 306 41 not not PART cblr-1737 306 42 part part NOUN cblr-1737 306 43 of of ADP cblr-1737 306 44 an an DET cblr-1737 306 45 investment investment NOUN cblr-1737 306 46 fund fund NOUN cblr-1737 306 47 management management NOUN cblr-1737 306 48 business business NOUN cblr-1737 306 49 . . PUNCT cblr-1737 307 1 102 102 NUM cblr-1737 307 2 see see VERB cblr-1737 307 3 skadden skadden ADJ cblr-1737 307 4 , , PUNCT cblr-1737 307 5 arps arp NOUN cblr-1737 307 6 , , PUNCT cblr-1737 307 7 slate slate NOUN cblr-1737 307 8 , , PUNCT cblr-1737 307 9 meagher meagher PROPN cblr-1737 307 10 & & CCONJ cblr-1737 307 11 flom flom PROPN cblr-1737 307 12 llp llp PROPN cblr-1737 307 13 , , PUNCT cblr-1737 307 14 risk risk NOUN cblr-1737 307 15 retention retention NOUN cblr-1737 307 16 rules rule NOUN cblr-1737 307 17 impact impact VERB cblr-1737 307 18 registered register VERB cblr-1737 307 19 fund fund NOUN cblr-1737 307 20 tender tender NOUN cblr-1737 307 21 option option NOUN cblr-1737 307 22 bond bond NOUN cblr-1737 307 23 financings financing NOUN cblr-1737 307 24 2 2 NUM cblr-1737 307 25 ( ( PUNCT cblr-1737 307 26 jan jan PROPN cblr-1737 307 27 . . PROPN cblr-1737 307 28 2015 2015 NUM cblr-1737 307 29 ) ) PUNCT cblr-1737 307 30 , , PUNCT cblr-1737 307 31 https://www.skadden.com/sites/default/files/publications/risk_reten https://www.skadden.com/sites/default/files/publications/risk_reten VERB cblr-1737 307 32 tion_rules_impact_registered_fund_tender_option_bond_financings.p tion_rules_impact_registered_fund_tender_option_bond_financings.p INTJ cblr-1737 307 33 df df PROPN cblr-1737 308 1 [ [ X cblr-1737 308 2 https://perma.cc/pvh8-l24p https://perma.cc/pvh8-l24p X cblr-1737 308 3 ] ] X cblr-1737 308 4 . . PUNCT cblr-1737 309 1 103 103 NUM cblr-1737 309 2 see see NOUN cblr-1737 309 3 cadwalader cadwalader NOUN cblr-1737 309 4 , , PUNCT cblr-1737 309 5 wickersham wickersham PROPN cblr-1737 309 6 & & CCONJ cblr-1737 309 7 taft taft PROPN cblr-1737 309 8 llp llp PROPN cblr-1737 309 9 , , PUNCT cblr-1737 309 10 supra supra PROPN cblr-1737 309 11 note note PROPN cblr-1737 309 12 59 59 NUM cblr-1737 309 13 . . PUNCT cblr-1737 310 1 104 104 NUM cblr-1737 310 2 see see VERB cblr-1737 310 3 farmer farmer NOUN cblr-1737 310 4 , , PUNCT cblr-1737 310 5 supra supra PROPN cblr-1737 310 6 note note PROPN cblr-1737 310 7 19 19 NUM cblr-1737 310 8 ( ( PUNCT cblr-1737 310 9 “ " PUNCT cblr-1737 310 10 there there ADV cblr-1737 310 11 ‘ ' PUNCT cblr-1737 310 12 may may AUX cblr-1737 310 13 be be AUX cblr-1737 310 14 an an DET cblr-1737 310 15 increase increase NOUN cblr-1737 310 16 in in ADP cblr-1737 310 17 financing financing NOUN cblr-1737 310 18 costs cost NOUN cblr-1737 310 19 to to ADP cblr-1737 310 20 municipalities municipality NOUN cblr-1737 310 21 as as ADP cblr-1737 310 22 a a DET cblr-1737 310 23 result result NOUN cblr-1737 310 24 of of ADP cblr-1737 310 25 a a DET cblr-1737 310 26 decrease decrease NOUN cblr-1737 310 27 in in ADP cblr-1737 310 28 demand demand NOUN cblr-1737 310 29 for for ADP cblr-1737 310 30 the the DET cblr-1737 310 31 types type NOUN cblr-1737 310 32 of of ADP cblr-1737 310 33 municipal municipal ADJ cblr-1737 310 34 securities security NOUN cblr-1737 310 35 ’ ' PUNCT cblr-1737 310 36 typically typically ADV cblr-1737 310 37 financed finance VERB cblr-1737 310 38 with with ADP cblr-1737 310 39 tobs tobs PROPN cblr-1737 310 40 , , PUNCT cblr-1737 310 41 the the DET cblr-1737 310 42 rule rule NOUN cblr-1737 310 43 says say VERB cblr-1737 310 44 . . PUNCT cblr-1737 311 1 without without ADP cblr-1737 311 2 this this DET cblr-1737 311 3 financing financing NOUN cblr-1737 311 4 mechanism mechanism NOUN cblr-1737 311 5 , , PUNCT cblr-1737 311 6 some some DET cblr-1737 311 7 municipalities municipality NOUN cblr-1737 311 8 may may AUX cblr-1737 311 9 have have VERB cblr-1737 311 10 to to PART cblr-1737 311 11 offer offer VERB cblr-1737 311 12 higher high ADJ cblr-1737 311 13 interest interest NOUN cblr-1737 311 14 rates rate NOUN cblr-1737 311 15 in in ADP cblr-1737 311 16 order order NOUN cblr-1737 311 17 to to PART cblr-1737 311 18 sell sell VERB cblr-1737 311 19 their their PRON cblr-1737 311 20 bonds bond NOUN cblr-1737 311 21 . . PUNCT cblr-1737 311 22 ” " PUNCT cblr-1737 311 23 ) ) PUNCT cblr-1737 311 24 . . PUNCT cblr-1737 312 1 105 105 NUM cblr-1737 312 2 see see VERB cblr-1737 312 3 prohibitions prohibition NOUN cblr-1737 312 4 and and CCONJ cblr-1737 312 5 restrictions restriction NOUN cblr-1737 312 6 on on ADP cblr-1737 312 7 proprietary proprietary ADJ cblr-1737 312 8 trading trading NOUN cblr-1737 312 9 and and CCONJ cblr-1737 312 10 certain certain ADJ cblr-1737 312 11 interests interest NOUN cblr-1737 312 12 in in ADP cblr-1737 312 13 , , PUNCT cblr-1737 312 14 and and CCONJ cblr-1737 312 15 relationships relationship NOUN cblr-1737 312 16 with with ADP cblr-1737 312 17 , , PUNCT cblr-1737 312 18 hedge hedge NOUN cblr-1737 312 19 funds fund NOUN cblr-1737 312 20 and and CCONJ cblr-1737 312 21 private private ADJ cblr-1737 312 22 equity equity NOUN cblr-1737 312 23 funds fund NOUN cblr-1737 312 24 , , PUNCT cblr-1737 312 25 79 79 NUM cblr-1737 312 26 fed feed VERB cblr-1737 312 27 . . PUNCT cblr-1737 313 1 reg reg PROPN cblr-1737 313 2 . . PUNCT cblr-1737 314 1 5536 5536 NUM cblr-1737 314 2 , , PUNCT cblr-1737 314 3 5702 5702 NUM cblr-1737 314 4 ( ( PUNCT cblr-1737 314 5 jan jan PROPN cblr-1737 314 6 . . PROPN cblr-1737 314 7 31 31 NUM cblr-1737 314 8 , , PUNCT cblr-1737 314 9 2014 2014 NUM cblr-1737 314 10 ) ) PUNCT cblr-1737 314 11 ( ( PUNCT cblr-1737 314 12 to to PART cblr-1737 314 13 be be AUX cblr-1737 314 14 codified codify VERB cblr-1737 314 15 at at ADP cblr-1737 314 16 12 12 NUM cblr-1737 314 17 c.f.r c.f.r NOUN cblr-1737 314 18 . . PUNCT cblr-1737 315 1 pts pts PROPN cblr-1737 315 2 . . PROPN cblr-1737 315 3 44 44 NUM cblr-1737 315 4 , , PUNCT cblr-1737 315 5 248 248 NUM cblr-1737 315 6 , , PUNCT cblr-1737 315 7 351 351 NUM cblr-1737 315 8 , , PUNCT cblr-1737 315 9 17 17 NUM cblr-1737 315 10 c.f.r c.f.r NOUN cblr-1737 315 11 . . PUNCT cblr-1737 316 1 pt pt PROPN cblr-1737 316 2 . . PROPN cblr-1737 316 3 255 255 NUM cblr-1737 316 4 ) ) PUNCT cblr-1737 316 5 . . PUNCT cblr-1737 317 1 106 106 NUM cblr-1737 317 2 see see VERB cblr-1737 317 3 i i PRON cblr-1737 317 4 d. d. PROPN cblr-1737 317 5 miki miki PROPN cblr-1737 317 6 – – PUNCT cblr-1737 317 7 final final ADJ cblr-1737 317 8 no no NOUN cblr-1737 317 9 . . PUNCT cblr-1737 318 1 1:252 1:252 NOUN cblr-1737 318 2 ] ] X cblr-1737 318 3 live live VERB cblr-1737 318 4 and and CCONJ cblr-1737 318 5 let let AUX cblr-1737 318 6 die die VERB cblr-1737 318 7 275 275 NUM cblr-1737 318 8 bonds bond NOUN cblr-1737 318 9 , , PUNCT cblr-1737 318 10 tobs tob NOUN cblr-1737 318 11 are be AUX cblr-1737 318 12 more more ADV cblr-1737 318 13 similar similar ADJ cblr-1737 318 14 to to ADP cblr-1737 318 15 bond bond NOUN cblr-1737 318 16 repackaging repackage VERB cblr-1737 318 17 securitizations securitization NOUN cblr-1737 318 18 , , PUNCT cblr-1737 318 19 which which PRON cblr-1737 318 20 are be AUX cblr-1737 318 21 not not PART cblr-1737 318 22 excludable excludable ADJ cblr-1737 318 23 under under ADP cblr-1737 318 24 the the DET cblr-1737 318 25 rule.107 rule.107 PROPN cblr-1737 318 26 c. c. PROPN cblr-1737 318 27 risk risk NOUN cblr-1737 318 28 retention retention NOUN cblr-1737 318 29 provisions provision NOUN cblr-1737 318 30 finally finally ADV cblr-1737 318 31 , , PUNCT cblr-1737 318 32 the the DET cblr-1737 318 33 risk risk NOUN cblr-1737 318 34 retention retention NOUN cblr-1737 318 35 rule rule NOUN cblr-1737 318 36 influences influence VERB cblr-1737 318 37 the the DET cblr-1737 318 38 municipal municipal ADJ cblr-1737 318 39 bond bond NOUN cblr-1737 318 40 market market NOUN cblr-1737 318 41 by by ADP cblr-1737 318 42 requiring require VERB cblr-1737 318 43 issuers issuer NOUN cblr-1737 318 44 of of ADP cblr-1737 318 45 tobs tobs PROPN cblr-1737 318 46 to to PART cblr-1737 318 47 retain retain VERB cblr-1737 318 48 some some PRON cblr-1737 318 49 of of ADP cblr-1737 318 50 the the DET cblr-1737 318 51 risk risk NOUN cblr-1737 318 52 on on ADP cblr-1737 318 53 the the DET cblr-1737 318 54 tobs.108 tobs.108 PRON cblr-1737 318 55 the the DET cblr-1737 318 56 risk risk NOUN cblr-1737 318 57 retention retention NOUN cblr-1737 318 58 provisions provision NOUN cblr-1737 318 59 in in ADP cblr-1737 318 60 section section NOUN cblr-1737 318 61 941 941 NUM cblr-1737 318 62 of of ADP cblr-1737 318 63 the the DET cblr-1737 318 64 dodd dodd PROPN cblr-1737 318 65 - - PUNCT cblr-1737 318 66 frank frank PROPN cblr-1737 318 67 act act NOUN cblr-1737 318 68 are be AUX cblr-1737 318 69 applicable applicable ADJ cblr-1737 318 70 to to ADP cblr-1737 318 71 assetbacked assetbacke VERB cblr-1737 318 72 securities security NOUN cblr-1737 318 73 ( ( PUNCT cblr-1737 318 74 “ " PUNCT cblr-1737 318 75 abss abss NOUN cblr-1737 318 76 ” " PUNCT cblr-1737 318 77 ) ) PUNCT cblr-1737 318 78 such such ADJ cblr-1737 318 79 as as ADP cblr-1737 318 80 tobs tob NOUN cblr-1737 318 81 . . PUNCT cblr-1737 319 1 the the DET cblr-1737 319 2 risk risk NOUN cblr-1737 319 3 retention retention NOUN cblr-1737 319 4 rule rule NOUN cblr-1737 319 5 , , PUNCT cblr-1737 319 6 otherwise otherwise ADV cblr-1737 319 7 known know VERB cblr-1737 319 8 as as ADP cblr-1737 319 9 the the DET cblr-1737 319 10 “ " PUNCT cblr-1737 319 11 skin skin NOUN cblr-1737 319 12 - - PUNCT cblr-1737 319 13 in in ADP cblr-1737 319 14 - - PUNCT cblr-1737 319 15 the the DET cblr-1737 319 16 - - PUNCT cblr-1737 319 17 game game NOUN cblr-1737 319 18 ” " PUNCT cblr-1737 319 19 requirement requirement NOUN cblr-1737 319 20 , , PUNCT cblr-1737 319 21 is be AUX cblr-1737 319 22 expected expect VERB cblr-1737 319 23 to to PART cblr-1737 319 24 impose impose VERB cblr-1737 319 25 significant significant ADJ cblr-1737 319 26 costs cost NOUN cblr-1737 319 27 and and CCONJ cblr-1737 319 28 obligations obligation NOUN cblr-1737 319 29 on on ADP cblr-1737 319 30 issuers issuer NOUN cblr-1737 319 31 subject subject ADJ cblr-1737 319 32 to to ADP cblr-1737 319 33 it.109 it.109 ADJ cblr-1737 319 34 commenters commenter NOUN cblr-1737 319 35 lobbied lobby VERB cblr-1737 319 36 for for ADP cblr-1737 319 37 the the DET cblr-1737 319 38 exclusion exclusion NOUN cblr-1737 319 39 of of ADP cblr-1737 319 40 tobs tob NOUN cblr-1737 319 41 from from ADP cblr-1737 319 42 the the DET cblr-1737 319 43 definition definition NOUN cblr-1737 319 44 of of ADP cblr-1737 319 45 an an DET cblr-1737 319 46 abs ab NOUN cblr-1737 319 47 , , PUNCT cblr-1737 319 48 thus thus ADV cblr-1737 319 49 sparing spare VERB cblr-1737 319 50 them they PRON cblr-1737 319 51 from from ADP cblr-1737 319 52 the the DET cblr-1737 319 53 risk risk NOUN cblr-1737 319 54 retention retention NOUN cblr-1737 319 55 rule,110 rule,110 NOUN cblr-1737 319 56 but but CCONJ cblr-1737 319 57 regulators regulator NOUN cblr-1737 319 58 refused refuse VERB cblr-1737 319 59 to to PART cblr-1737 319 60 grant grant VERB cblr-1737 319 61 a a DET cblr-1737 319 62 full full ADJ cblr-1737 319 63 exemption.111 exemption.111 NOUN cblr-1737 319 64 in in ADP cblr-1737 319 65 a a DET cblr-1737 319 66 nutshell nutshell NOUN cblr-1737 319 67 , , PUNCT cblr-1737 319 68 section section NOUN cblr-1737 319 69 941 941 NUM cblr-1737 319 70 and and CCONJ cblr-1737 319 71 its its PRON cblr-1737 319 72 implementing implement VERB cblr-1737 319 73 regulation regulation NOUN cblr-1737 319 74 stipulate stipulate NOUN cblr-1737 319 75 that that SCONJ cblr-1737 319 76 a a DET cblr-1737 319 77 “ " PUNCT cblr-1737 319 78 sponsor sponsor NOUN cblr-1737 319 79 ” " PUNCT cblr-1737 319 80 of of ADP cblr-1737 319 81 an an DET cblr-1737 319 82 abs ab NOUN cblr-1737 319 83 transaction transaction NOUN cblr-1737 319 84 retain retain VERB cblr-1737 319 85 some some PRON cblr-1737 319 86 of of ADP cblr-1737 319 87 the the DET cblr-1737 319 88 credit credit NOUN cblr-1737 319 89 risk risk NOUN cblr-1737 319 90 of of ADP cblr-1737 319 91 the the DET cblr-1737 319 92 securitized securitized ADJ cblr-1737 319 93 assets asset NOUN cblr-1737 319 94 in in ADP cblr-1737 319 95 one one NUM cblr-1737 319 96 of of ADP cblr-1737 319 97 several several ADJ cblr-1737 319 98 permitted permit VERB cblr-1737 319 99 forms form NOUN cblr-1737 319 100 . . PUNCT cblr-1737 320 1 the the DET cblr-1737 320 2 “ " PUNCT cblr-1737 320 3 sponsor sponsor NOUN cblr-1737 320 4 ” " PUNCT cblr-1737 320 5 is be AUX cblr-1737 320 6 an an DET cblr-1737 320 7 entity entity NOUN cblr-1737 320 8 that that PRON cblr-1737 320 9 “ " PUNCT cblr-1737 320 10 organizes organize VERB cblr-1737 320 11 and and CCONJ cblr-1737 320 12 initiates initiate VERB cblr-1737 320 13 a a DET cblr-1737 320 14 securitization securitization NOUN cblr-1737 320 15 transaction transaction NOUN cblr-1737 320 16 by by ADP cblr-1737 320 17 selling sell VERB cblr-1737 320 18 or or CCONJ cblr-1737 320 19 transferring transfer VERB cblr-1737 320 20 assets asset NOUN cblr-1737 320 21 , , PUNCT cblr-1737 320 22 either either CCONJ cblr-1737 320 23 directly directly ADV cblr-1737 320 24 or or CCONJ cblr-1737 320 25 indirectly indirectly ADV cblr-1737 320 26 , , PUNCT cblr-1737 320 27 to to ADP cblr-1737 320 28 the the DET cblr-1737 320 29 issuing issue VERB cblr-1737 320 30 vehicle vehicle NOUN cblr-1737 320 31 . . PUNCT cblr-1737 321 1 ”112 ”112 PROPN cblr-1737 321 2 sponsors sponsor NOUN cblr-1737 321 3 must must AUX cblr-1737 321 4 retain retain VERB cblr-1737 321 5 at at ADV cblr-1737 321 6 least least ADV cblr-1737 321 7 five five NUM cblr-1737 321 8 percent percent NOUN cblr-1737 321 9 of of ADP cblr-1737 321 10 the the DET cblr-1737 321 11 credit credit NOUN cblr-1737 321 12 risk risk NOUN cblr-1737 321 13 of of ADP cblr-1737 321 14 the the DET cblr-1737 321 15 assets asset NOUN cblr-1737 321 16 collateralizing collateralize VERB cblr-1737 321 17 the the DET cblr-1737 321 18 abss abss NOUN cblr-1737 321 19 that that PRON cblr-1737 321 20 they they PRON cblr-1737 321 21 bundle bundle VERB cblr-1737 321 22 and and CCONJ cblr-1737 321 23 sell sell VERB cblr-1737 321 24 as as ADP cblr-1737 321 25 securities security NOUN cblr-1737 321 26 on on ADP cblr-1737 321 27 their their PRON cblr-1737 321 28 books book NOUN cblr-1737 321 29 to to PART cblr-1737 321 30 align align VERB cblr-1737 321 31 the the DET cblr-1737 321 32 interests interest NOUN cblr-1737 321 33 of of ADP cblr-1737 321 34 participants participant NOUN cblr-1737 321 35 in in ADP cblr-1737 321 36 the the DET cblr-1737 321 37 securitization securitization NOUN cblr-1737 321 38 107 107 NUM cblr-1737 321 39 see see VERB cblr-1737 321 40 i i PRON cblr-1737 321 41 d. d. PROPN cblr-1737 321 42 at at ADP cblr-1737 321 43 5702–03 5702–03 PROPN cblr-1737 321 44 . . PUNCT cblr-1737 322 1 108 108 NUM cblr-1737 322 2 see see VERB cblr-1737 322 3 15 15 NUM cblr-1737 322 4 u.s.c u.s.c ADJ cblr-1737 322 5 . . PUNCT cblr-1737 323 1 § § PROPN cblr-1737 323 2 78o-11 78o-11 NUM cblr-1737 323 3 ( ( PUNCT cblr-1737 323 4 2012 2012 NUM cblr-1737 323 5 ) ) PUNCT cblr-1737 323 6 . . PUNCT cblr-1737 324 1 109 109 NUM cblr-1737 324 2 see see VERB cblr-1737 324 3 shearman shearman NOUN cblr-1737 324 4 & & CCONJ cblr-1737 324 5 sterling sterling PROPN cblr-1737 324 6 llp llp PROPN cblr-1737 324 7 , , PUNCT cblr-1737 324 8 client client NOUN cblr-1737 324 9 publication publication NOUN cblr-1737 324 10 , , PUNCT cblr-1737 324 11 credit credit NOUN cblr-1737 324 12 risk risk NOUN cblr-1737 324 13 retention retention NOUN cblr-1737 324 14 rules rule NOUN cblr-1737 324 15 finalized finalize VERB cblr-1737 324 16 1 1 NUM cblr-1737 324 17 ( ( PUNCT cblr-1737 324 18 oct oct PROPN cblr-1737 324 19 . . PROPN cblr-1737 324 20 24 24 NUM cblr-1737 324 21 , , PUNCT cblr-1737 324 22 2014 2014 NUM cblr-1737 324 23 ) ) PUNCT cblr-1737 324 24 , , PUNCT cblr-1737 324 25 http://www.shearman.com http://www.shearman.com X cblr-1737 324 26 /~/media /~/media NOUN cblr-1737 324 27 / / SYM cblr-1737 324 28 files file NOUN cblr-1737 324 29 / / SYM cblr-1737 324 30 newsinsights newsinsight NOUN cblr-1737 324 31 / / SYM cblr-1737 324 32 publications/2014/10 publications/2014/10 NOUN cblr-1737 324 33 / / SYM cblr-1737 324 34 credit credit NOUN cblr-1737 324 35 - - PUNCT cblr-1737 324 36 risk risk NOUN cblr-1737 324 37 - - PUNCT cblr-1737 324 38 retentionrules retentionrule NOUN cblr-1737 324 39 - - PUNCT cblr-1737 324 40 finalized finalize VERB cblr-1737 324 41 - - PUNCT cblr-1737 324 42 dsp-102314.pdf dsp-102314.pdf NOUN cblr-1737 324 43 [ [ X cblr-1737 324 44 http://perma.cc/mz5v-59hk http://perma.cc/mz5v-59hk NOUN cblr-1737 324 45 ] ] X cblr-1737 324 46 . . PUNCT cblr-1737 325 1 110 110 NUM cblr-1737 325 2 see see VERB cblr-1737 325 3 , , PUNCT cblr-1737 325 4 e.g. e.g. ADV cblr-1737 325 5 , , PUNCT cblr-1737 325 6 inv inv ADJ cblr-1737 325 7 . . PUNCT cblr-1737 325 8 co. co. PROPN cblr-1737 325 9 inst inst PROPN cblr-1737 325 10 . . PROPN cblr-1737 325 11 , , PUNCT cblr-1737 325 12 comment comment NOUN cblr-1737 325 13 letter letter NOUN cblr-1737 325 14 on on ADP cblr-1737 325 15 proposed propose VERB cblr-1737 325 16 rule rule NOUN cblr-1737 325 17 on on ADP cblr-1737 325 18 credit credit NOUN cblr-1737 325 19 risk risk NOUN cblr-1737 325 20 retention retention NOUN cblr-1737 325 21 6–8 6–8 INTJ cblr-1737 325 22 ( ( PUNCT cblr-1737 325 23 july july PROPN cblr-1737 325 24 15 15 NUM cblr-1737 325 25 , , PUNCT cblr-1737 325 26 2014 2014 NUM cblr-1737 325 27 ) ) PUNCT cblr-1737 325 28 , , PUNCT cblr-1737 325 29 https://www.sec.gov/comments/ https://www.sec.gov/comments/ PROPN cblr-1737 325 30 s7 s7 VERB cblr-1737 325 31 - - PUNCT cblr-1737 325 32 14 14 NUM cblr-1737 325 33 - - SYM cblr-1737 325 34 11 11 NUM cblr-1737 325 35 / / SYM cblr-1737 325 36 s71411 s71411 NOUN cblr-1737 325 37 - - PUNCT cblr-1737 325 38 580.pdf 580.pdf PROPN cblr-1737 326 1 [ [ X cblr-1737 326 2 https://perma.cc/caz3-hsc3 https://perma.cc/caz3-hsc3 X cblr-1737 326 3 ] ] X cblr-1737 326 4 . . PUNCT cblr-1737 326 5 111 111 NUM cblr-1737 326 6 see see VERB cblr-1737 326 7 gorman gorman NOUN cblr-1737 326 8 , , PUNCT cblr-1737 326 9 supra supra PROPN cblr-1737 326 10 note note PROPN cblr-1737 326 11 22 22 NUM cblr-1737 326 12 ( ( PUNCT cblr-1737 326 13 describing describe VERB cblr-1737 326 14 regulators regulator NOUN cblr-1737 326 15 ’ ’ PART cblr-1737 326 16 refusal refusal NOUN cblr-1737 326 17 to to PART cblr-1737 326 18 grant grant VERB cblr-1737 326 19 a a DET cblr-1737 326 20 full full ADJ cblr-1737 326 21 exemption exemption NOUN cblr-1737 326 22 for for ADP cblr-1737 326 23 tobs tob NOUN cblr-1737 326 24 before before ADP cblr-1737 326 25 discussing discuss VERB cblr-1737 326 26 other other ADJ cblr-1737 326 27 tob tob ADV cblr-1737 326 28 - - PUNCT cblr-1737 326 29 related relate VERB cblr-1737 326 30 changes change NOUN cblr-1737 326 31 regulators regulator NOUN cblr-1737 326 32 made make VERB cblr-1737 326 33 in in ADP cblr-1737 326 34 the the DET cblr-1737 326 35 final final ADJ cblr-1737 326 36 risk risk NOUN cblr-1737 326 37 retention retention NOUN cblr-1737 326 38 rule rule NOUN cblr-1737 326 39 in in ADP cblr-1737 326 40 response response NOUN cblr-1737 326 41 to to ADP cblr-1737 326 42 industry industry NOUN cblr-1737 326 43 comments comment NOUN cblr-1737 326 44 on on ADP cblr-1737 326 45 the the DET cblr-1737 326 46 proposed propose VERB cblr-1737 326 47 rule rule NOUN cblr-1737 326 48 ) ) PUNCT cblr-1737 326 49 . . PUNCT cblr-1737 327 1 112 112 NUM cblr-1737 327 2 see see VERB cblr-1737 327 3 shearman shearman NOUN cblr-1737 327 4 & & CCONJ cblr-1737 327 5 sterling sterling PROPN cblr-1737 327 6 llp llp PROPN cblr-1737 327 7 , , PUNCT cblr-1737 327 8 supra supra PROPN cblr-1737 327 9 note note PROPN cblr-1737 327 10 109 109 NUM cblr-1737 327 11 , , PUNCT cblr-1737 327 12 at at ADP cblr-1737 327 13 2 2 NUM cblr-1737 327 14 . . PUNCT cblr-1737 328 1 miki miki PROPN cblr-1737 328 2 – – PUNCT cblr-1737 328 3 final final ADJ cblr-1737 328 4 276 276 NUM cblr-1737 328 5 columbia columbia PROPN cblr-1737 328 6 business business NOUN cblr-1737 328 7 law law PROPN cblr-1737 328 8 review review NOUN cblr-1737 328 9 [ [ X cblr-1737 328 10 vol vol NOUN cblr-1737 328 11 . . NOUN cblr-1737 329 1 2016 2016 NUM cblr-1737 329 2 process.113 process.113 NOUN cblr-1737 329 3 this this PRON cblr-1737 329 4 can can AUX cblr-1737 329 5 be be AUX cblr-1737 329 6 done do VERB cblr-1737 329 7 in in ADP cblr-1737 329 8 several several ADJ cblr-1737 329 9 ways way NOUN cblr-1737 329 10 : : PUNCT cblr-1737 329 11 the the DET cblr-1737 329 12 risk risk NOUN cblr-1737 329 13 can can AUX cblr-1737 329 14 ( ( PUNCT cblr-1737 329 15 i i NOUN cblr-1737 329 16 ) ) PUNCT cblr-1737 329 17 be be AUX cblr-1737 329 18 a a DET cblr-1737 329 19 “ " PUNCT cblr-1737 329 20 horizontal horizontal ADJ cblr-1737 329 21 interest interest NOUN cblr-1737 329 22 ” " PUNCT cblr-1737 329 23 in in ADP cblr-1737 329 24 the the DET cblr-1737 329 25 “ " PUNCT cblr-1737 329 26 first first ADJ cblr-1737 329 27 - - PUNCT cblr-1737 329 28 loss loss NOUN cblr-1737 329 29 ” " PUNCT cblr-1737 329 30 tranche tranche NOUN cblr-1737 329 31 of of ADP cblr-1737 329 32 an an DET cblr-1737 329 33 abs ab NOUN cblr-1737 329 34 structure structure NOUN cblr-1737 329 35 equal equal ADJ cblr-1737 329 36 to to ADP cblr-1737 329 37 five five NUM cblr-1737 329 38 percent percent NOUN cblr-1737 329 39 of of ADP cblr-1737 329 40 the the DET cblr-1737 329 41 fair fair ADJ cblr-1737 329 42 value value NOUN cblr-1737 329 43 of of ADP cblr-1737 329 44 all all DET cblr-1737 329 45 abs ab NOUN cblr-1737 329 46 interests interest NOUN cblr-1737 329 47 in in ADP cblr-1737 329 48 the the DET cblr-1737 329 49 issuing issuing NOUN cblr-1737 329 50 entity entity NOUN cblr-1737 329 51 , , PUNCT cblr-1737 329 52 ( ( PUNCT cblr-1737 329 53 ii ii NOUN cblr-1737 329 54 ) ) PUNCT cblr-1737 329 55 be be AUX cblr-1737 329 56 a a DET cblr-1737 329 57 “ " PUNCT cblr-1737 329 58 vertical vertical ADJ cblr-1737 329 59 interest interest NOUN cblr-1737 329 60 ” " PUNCT cblr-1737 329 61 consisting consist VERB cblr-1737 329 62 of of ADP cblr-1737 329 63 five five NUM cblr-1737 329 64 percent percent NOUN cblr-1737 329 65 of of ADP cblr-1737 329 66 the the DET cblr-1737 329 67 value value NOUN cblr-1737 329 68 of of ADP cblr-1737 329 69 each each DET cblr-1737 329 70 tranche tranche NOUN cblr-1737 329 71 , , PUNCT cblr-1737 329 72 or or CCONJ cblr-1737 329 73 ( ( PUNCT cblr-1737 329 74 iii iii X cblr-1737 329 75 ) ) PUNCT cblr-1737 329 76 be be VERB cblr-1737 329 77 a a DET cblr-1737 329 78 combination combination NOUN cblr-1737 329 79 of of ADP cblr-1737 329 80 the the DET cblr-1737 329 81 two.114 two.114 NOUN cblr-1737 329 82 the the DET cblr-1737 329 83 specific specific ADJ cblr-1737 329 84 mechanics mechanic NOUN cblr-1737 329 85 of of ADP cblr-1737 329 86 the the DET cblr-1737 329 87 required require VERB cblr-1737 329 88 risk risk NOUN cblr-1737 329 89 retention retention NOUN cblr-1737 329 90 methods method NOUN cblr-1737 329 91 are be AUX cblr-1737 329 92 beyond beyond ADP cblr-1737 329 93 the the DET cblr-1737 329 94 scope scope NOUN cblr-1737 329 95 of of ADP cblr-1737 329 96 this this DET cblr-1737 329 97 note note NOUN cblr-1737 329 98 , , PUNCT cblr-1737 329 99 but but CCONJ cblr-1737 329 100 the the DET cblr-1737 329 101 key key ADJ cblr-1737 329 102 point point NOUN cblr-1737 329 103 is be AUX cblr-1737 329 104 that that SCONJ cblr-1737 329 105 traditional traditional ADJ cblr-1737 329 106 risk risk NOUN cblr-1737 329 107 retention retention NOUN cblr-1737 329 108 methods method NOUN cblr-1737 329 109 applicable applicable ADJ cblr-1737 329 110 to to ADP cblr-1737 329 111 most most ADJ cblr-1737 329 112 abs ab NOUN cblr-1737 329 113 interests interest NOUN cblr-1737 329 114 do do AUX cblr-1737 329 115 not not PART cblr-1737 329 116 work work VERB cblr-1737 329 117 for for ADP cblr-1737 329 118 tobs tob NOUN cblr-1737 329 119 , , PUNCT cblr-1737 329 120 since since SCONJ cblr-1737 329 121 they they PRON cblr-1737 329 122 do do AUX cblr-1737 329 123 not not PART cblr-1737 329 124 preserve preserve VERB cblr-1737 329 125 the the DET cblr-1737 329 126 tax tax NOUN cblr-1737 329 127 - - PUNCT cblr-1737 329 128 exempt exempt ADJ cblr-1737 329 129 structure structure NOUN cblr-1737 329 130 of of ADP cblr-1737 329 131 tobs.115 tobs.115 PROPN cblr-1737 329 132 rule rule NOUN cblr-1737 329 133 - - PUNCT cblr-1737 329 134 makers maker NOUN cblr-1737 329 135 allowed allow VERB cblr-1737 329 136 for for ADP cblr-1737 329 137 a a DET cblr-1737 329 138 “ " PUNCT cblr-1737 329 139 qualified qualified ADJ cblr-1737 329 140 tender tender NOUN cblr-1737 329 141 option option NOUN cblr-1737 329 142 bond bond NOUN cblr-1737 329 143 entity entity NOUN cblr-1737 329 144 ” " PUNCT cblr-1737 329 145 ( ( PUNCT cblr-1737 329 146 “ " PUNCT cblr-1737 329 147 qtob qtob NOUN cblr-1737 329 148 ” " PUNCT cblr-1737 329 149 ) ) PUNCT cblr-1737 329 150 to to PART cblr-1737 329 151 meet meet VERB cblr-1737 329 152 the the DET cblr-1737 329 153 risk risk NOUN cblr-1737 329 154 retention retention NOUN cblr-1737 329 155 rule rule NOUN cblr-1737 329 156 through through ADP cblr-1737 329 157 an an DET cblr-1737 329 158 alternate alternate ADJ cblr-1737 329 159 method method NOUN cblr-1737 329 160 that that PRON cblr-1737 329 161 preserves preserve VERB cblr-1737 329 162 the the DET cblr-1737 329 163 taxadvantaged taxadvantaged ADJ cblr-1737 329 164 structure.116 structure.116 VERB cblr-1737 329 165 a a DET cblr-1737 329 166 tob tob NOUN cblr-1737 329 167 must must AUX cblr-1737 329 168 qualify qualify VERB cblr-1737 329 169 as as ADP cblr-1737 329 170 a a DET cblr-1737 329 171 qtob qtob NOUN cblr-1737 329 172 to to PART cblr-1737 329 173 take take VERB cblr-1737 329 174 advantage advantage NOUN cblr-1737 329 175 of of ADP cblr-1737 329 176 the the DET cblr-1737 329 177 alternate alternate ADJ cblr-1737 329 178 risk risk NOUN cblr-1737 329 179 retention retention NOUN cblr-1737 329 180 measures measure NOUN cblr-1737 329 181 . . PUNCT cblr-1737 330 1 the the DET cblr-1737 330 2 result result NOUN cblr-1737 330 3 is be AUX cblr-1737 330 4 that that SCONJ cblr-1737 330 5 , , PUNCT cblr-1737 330 6 as as ADP cblr-1737 330 7 a a DET cblr-1737 330 8 practical practical ADJ cblr-1737 330 9 matter matter NOUN cblr-1737 330 10 , , PUNCT cblr-1737 330 11 tobs tob NOUN cblr-1737 330 12 that that PRON cblr-1737 330 13 do do AUX cblr-1737 330 14 not not PART cblr-1737 330 15 meet meet VERB cblr-1737 330 16 the the DET cblr-1737 330 17 definition definition NOUN cblr-1737 330 18 of of ADP cblr-1737 330 19 a a DET cblr-1737 330 20 qtob qtob NOUN cblr-1737 330 21 are be AUX cblr-1737 330 22 not not PART cblr-1737 330 23 issuable issuable ADJ cblr-1737 330 24 , , PUNCT cblr-1737 330 25 as as SCONJ cblr-1737 330 26 they they PRON cblr-1737 330 27 are be AUX cblr-1737 330 28 required require VERB cblr-1737 330 29 to to PART cblr-1737 330 30 meet meet VERB cblr-1737 330 31 the the DET cblr-1737 330 32 broadly broadly ADV cblr-1737 330 33 applicable applicable ADJ cblr-1737 330 34 risk risk NOUN cblr-1737 330 35 retention retention NOUN cblr-1737 330 36 requirements requirement NOUN cblr-1737 330 37 that that PRON cblr-1737 330 38 fail fail VERB cblr-1737 330 39 to to PART cblr-1737 330 40 preserve preserve VERB cblr-1737 330 41 tobs tob NOUN cblr-1737 330 42 ’ ' PUNCT cblr-1737 330 43 tax tax NOUN cblr-1737 330 44 - - PUNCT cblr-1737 330 45 advantaged advantaged ADJ cblr-1737 330 46 status status NOUN cblr-1737 330 47 . . PUNCT cblr-1737 331 1 iv iv X cblr-1737 331 2 . . PUNCT cblr-1737 332 1 analysis analysis NOUN cblr-1737 332 2 of of ADP cblr-1737 332 3 whether whether SCONJ cblr-1737 332 4 the the DET cblr-1737 332 5 postfinancial postfinancial ADJ cblr-1737 332 6 crisis crisis NOUN cblr-1737 332 7 regulations regulation NOUN cblr-1737 332 8 on on ADP cblr-1737 332 9 municipal municipal ADJ cblr-1737 332 10 bonds bond NOUN cblr-1737 332 11 meaningfully meaningfully ADV cblr-1737 332 12 contribute contribute VERB cblr-1737 332 13 to to ADP cblr-1737 332 14 the the DET cblr-1737 332 15 soundness soundness NOUN cblr-1737 332 16 of of ADP cblr-1737 332 17 the the DET cblr-1737 332 18 financial financial ADJ cblr-1737 332 19 system system NOUN cblr-1737 332 20 this this DET cblr-1737 332 21 section section NOUN cblr-1737 332 22 examines examine VERB cblr-1737 332 23 whether whether SCONJ cblr-1737 332 24 post post ADJ cblr-1737 332 25 - - ADJ cblr-1737 332 26 financial financial ADJ cblr-1737 332 27 crisis crisis NOUN cblr-1737 332 28 rulemaking rulemaking NOUN cblr-1737 332 29 on on ADP cblr-1737 332 30 municipal municipal ADJ cblr-1737 332 31 bonds bond NOUN cblr-1737 332 32 will will AUX cblr-1737 332 33 have have VERB cblr-1737 332 34 a a DET cblr-1737 332 35 meaningful meaningful ADJ cblr-1737 332 36 impact impact NOUN cblr-1737 332 37 in in ADP cblr-1737 332 38 creating create VERB cblr-1737 332 39 a a DET cblr-1737 332 40 sounder sounder ADJ cblr-1737 332 41 financial financial ADJ cblr-1737 332 42 system system NOUN cblr-1737 332 43 , , PUNCT cblr-1737 332 44 or or CCONJ cblr-1737 332 45 if if SCONJ cblr-1737 332 46 the the DET cblr-1737 332 47 regulations regulation NOUN cblr-1737 332 48 have have AUX cblr-1737 332 49 made make VERB cblr-1737 332 50 it it PRON cblr-1737 332 51 more more ADV cblr-1737 332 52 difficult difficult ADJ cblr-1737 332 53 for for SCONJ cblr-1737 332 54 municipalities municipality NOUN cblr-1737 332 55 to to PART cblr-1737 332 56 113 113 NUM cblr-1737 332 57 see see VERB cblr-1737 332 58 15 15 NUM cblr-1737 332 59 u.s.c u.s.c ADJ cblr-1737 332 60 . . PUNCT cblr-1737 333 1 § § PROPN cblr-1737 333 2 78o-11(b)–(c)(1 78o-11(b)–(c)(1 PROPN cblr-1737 333 3 ) ) PUNCT cblr-1737 333 4 ( ( PUNCT cblr-1737 333 5 2012 2012 NUM cblr-1737 333 6 ) ) PUNCT cblr-1737 333 7 ; ; PUNCT cblr-1737 333 8 credit credit NOUN cblr-1737 333 9 risk risk NOUN cblr-1737 333 10 retention retention NOUN cblr-1737 333 11 , , PUNCT cblr-1737 333 12 79 79 NUM cblr-1737 333 13 fed feed VERB cblr-1737 333 14 . . PUNCT cblr-1737 334 1 reg reg PROPN cblr-1737 334 2 . . PUNCT cblr-1737 335 1 77,602 77,602 NUM cblr-1737 335 2 , , PUNCT cblr-1737 335 3 77,603–04 77,603–04 NUM cblr-1737 335 4 ( ( PUNCT cblr-1737 335 5 dec dec PROPN cblr-1737 335 6 . . PROPN cblr-1737 335 7 24 24 NUM cblr-1737 335 8 , , PUNCT cblr-1737 335 9 2014 2014 NUM cblr-1737 335 10 ) ) PUNCT cblr-1737 335 11 ( ( PUNCT cblr-1737 335 12 to to PART cblr-1737 335 13 be be AUX cblr-1737 335 14 codified codify VERB cblr-1737 335 15 at at ADP cblr-1737 335 16 12 12 NUM cblr-1737 335 17 c.f.r c.f.r NOUN cblr-1737 335 18 . . PUNCT cblr-1737 336 1 pts pts PROPN cblr-1737 336 2 . . PROPN cblr-1737 336 3 43 43 NUM cblr-1737 336 4 , , PUNCT cblr-1737 336 5 244 244 NUM cblr-1737 336 6 , , PUNCT cblr-1737 336 7 373 373 NUM cblr-1737 336 8 , , PUNCT cblr-1737 336 9 1234 1234 NUM cblr-1737 336 10 , , PUNCT cblr-1737 336 11 17 17 NUM cblr-1737 336 12 c.f.r c.f.r NOUN cblr-1737 336 13 . . PUNCT cblr-1737 337 1 pt pt PROPN cblr-1737 337 2 . . PROPN cblr-1737 337 3 246 246 NUM cblr-1737 337 4 , , PUNCT cblr-1737 337 5 24 24 NUM cblr-1737 337 6 c.f.r c.f.r NOUN cblr-1737 337 7 . . PUNCT cblr-1737 338 1 pt pt PROPN cblr-1737 338 2 . . PROPN cblr-1737 338 3 267 267 NUM cblr-1737 338 4 ) ) PUNCT cblr-1737 338 5 . . PUNCT cblr-1737 339 1 114 114 NUM cblr-1737 339 2 see see VERB cblr-1737 339 3 hicks hick NOUN cblr-1737 339 4 , , PUNCT cblr-1737 339 5 supra supra PROPN cblr-1737 339 6 note note PROPN cblr-1737 339 7 1 1 NUM cblr-1737 339 8 , , PUNCT cblr-1737 339 9 at at ADP cblr-1737 339 10 2 2 NUM cblr-1737 339 11 . . SYM cblr-1737 339 12 115 115 NUM cblr-1737 339 13 see see VERB cblr-1737 339 14 gorman gorman NOUN cblr-1737 339 15 , , PUNCT cblr-1737 339 16 supra supra PROPN cblr-1737 339 17 note note NOUN cblr-1737 339 18 22 22 NUM cblr-1737 339 19 . . PUNCT cblr-1737 340 1 116 116 NUM cblr-1737 340 2 see see VERB cblr-1737 340 3 david david PROPN cblr-1737 340 4 m. m. PROPN cblr-1737 340 5 lynn lynn PROPN cblr-1737 340 6 , , PUNCT cblr-1737 340 7 a a DET cblr-1737 340 8 closer close ADJ cblr-1737 340 9 look look NOUN cblr-1737 340 10 at at ADP cblr-1737 340 11 us we PRON cblr-1737 340 12 credit credit NOUN cblr-1737 340 13 risk risk NOUN cblr-1737 340 14 retention retention NOUN cblr-1737 340 15 rules rule NOUN cblr-1737 340 16 , , PUNCT cblr-1737 340 17 harv harv PROPN cblr-1737 340 18 . . PUNCT cblr-1737 341 1 l. l. PROPN cblr-1737 341 2 sch sch PROPN cblr-1737 341 3 . . PUNCT cblr-1737 342 1 f. f. PROPN cblr-1737 342 2 on on ADP cblr-1737 342 3 corp corp PROPN cblr-1737 342 4 . . PROPN cblr-1737 342 5 governance governance PROPN cblr-1737 342 6 & & CCONJ cblr-1737 342 7 fin fin PROPN cblr-1737 342 8 . . PUNCT cblr-1737 343 1 reg reg PROPN cblr-1737 343 2 . . PUNCT cblr-1737 344 1 ( ( PUNCT cblr-1737 344 2 nov nov PROPN cblr-1737 344 3 . . PROPN cblr-1737 344 4 16 16 NUM cblr-1737 344 5 , , PUNCT cblr-1737 344 6 2014 2014 NUM cblr-1737 344 7 , , PUNCT cblr-1737 344 8 9:00 9:00 NUM cblr-1737 344 9 am am NOUN cblr-1737 344 10 ) ) PUNCT cblr-1737 344 11 , , PUNCT cblr-1737 344 12 http://blogs.law.harvard.edu/corpgov/2014/11/16/a-closer-look-atus-credit-risk-retention-rules/ http://blogs.law.harvard.edu/corpgov/2014/11/16/a-closer-look-atus-credit-risk-retention-rules/ PROPN cblr-1737 345 1 [ [ X cblr-1737 345 2 http://perma.cc/yk7w-r7ym http://perma.cc/yk7w-r7ym PROPN cblr-1737 345 3 ] ] PUNCT cblr-1737 345 4 . . PUNCT cblr-1737 346 1 miki miki PROPN cblr-1737 346 2 – – PUNCT cblr-1737 346 3 final final ADJ cblr-1737 346 4 no no NOUN cblr-1737 346 5 . . PUNCT cblr-1737 347 1 1:252 1:252 NOUN cblr-1737 347 2 ] ] X cblr-1737 347 3 live live VERB cblr-1737 347 4 and and CCONJ cblr-1737 347 5 let let AUX cblr-1737 347 6 die die VERB cblr-1737 347 7 277 277 NUM cblr-1737 347 8 raise raise NOUN cblr-1737 347 9 capital capital NOUN cblr-1737 347 10 without without ADP cblr-1737 347 11 a a DET cblr-1737 347 12 meaningful meaningful ADJ cblr-1737 347 13 improvement improvement NOUN cblr-1737 347 14 in in ADP cblr-1737 347 15 the the DET cblr-1737 347 16 soundness soundness NOUN cblr-1737 347 17 of of ADP cblr-1737 347 18 the the DET cblr-1737 347 19 financial financial ADJ cblr-1737 347 20 system system NOUN cblr-1737 347 21 . . PUNCT cblr-1737 348 1 this this DET cblr-1737 348 2 note note NOUN cblr-1737 348 3 contends contend VERB cblr-1737 348 4 that that SCONJ cblr-1737 348 5 post post ADJ cblr-1737 348 6 - - ADJ cblr-1737 348 7 financial financial ADJ cblr-1737 348 8 crisis crisis NOUN cblr-1737 348 9 rulemaking rulemaking NOUN cblr-1737 348 10 raises raise VERB cblr-1737 348 11 financing financing NOUN cblr-1737 348 12 costs cost NOUN cblr-1737 348 13 for for ADP cblr-1737 348 14 municipalities municipality NOUN cblr-1737 348 15 without without ADP cblr-1737 348 16 a a DET cblr-1737 348 17 meaningful meaningful ADJ cblr-1737 348 18 improvement improvement NOUN cblr-1737 348 19 in in ADP cblr-1737 348 20 the the DET cblr-1737 348 21 safety safety NOUN cblr-1737 348 22 of of ADP cblr-1737 348 23 the the DET cblr-1737 348 24 financial financial ADJ cblr-1737 348 25 system system NOUN cblr-1737 348 26 . . PUNCT cblr-1737 349 1 a. a. NOUN cblr-1737 350 1 the the DET cblr-1737 350 2 exclusion exclusion NOUN cblr-1737 350 3 of of ADP cblr-1737 350 4 municipal municipal ADJ cblr-1737 350 5 bonds bond NOUN cblr-1737 350 6 from from ADP cblr-1737 350 7 the the DET cblr-1737 350 8 hqla hqla PROPN cblr-1737 350 9 framework framework NOUN cblr-1737 350 10 does do AUX cblr-1737 350 11 not not PART cblr-1737 350 12 make make VERB cblr-1737 350 13 sense sense NOUN cblr-1737 350 14 , , PUNCT cblr-1737 350 15 as as SCONJ cblr-1737 350 16 riskier risky ADJ cblr-1737 350 17 asset asset NOUN cblr-1737 350 18 classes class NOUN cblr-1737 350 19 are be AUX cblr-1737 350 20 hqla hqla ADJ cblr-1737 350 21 - - PUNCT cblr-1737 350 22 eligible eligible ADJ cblr-1737 350 23 . . PUNCT cblr-1737 351 1 the the DET cblr-1737 351 2 current current ADJ cblr-1737 351 3 exclusion exclusion NOUN cblr-1737 351 4 of of ADP cblr-1737 351 5 municipal municipal ADJ cblr-1737 351 6 bonds bond NOUN cblr-1737 351 7 from from ADP cblr-1737 351 8 hqla hqla PROPN cblr-1737 351 9 eligibility eligibility NOUN cblr-1737 351 10 will will AUX cblr-1737 351 11 increase increase VERB cblr-1737 351 12 lending lending NOUN cblr-1737 351 13 costs cost NOUN cblr-1737 351 14 for for ADP cblr-1737 351 15 municipalities municipality NOUN cblr-1737 351 16 without without ADP cblr-1737 351 17 meaningfully meaningfully ADV cblr-1737 351 18 contributing contribute VERB cblr-1737 351 19 to to ADP cblr-1737 351 20 the the DET cblr-1737 351 21 safety safety NOUN cblr-1737 351 22 of of ADP cblr-1737 351 23 the the DET cblr-1737 351 24 financial financial ADJ cblr-1737 351 25 system system NOUN cblr-1737 351 26 . . PUNCT cblr-1737 352 1 regulators regulator NOUN cblr-1737 352 2 have have AUX cblr-1737 352 3 declined decline VERB cblr-1737 352 4 to to PART cblr-1737 352 5 classify classify VERB cblr-1737 352 6 municipal municipal ADJ cblr-1737 352 7 bonds bond NOUN cblr-1737 352 8 as as SCONJ cblr-1737 352 9 hqlas,117 hqlas,117 PROPN cblr-1737 352 10 and and CCONJ cblr-1737 352 11 they they PRON cblr-1737 352 12 have have AUX cblr-1737 352 13 expressed express VERB cblr-1737 352 14 further further ADJ cblr-1737 352 15 concerns concern NOUN cblr-1737 352 16 that that SCONJ cblr-1737 352 17 the the DET cblr-1737 352 18 funding funding NOUN cblr-1737 352 19 of of ADP cblr-1737 352 20 municipal municipal ADJ cblr-1737 352 21 bonds bond NOUN cblr-1737 352 22 is be AUX cblr-1737 352 23 limited limit VERB cblr-1737 352 24 in in ADP cblr-1737 352 25 the the DET cblr-1737 352 26 repurchase repurchase NOUN cblr-1737 352 27 market market NOUN cblr-1737 352 28 , , PUNCT cblr-1737 352 29 making make VERB cblr-1737 352 30 municipal municipal ADJ cblr-1737 352 31 bonds bond NOUN cblr-1737 352 32 difficult difficult ADJ cblr-1737 352 33 to to ADP cblr-1737 352 34 monetize.118 monetize.118 X cblr-1737 352 35 regulators regulator NOUN cblr-1737 352 36 acknowledged acknowledge VERB cblr-1737 352 37 criticisms criticism NOUN cblr-1737 352 38 that that SCONJ cblr-1737 352 39 credit credit NOUN cblr-1737 352 40 quality quality NOUN cblr-1737 352 41 , , PUNCT cblr-1737 352 42 default default NOUN cblr-1737 352 43 rates rate NOUN cblr-1737 352 44 , , PUNCT cblr-1737 352 45 and and CCONJ cblr-1737 352 46 central central ADJ cblr-1737 352 47 bank bank NOUN cblr-1737 352 48 eligibility eligibility NOUN cblr-1737 352 49 all all DET cblr-1737 352 50 point point NOUN cblr-1737 352 51 to to ADP cblr-1737 352 52 the the DET cblr-1737 352 53 inclusion inclusion NOUN cblr-1737 352 54 of of ADP cblr-1737 352 55 municipal municipal ADJ cblr-1737 352 56 bonds bond NOUN cblr-1737 352 57 as as ADP cblr-1737 352 58 hqlas hqla NOUN cblr-1737 352 59 , , PUNCT cblr-1737 352 60 particularly particularly ADV cblr-1737 352 61 in in ADP cblr-1737 352 62 light light NOUN cblr-1737 352 63 of of ADP cblr-1737 352 64 the the DET cblr-1737 352 65 fact fact NOUN cblr-1737 352 66 that that SCONJ cblr-1737 352 67 corporate corporate ADJ cblr-1737 352 68 debt debt NOUN cblr-1737 352 69 and and CCONJ cblr-1737 352 70 sovereign sovereign ADJ cblr-1737 352 71 debt debt NOUN cblr-1737 352 72 issued issue VERB cblr-1737 352 73 by by ADP cblr-1737 352 74 companies company NOUN cblr-1737 352 75 or or CCONJ cblr-1737 352 76 countries country NOUN cblr-1737 352 77 that that PRON cblr-1737 352 78 have have AUX cblr-1737 352 79 experienced experience VERB cblr-1737 352 80 financial financial ADJ cblr-1737 352 81 troubles trouble NOUN cblr-1737 352 82 can can AUX cblr-1737 352 83 count count VERB cblr-1737 352 84 towards towards ADP cblr-1737 352 85 a a DET cblr-1737 352 86 bank bank NOUN cblr-1737 352 87 ’s ’s PART cblr-1737 352 88 hqla hqla PROPN cblr-1737 352 89 requirement.119 requirement.119 PROPN cblr-1737 352 90 while while SCONJ cblr-1737 352 91 the the DET cblr-1737 352 92 credit credit NOUN cblr-1737 352 93 risk risk NOUN cblr-1737 352 94 of of ADP cblr-1737 352 95 a a DET cblr-1737 352 96 security security NOUN cblr-1737 352 97 may may AUX cblr-1737 352 98 be be AUX cblr-1737 352 99 an an DET cblr-1737 352 100 important important ADJ cblr-1737 352 101 factor factor NOUN cblr-1737 352 102 , , PUNCT cblr-1737 352 103 regulators regulator NOUN cblr-1737 352 104 noted note VERB cblr-1737 352 105 that that SCONJ cblr-1737 352 106 it it PRON cblr-1737 352 107 is be AUX cblr-1737 352 108 merely merely ADV cblr-1737 352 109 one one NUM cblr-1737 352 110 factor factor NOUN cblr-1737 352 111 for for ADP cblr-1737 352 112 consideration consideration NOUN cblr-1737 352 113 along along ADP cblr-1737 352 114 with with ADP cblr-1737 352 115 trading trading NOUN cblr-1737 352 116 volume volume NOUN cblr-1737 352 117 and and CCONJ cblr-1737 352 118 the the DET cblr-1737 352 119 presence presence NOUN cblr-1737 352 120 of of ADP cblr-1737 352 121 deep deep ADJ cblr-1737 352 122 , , PUNCT cblr-1737 352 123 active active ADJ cblr-1737 352 124 sale sale NOUN cblr-1737 352 125 or or CCONJ cblr-1737 352 126 repurchase repurchase VERB cblr-1737 352 127 markets.120 markets.120 PROPN cblr-1737 352 128 regulators regulator NOUN cblr-1737 352 129 also also ADV cblr-1737 352 130 highlighted highlight VERB cblr-1737 352 131 that that SCONJ cblr-1737 352 132 the the DET cblr-1737 352 133 treatment treatment NOUN cblr-1737 352 134 of of ADP cblr-1737 352 135 municipal municipal ADJ cblr-1737 352 136 bonds bond NOUN cblr-1737 352 137 is be AUX cblr-1737 352 138 consistent consistent ADJ cblr-1737 352 139 with with ADP cblr-1737 352 140 other other ADJ cblr-1737 352 141 asset asset NOUN cblr-1737 352 142 classes class NOUN cblr-1737 352 143 that that SCONJ cblr-1737 352 144 “ " PUNCT cblr-1737 352 145 significantly significantly ADV cblr-1737 352 146 vary vary VERB cblr-1737 352 147 in in ADP cblr-1737 352 148 trading trading NOUN cblr-1737 352 149 volume volume NOUN cblr-1737 352 150 and and CCONJ cblr-1737 352 151 lack lack NOUN cblr-1737 352 152 access access NOUN cblr-1737 352 153 to to ADP cblr-1737 352 154 deep deep ADJ cblr-1737 352 155 and and CCONJ cblr-1737 352 156 active active ADJ cblr-1737 352 157 repurchase repurchase NOUN cblr-1737 352 158 markets market NOUN cblr-1737 352 159 , , PUNCT cblr-1737 352 160 ” " PUNCT cblr-1737 352 161 such such ADJ cblr-1737 352 162 as as ADP cblr-1737 352 163 covered cover VERB cblr-1737 352 164 bonds bond NOUN cblr-1737 352 165 and and CCONJ cblr-1737 352 166 117 117 NUM cblr-1737 352 167 see see NOUN cblr-1737 352 168 12 12 NUM cblr-1737 352 169 c.f.r c.f.r NOUN cblr-1737 352 170 . . PUNCT cblr-1737 353 1 § § PROPN cblr-1737 353 2 249.20 249.20 NUM cblr-1737 353 3 ( ( PUNCT cblr-1737 353 4 2015 2015 NUM cblr-1737 353 5 ) ) PUNCT cblr-1737 353 6 ; ; PUNCT cblr-1737 353 7 12 12 NUM cblr-1737 353 8 c.f.r c.f.r NOUN cblr-1737 353 9 . . PUNCT cblr-1737 354 1 § § PROPN cblr-1737 354 2 329.20 329.20 NUM cblr-1737 354 3 ( ( PUNCT cblr-1737 354 4 2015 2015 NUM cblr-1737 354 5 ) ) PUNCT cblr-1737 354 6 ; ; PUNCT cblr-1737 354 7 12 12 NUM cblr-1737 354 8 c.f.r c.f.r NOUN cblr-1737 354 9 . . PUNCT cblr-1737 355 1 § § PROPN cblr-1737 355 2 50.20 50.20 NUM cblr-1737 355 3 ( ( PUNCT cblr-1737 355 4 2015 2015 NUM cblr-1737 355 5 ) ) PUNCT cblr-1737 355 6 . . PUNCT cblr-1737 356 1 118 118 NUM cblr-1737 356 2 liquidity liquidity NOUN cblr-1737 356 3 coverage coverage NOUN cblr-1737 356 4 ratio ratio NOUN cblr-1737 356 5 : : PUNCT cblr-1737 356 6 liquidity liquidity NOUN cblr-1737 356 7 risk risk NOUN cblr-1737 356 8 measurement measurement NOUN cblr-1737 356 9 standards standard NOUN cblr-1737 356 10 , , PUNCT cblr-1737 356 11 final final ADJ cblr-1737 356 12 rule rule NOUN cblr-1737 356 13 , , PUNCT cblr-1737 356 14 79 79 NUM cblr-1737 356 15 fed feed VERB cblr-1737 356 16 . . PUNCT cblr-1737 357 1 reg reg PROPN cblr-1737 357 2 . . PUNCT cblr-1737 358 1 61,440 61,440 NUM cblr-1737 358 2 , , PUNCT cblr-1737 358 3 61,463 61,463 NUM cblr-1737 358 4 ( ( PUNCT cblr-1737 358 5 oct oct PROPN cblr-1737 358 6 . . PROPN cblr-1737 358 7 10 10 NUM cblr-1737 358 8 , , PUNCT cblr-1737 358 9 2014 2014 NUM cblr-1737 358 10 ) ) PUNCT cblr-1737 358 11 ( ( PUNCT cblr-1737 358 12 to to PART cblr-1737 358 13 be be AUX cblr-1737 358 14 codified codify VERB cblr-1737 358 15 at at ADP cblr-1737 358 16 12 12 NUM cblr-1737 358 17 c.f.r c.f.r NOUN cblr-1737 358 18 . . PUNCT cblr-1737 359 1 pts pts PROPN cblr-1737 359 2 . . PROPN cblr-1737 360 1 50 50 NUM cblr-1737 360 2 , , PUNCT cblr-1737 360 3 249 249 NUM cblr-1737 360 4 , , PUNCT cblr-1737 360 5 329 329 NUM cblr-1737 360 6 ) ) PUNCT cblr-1737 360 7 . . PUNCT cblr-1737 361 1 119 119 NUM cblr-1737 361 2 see see VERB cblr-1737 361 3 i i PRON cblr-1737 361 4 d. d. PROPN cblr-1737 361 5 120 120 NUM cblr-1737 361 6 see see VERB cblr-1737 361 7 i i PRON cblr-1737 361 8 d. d. PROPN cblr-1737 361 9 miki miki PROPN cblr-1737 361 10 – – PUNCT cblr-1737 362 1 final final ADJ cblr-1737 362 2 278 278 NUM cblr-1737 362 3 columbia columbia PROPN cblr-1737 362 4 business business NOUN cblr-1737 362 5 law law PROPN cblr-1737 362 6 review review NOUN cblr-1737 362 7 [ [ X cblr-1737 362 8 vol vol NOUN cblr-1737 362 9 . . PUNCT cblr-1737 362 10 2016 2016 NUM cblr-1737 362 11 abs.121 abs.121 NOUN cblr-1737 362 12 finally finally ADV cblr-1737 362 13 , , PUNCT cblr-1737 362 14 regulators regulator NOUN cblr-1737 362 15 stated state VERB cblr-1737 362 16 their their PRON cblr-1737 362 17 belief belief NOUN cblr-1737 362 18 that that SCONJ cblr-1737 362 19 the the DET cblr-1737 362 20 exclusion exclusion NOUN cblr-1737 362 21 of of ADP cblr-1737 362 22 municipal municipal ADJ cblr-1737 362 23 bonds bond NOUN cblr-1737 362 24 will will AUX cblr-1737 362 25 have have AUX cblr-1737 362 26 minimal minimal ADJ cblr-1737 362 27 effect effect NOUN cblr-1737 362 28 , , PUNCT cblr-1737 362 29 as as SCONJ cblr-1737 362 30 banks bank NOUN cblr-1737 362 31 will will AUX cblr-1737 362 32 continue continue VERB cblr-1737 362 33 to to PART cblr-1737 362 34 invest invest VERB cblr-1737 362 35 in in ADP cblr-1737 362 36 municipals municipal NOUN cblr-1737 362 37 for for ADP cblr-1737 362 38 their their PRON cblr-1737 362 39 yield yield NOUN cblr-1737 362 40 , , PUNCT cblr-1737 362 41 credit credit NOUN cblr-1737 362 42 quality quality NOUN cblr-1737 362 43 , , PUNCT cblr-1737 362 44 and and CCONJ cblr-1737 362 45 other other ADJ cblr-1737 362 46 factors.122 factors.122 PROPN cblr-1737 362 47 since since SCONJ cblr-1737 362 48 regulators regulator NOUN cblr-1737 362 49 have have AUX cblr-1737 362 50 focused focus VERB cblr-1737 362 51 on on ADP cblr-1737 362 52 the the DET cblr-1737 362 53 availability availability NOUN cblr-1737 362 54 of of ADP cblr-1737 362 55 “ " PUNCT cblr-1737 362 56 deep deep ADJ cblr-1737 362 57 , , PUNCT cblr-1737 362 58 active active ADJ cblr-1737 362 59 sale sale NOUN cblr-1737 362 60 or or CCONJ cblr-1737 362 61 repurchase repurchase NOUN cblr-1737 362 62 markets market NOUN cblr-1737 362 63 , , PUNCT cblr-1737 362 64 ” " PUNCT cblr-1737 362 65 the the DET cblr-1737 362 66 following follow VERB cblr-1737 362 67 analysis analysis NOUN cblr-1737 362 68 focuses focus VERB cblr-1737 362 69 on on ADP cblr-1737 362 70 this this DET cblr-1737 362 71 aspect aspect NOUN cblr-1737 362 72 of of ADP cblr-1737 362 73 municipal municipal ADJ cblr-1737 362 74 bonds bond NOUN cblr-1737 362 75 in in ADP cblr-1737 362 76 order order NOUN cblr-1737 362 77 to to PART cblr-1737 362 78 dispense dispense VERB cblr-1737 362 79 with with ADP cblr-1737 362 80 the the DET cblr-1737 362 81 regulators regulator NOUN cblr-1737 362 82 ’ ' PUNCT cblr-1737 362 83 aforementioned aforementione VERB cblr-1737 362 84 concerns.123 concerns.123 NOUN cblr-1737 362 85 first first ADV cblr-1737 362 86 , , PUNCT cblr-1737 362 87 in in ADP cblr-1737 362 88 terms term NOUN cblr-1737 362 89 of of ADP cblr-1737 362 90 trading trading NOUN cblr-1737 362 91 volume volume NOUN cblr-1737 362 92 , , PUNCT cblr-1737 362 93 municipal municipal ADJ cblr-1737 362 94 bonds bond NOUN cblr-1737 362 95 compare compare VERB cblr-1737 362 96 favorably favorably ADV cblr-1737 362 97 to to ADP cblr-1737 362 98 corporate corporate ADJ cblr-1737 362 99 bonds bond NOUN cblr-1737 362 100 . . PUNCT cblr-1737 363 1 at at ADP cblr-1737 363 2 first first ADJ cblr-1737 363 3 glance glance NOUN cblr-1737 363 4 , , PUNCT cblr-1737 363 5 it it PRON cblr-1737 363 6 appears appear VERB cblr-1737 363 7 that that SCONJ cblr-1737 363 8 there there PRON cblr-1737 363 9 is be VERB cblr-1737 363 10 a a DET cblr-1737 363 11 more more ADV cblr-1737 363 12 robust robust ADJ cblr-1737 363 13 market market NOUN cblr-1737 363 14 for for ADP cblr-1737 363 15 corporate corporate ADJ cblr-1737 363 16 bonds bond NOUN cblr-1737 363 17 . . PUNCT cblr-1737 364 1 in in ADP cblr-1737 364 2 2012 2012 NUM cblr-1737 364 3 , , PUNCT cblr-1737 364 4 trading trading NOUN cblr-1737 364 5 volume volume NOUN cblr-1737 364 6 in in ADP cblr-1737 364 7 municipal municipal ADJ cblr-1737 364 8 bonds bond NOUN cblr-1737 364 9 averaged average VERB cblr-1737 364 10 $ $ SYM cblr-1737 364 11 11.3 11.3 NUM cblr-1737 364 12 billion billion NUM cblr-1737 364 13 , , PUNCT cblr-1737 364 14 as as SCONJ cblr-1737 364 15 opposed oppose VERB cblr-1737 364 16 to to ADP cblr-1737 364 17 $ $ SYM cblr-1737 364 18 22.6 22.6 NUM cblr-1737 364 19 billion billion NUM cblr-1737 364 20 for for ADP cblr-1737 364 21 corporate corporate ADJ cblr-1737 364 22 bonds.124 bonds.124 NOUN cblr-1737 364 23 however however ADV cblr-1737 364 24 , , PUNCT cblr-1737 364 25 taken take VERB cblr-1737 364 26 as as ADP cblr-1737 364 27 a a DET cblr-1737 364 28 percentage percentage NOUN cblr-1737 364 29 of of ADP cblr-1737 364 30 the the DET cblr-1737 364 31 entire entire ADJ cblr-1737 364 32 market market NOUN cblr-1737 364 33 , , PUNCT cblr-1737 364 34 0.31 0.31 NUM cblr-1737 364 35 % % NOUN cblr-1737 364 36 of of ADP cblr-1737 364 37 total total ADJ cblr-1737 364 38 outstanding outstanding ADJ cblr-1737 364 39 municipal municipal ADJ cblr-1737 364 40 bonds bond NOUN cblr-1737 364 41 traded trade VERB cblr-1737 364 42 in in ADP cblr-1737 364 43 2012 2012 NUM cblr-1737 364 44 , , PUNCT cblr-1737 364 45 as as SCONJ cblr-1737 364 46 opposed oppose VERB cblr-1737 364 47 to to ADP cblr-1737 364 48 0.25 0.25 NUM cblr-1737 364 49 % % NOUN cblr-1737 364 50 for for ADP cblr-1737 364 51 corporate corporate ADJ cblr-1737 364 52 bonds bond NOUN cblr-1737 364 53 , , PUNCT cblr-1737 364 54 suggesting suggest VERB cblr-1737 364 55 that that SCONJ cblr-1737 364 56 turnover turnover NOUN cblr-1737 364 57 in in ADP cblr-1737 364 58 municipal municipal ADJ cblr-1737 364 59 bond bond NOUN cblr-1737 364 60 ownership ownership NOUN cblr-1737 364 61 is be AUX cblr-1737 364 62 actually actually ADV cblr-1737 364 63 higher high ADJ cblr-1737 364 64 than than ADP cblr-1737 364 65 for for ADP cblr-1737 364 66 corporate corporate ADJ cblr-1737 364 67 bonds.125 bonds.125 NOUN cblr-1737 364 68 in in ADP cblr-1737 364 69 addition addition NOUN cblr-1737 364 70 , , PUNCT cblr-1737 364 71 “ " PUNCT cblr-1737 364 72 trading trading NOUN cblr-1737 364 73 volume volume NOUN cblr-1737 364 74 in in ADP cblr-1737 364 75 the the DET cblr-1737 364 76 municipal municipal ADJ cblr-1737 364 77 market market NOUN cblr-1737 364 78 , , PUNCT cblr-1737 364 79 while while SCONJ cblr-1737 364 80 subject subject ADJ cblr-1737 364 81 to to ADP cblr-1737 364 82 some some DET cblr-1737 364 83 seasonality seasonality NOUN cblr-1737 364 84 and and CCONJ cblr-1737 364 85 variation variation NOUN cblr-1737 364 86 based base VERB cblr-1737 364 87 on on ADP cblr-1737 364 88 issuance issuance NOUN cblr-1737 364 89 activity activity NOUN cblr-1737 364 90 and and CCONJ cblr-1737 364 91 other other ADJ cblr-1737 364 92 factors factor NOUN cblr-1737 364 93 , , PUNCT cblr-1737 364 94 remains remain VERB cblr-1737 364 95 fairly fairly ADV cblr-1737 364 96 constant constant ADJ cblr-1737 364 97 within within ADP cblr-1737 364 98 a a DET cblr-1737 364 99 range range NOUN cblr-1737 364 100 . . PUNCT cblr-1737 365 1 ”126 ”126 PROPN cblr-1737 365 2 wells wells PROPN cblr-1737 365 3 fargo fargo PROPN cblr-1737 365 4 noted note VERB cblr-1737 365 5 in in ADP cblr-1737 365 6 a a DET cblr-1737 365 7 comment comment NOUN cblr-1737 365 8 letter letter NOUN cblr-1737 365 9 to to ADP cblr-1737 365 10 the the DET cblr-1737 365 11 fed fed PROPN cblr-1737 365 12 that that SCONJ cblr-1737 365 13 municipal municipal ADJ cblr-1737 365 14 bond bond NOUN cblr-1737 365 15 prices price NOUN cblr-1737 365 16 experience experience VERB cblr-1737 365 17 less less ADJ cblr-1737 365 18 volatility volatility NOUN cblr-1737 365 19 than than ADP cblr-1737 365 20 u.s u.s PROPN cblr-1737 365 21 . . PROPN cblr-1737 365 22 treasuries.127 treasuries.127 NOUN cblr-1737 365 23 further far ADV cblr-1737 365 24 , , PUNCT cblr-1737 365 25 regulators regulator NOUN cblr-1737 365 26 noted note VERB cblr-1737 365 27 that that SCONJ cblr-1737 365 28 the the DET cblr-1737 365 29 ability ability NOUN cblr-1737 365 30 to to PART cblr-1737 365 31 easily easily ADV cblr-1737 365 32 value value VERB cblr-1737 365 33 a a DET cblr-1737 365 34 security security NOUN cblr-1737 365 35 is be AUX cblr-1737 365 36 important important ADJ cblr-1737 365 37 to to ADP cblr-1737 365 38 assessing assess VERB cblr-1737 365 39 the the DET cblr-1737 365 40 liquidity liquidity NOUN cblr-1737 365 41 of of ADP cblr-1737 365 42 an an DET cblr-1737 365 43 asset.128 asset.128 NOUN cblr-1737 365 44 121 121 NUM cblr-1737 365 45 i i PROPN cblr-1737 365 46 d. d. PROPN cblr-1737 365 47 122 122 NUM cblr-1737 365 48 see see VERB cblr-1737 365 49 i i PRON cblr-1737 365 50 d. d. PROPN cblr-1737 365 51 at at ADP cblr-1737 365 52 61,464 61,464 NUM cblr-1737 365 53 . . PUNCT cblr-1737 366 1 123 123 NUM cblr-1737 366 2 i i PRON cblr-1737 366 3 d. d. VERB cblr-1737 366 4 at at ADP cblr-1737 366 5 61,463 61,463 NUM cblr-1737 366 6 . . PUNCT cblr-1737 367 1 124 124 NUM cblr-1737 367 2 sec sec PROPN cblr-1737 367 3 . . PROPN cblr-1737 367 4 indus indus PROPN cblr-1737 367 5 . . PUNCT cblr-1737 367 6 & & CCONJ cblr-1737 367 7 fin fin PROPN cblr-1737 367 8 . . PUNCT cblr-1737 368 1 mkts mkts NOUN cblr-1737 368 2 . . PUNCT cblr-1737 369 1 ass’n ass’n PROPN cblr-1737 369 2 , , PUNCT cblr-1737 369 3 supra supra PROPN cblr-1737 369 4 note note NOUN cblr-1737 369 5 51 51 NUM cblr-1737 369 6 , , PUNCT cblr-1737 369 7 at at ADP cblr-1737 369 8 3 3 NUM cblr-1737 369 9 . . NUM cblr-1737 369 10 125 125 NUM cblr-1737 370 1 i i PRON cblr-1737 370 2 d. d. PROPN cblr-1737 370 3 at at ADP cblr-1737 370 4 3 3 NUM cblr-1737 370 5 . . NUM cblr-1737 370 6 126 126 NUM cblr-1737 371 1 i i PRON cblr-1737 371 2 d. d. PROPN cblr-1737 371 3 at at ADP cblr-1737 371 4 4 4 NUM cblr-1737 371 5 . . PUNCT cblr-1737 371 6 127 127 NUM cblr-1737 371 7 see see VERB cblr-1737 371 8 wells wells PROPN cblr-1737 371 9 fargo fargo PROPN cblr-1737 371 10 & & CCONJ cblr-1737 371 11 co. co. PROPN cblr-1737 371 12 , , PUNCT cblr-1737 371 13 comment comment NOUN cblr-1737 371 14 letter letter NOUN cblr-1737 371 15 on on ADP cblr-1737 371 16 liquidity liquidity NOUN cblr-1737 371 17 coverage coverage NOUN cblr-1737 371 18 ratio ratio NOUN cblr-1737 371 19 : : PUNCT cblr-1737 371 20 liquidity liquidity NOUN cblr-1737 371 21 risk risk NOUN cblr-1737 371 22 measurement measurement NOUN cblr-1737 371 23 , , PUNCT cblr-1737 371 24 standards standard NOUN cblr-1737 371 25 , , PUNCT cblr-1737 371 26 and and CCONJ cblr-1737 371 27 monitoring monitor VERB cblr-1737 371 28 17 17 NUM cblr-1737 371 29 ( ( PUNCT cblr-1737 371 30 jan jan PROPN cblr-1737 371 31 . . PROPN cblr-1737 371 32 31 31 NUM cblr-1737 371 33 , , PUNCT cblr-1737 371 34 2014 2014 NUM cblr-1737 371 35 ) ) PUNCT cblr-1737 371 36 , , PUNCT cblr-1737 371 37 http://www.federalreserve.gov/secrs/2014/january/20140131/ http://www.federalreserve.gov/secrs/2014/january/20140131/ VERB cblr-1737 371 38 r-1466 r-1466 PROPN cblr-1737 371 39 / / SYM cblr-1737 371 40 r-1466_013114_111898_491608851579_1.pdf r-1466_013114_111898_491608851579_1.pdf PROPN cblr-1737 371 41 [ [ X cblr-1737 371 42 http://perma.cc/sm http://perma.cc/sm X cblr-1737 371 43 u4 u4 PROPN cblr-1737 371 44 - - NOUN cblr-1737 371 45 78kt 78kt NOUN cblr-1737 371 46 ] ] PUNCT cblr-1737 371 47 . . PUNCT cblr-1737 372 1 128 128 NUM cblr-1737 372 2 citigroup citigroup NOUN cblr-1737 372 3 global global ADJ cblr-1737 372 4 mkts mkts NOUN cblr-1737 372 5 . . PROPN cblr-1737 372 6 , , PUNCT cblr-1737 372 7 inc inc PROPN cblr-1737 372 8 . . PROPN cblr-1737 372 9 , , PUNCT cblr-1737 372 10 comment comment NOUN cblr-1737 372 11 letter letter NOUN cblr-1737 372 12 on on ADP cblr-1737 372 13 liquidity liquidity NOUN cblr-1737 372 14 coverage coverage NOUN cblr-1737 372 15 ratio ratio NOUN cblr-1737 372 16 : : PUNCT cblr-1737 372 17 liquidity liquidity NOUN cblr-1737 372 18 risk risk NOUN cblr-1737 372 19 measurement measurement NOUN cblr-1737 372 20 , , PUNCT cblr-1737 372 21 standards standard NOUN cblr-1737 372 22 , , PUNCT cblr-1737 372 23 and and CCONJ cblr-1737 372 24 monitoring monitor VERB cblr-1737 372 25 12 12 NUM cblr-1737 372 26 ( ( PUNCT cblr-1737 372 27 apr apr NOUN cblr-1737 372 28 . . PROPN cblr-1737 372 29 9 9 NUM cblr-1737 372 30 , , PUNCT cblr-1737 372 31 2014 2014 NUM cblr-1737 372 32 ) ) PUNCT cblr-1737 372 33 , , PUNCT cblr-1737 372 34 http://www.federalreserve.gov/secrs/2014/may/2014 http://www.federalreserve.gov/secrs/2014/may/2014 NOUN cblr-1737 372 35 miki miki ADV cblr-1737 372 36 – – PUNCT cblr-1737 372 37 final final ADJ cblr-1737 372 38 no no NOUN cblr-1737 372 39 . . PUNCT cblr-1737 372 40 1:252 1:252 NOUN cblr-1737 372 41 ] ] X cblr-1737 372 42 live live VERB cblr-1737 372 43 and and CCONJ cblr-1737 372 44 let let AUX cblr-1737 372 45 die die VERB cblr-1737 372 46 279 279 NUM cblr-1737 372 47 valuing value VERB cblr-1737 372 48 municipal municipal ADJ cblr-1737 372 49 bonds bond NOUN cblr-1737 372 50 is be AUX cblr-1737 372 51 easier easy ADJ cblr-1737 372 52 than than SCONJ cblr-1737 372 53 regulators regulator NOUN cblr-1737 372 54 suggest suggest VERB cblr-1737 372 55 thanks thank NOUN cblr-1737 372 56 to to ADP cblr-1737 372 57 the the DET cblr-1737 372 58 availability availability NOUN cblr-1737 372 59 of of ADP cblr-1737 372 60 three three NUM cblr-1737 372 61 non non ADJ cblr-1737 372 62 - - ADJ cblr-1737 372 63 bank bank ADJ cblr-1737 372 64 service service NOUN cblr-1737 372 65 providers provider NOUN cblr-1737 372 66 : : PUNCT cblr-1737 372 67 standard standard PROPN cblr-1737 372 68 & & CCONJ cblr-1737 372 69 poor poor PROPN cblr-1737 372 70 ’s ’s PART cblr-1737 372 71 securities security NOUN cblr-1737 372 72 evaluations evaluation NOUN cblr-1737 372 73 , , PUNCT cblr-1737 372 74 interactive interactive ADJ cblr-1737 372 75 data datum NOUN cblr-1737 372 76 corporation corporation NOUN cblr-1737 372 77 , , PUNCT cblr-1737 372 78 and and CCONJ cblr-1737 372 79 bloomberg bloomberg PROPN cblr-1737 372 80 asset asset NOUN cblr-1737 372 81 valuation.129 valuation.129 PROPN cblr-1737 372 82 because because SCONJ cblr-1737 372 83 prices price NOUN cblr-1737 372 84 are be AUX cblr-1737 372 85 provided provide VERB cblr-1737 372 86 by by ADP cblr-1737 372 87 third third ADJ cblr-1737 372 88 - - PUNCT cblr-1737 372 89 party party NOUN cblr-1737 372 90 rating rating NOUN cblr-1737 372 91 agencies agency NOUN cblr-1737 372 92 , , PUNCT cblr-1737 372 93 there there PRON cblr-1737 372 94 is be VERB cblr-1737 372 95 transparency transparency NOUN cblr-1737 372 96 in in ADP cblr-1737 372 97 the the DET cblr-1737 372 98 rating rating NOUN cblr-1737 372 99 process process NOUN cblr-1737 372 100 , , PUNCT cblr-1737 372 101 and and CCONJ cblr-1737 372 102 the the DET cblr-1737 372 103 prices price NOUN cblr-1737 372 104 provided provide VERB cblr-1737 372 105 have have VERB cblr-1737 372 106 a a DET cblr-1737 372 107 high high ADJ cblr-1737 372 108 degree degree NOUN cblr-1737 372 109 of of ADP cblr-1737 372 110 accuracy.130 accuracy.130 PROPN cblr-1737 372 111 in in ADP cblr-1737 372 112 a a DET cblr-1737 372 113 comment comment NOUN cblr-1737 372 114 letter letter NOUN cblr-1737 372 115 , , PUNCT cblr-1737 372 116 nuveen nuveen ADJ cblr-1737 372 117 asset asset NOUN cblr-1737 372 118 management management NOUN cblr-1737 372 119 contended contend VERB cblr-1737 372 120 that that SCONJ cblr-1737 372 121 as as ADP cblr-1737 372 122 of of ADP cblr-1737 372 123 november november PROPN cblr-1737 372 124 29 29 NUM cblr-1737 372 125 , , PUNCT cblr-1737 372 126 2013 2013 NUM cblr-1737 372 127 , , PUNCT cblr-1737 372 128 the the DET cblr-1737 372 129 market market NOUN cblr-1737 372 130 - - PUNCT cblr-1737 372 131 value value NOUN cblr-1737 372 132 weighted weight VERB cblr-1737 372 133 average average ADJ cblr-1737 372 134 difference difference NOUN cblr-1737 372 135 , , PUNCT cblr-1737 372 136 in in ADP cblr-1737 372 137 absolute absolute ADJ cblr-1737 372 138 terms term NOUN cblr-1737 372 139 , , PUNCT cblr-1737 372 140 between between ADP cblr-1737 372 141 the the DET cblr-1737 372 142 prices price NOUN cblr-1737 372 143 provided provide VERB cblr-1737 372 144 by by ADP cblr-1737 372 145 standard standard PROPN cblr-1737 372 146 & & CCONJ cblr-1737 372 147 poor poor PROPN cblr-1737 372 148 ’s ’s PART cblr-1737 372 149 and and CCONJ cblr-1737 372 150 interactive interactive ADJ cblr-1737 372 151 data datum NOUN cblr-1737 372 152 corporation corporation NOUN cblr-1737 372 153 on on ADP cblr-1737 372 154 close close ADJ cblr-1737 372 155 to to PART cblr-1737 372 156 14,000 14,000 NUM cblr-1737 372 157 municipal municipal ADJ cblr-1737 372 158 bonds bond NOUN cblr-1737 372 159 with with ADP cblr-1737 372 160 a a DET cblr-1737 372 161 total total ADJ cblr-1737 372 162 market market NOUN cblr-1737 372 163 value value NOUN cblr-1737 372 164 in in ADP cblr-1737 372 165 excess excess NOUN cblr-1737 372 166 of of ADP cblr-1737 372 167 $ $ SYM cblr-1737 372 168 56 56 NUM cblr-1737 372 169 billion billion NUM cblr-1737 372 170 was be AUX cblr-1737 372 171 only only ADV cblr-1737 372 172 1.22 1.22 NUM cblr-1737 372 173 % % NOUN cblr-1737 372 174 , , PUNCT cblr-1737 372 175 a a DET cblr-1737 372 176 figure figure NOUN cblr-1737 372 177 which which PRON cblr-1737 372 178 declined decline VERB cblr-1737 372 179 to to ADP cblr-1737 372 180 just just ADV cblr-1737 372 181 0.92 0.92 NUM cblr-1737 372 182 % % NOUN cblr-1737 372 183 when when SCONJ cblr-1737 372 184 the the DET cblr-1737 372 185 universe universe NOUN cblr-1737 372 186 was be AUX cblr-1737 372 187 narrowed narrow VERB cblr-1737 372 188 to to ADP cblr-1737 372 189 investment investment NOUN cblr-1737 372 190 grade grade NOUN cblr-1737 372 191 securities security NOUN cblr-1737 372 192 only.131 only.131 VERB cblr-1737 373 1 the the DET cblr-1737 373 2 municipal municipal ADJ cblr-1737 373 3 bond bond NOUN cblr-1737 373 4 market market NOUN cblr-1737 373 5 views view NOUN cblr-1737 373 6 similarly similarly ADV cblr-1737 373 7 structured structure VERB cblr-1737 373 8 municipal municipal ADJ cblr-1737 373 9 bonds bond NOUN cblr-1737 373 10 — — PUNCT cblr-1737 373 11 i.e. i.e. X cblr-1737 373 12 those those PRON cblr-1737 373 13 that that PRON cblr-1737 373 14 have have VERB cblr-1737 373 15 similar similar ADJ cblr-1737 373 16 coupons coupon NOUN cblr-1737 373 17 and and CCONJ cblr-1737 373 18 maturities maturity NOUN cblr-1737 373 19 — — PUNCT cblr-1737 373 20 as as ADP cblr-1737 373 21 being be AUX cblr-1737 373 22 substitutable substitutable ADJ cblr-1737 373 23 , , PUNCT cblr-1737 373 24 so so CCONJ cblr-1737 373 25 the the DET cblr-1737 373 26 price price NOUN cblr-1737 373 27 of of ADP cblr-1737 373 28 a a DET cblr-1737 373 29 municipal municipal ADJ cblr-1737 373 30 bond bond NOUN cblr-1737 373 31 may may AUX cblr-1737 373 32 be be AUX cblr-1737 373 33 ascertained ascertain VERB cblr-1737 373 34 even even ADV cblr-1737 373 35 if if SCONJ cblr-1737 373 36 the the DET cblr-1737 373 37 individual individual ADJ cblr-1737 373 38 security security NOUN cblr-1737 373 39 does do AUX cblr-1737 373 40 not not PART cblr-1737 373 41 trade trade VERB cblr-1737 373 42 on on ADP cblr-1737 373 43 a a DET cblr-1737 373 44 daily daily ADJ cblr-1737 373 45 basis.132 basis.132 NOUN cblr-1737 373 46 additionally additionally ADV cblr-1737 373 47 , , PUNCT cblr-1737 373 48 the the DET cblr-1737 373 49 municipal municipal ADJ cblr-1737 373 50 market market NOUN cblr-1737 373 51 is be AUX cblr-1737 373 52 one one NUM cblr-1737 373 53 with with ADP cblr-1737 373 54 many many ADJ cblr-1737 373 55 broker broker NOUN cblr-1737 373 56 - - PUNCT cblr-1737 373 57 dealers dealer NOUN cblr-1737 373 58 that that PRON cblr-1737 373 59 provide provide VERB cblr-1737 373 60 market market NOUN cblr-1737 373 61 - - PUNCT cblr-1737 373 62 making make VERB cblr-1737 373 63 functions function NOUN cblr-1737 373 64 . . PUNCT cblr-1737 374 1 the the DET cblr-1737 374 2 msrb msrb NOUN cblr-1737 374 3 , , PUNCT cblr-1737 374 4 as as ADP cblr-1737 374 5 of of ADP cblr-1737 374 6 january january PROPN cblr-1737 374 7 15 15 NUM cblr-1737 374 8 , , PUNCT cblr-1737 374 9 2014 2014 NUM cblr-1737 374 10 , , PUNCT cblr-1737 374 11 regulated regulate VERB cblr-1737 374 12 1664 1664 NUM cblr-1737 374 13 registered register VERB cblr-1737 374 14 broker broker NOUN cblr-1737 374 15 - - PUNCT cblr-1737 374 16 dealers.133 dealers.133 NOUN cblr-1737 374 17 finally finally ADV cblr-1737 374 18 , , PUNCT cblr-1737 374 19 municipal municipal ADJ cblr-1737 374 20 bonds bond NOUN cblr-1737 374 21 have have AUX cblr-1737 374 22 historically historically ADV cblr-1737 374 23 been be AUX cblr-1737 374 24 treated treat VERB cblr-1737 374 25 similarly similarly ADV cblr-1737 374 26 to to ADP cblr-1737 374 27 treasury treasury NOUN cblr-1737 374 28 bonds bond NOUN cblr-1737 374 29 and and CCONJ cblr-1737 374 30 gse gse ADJ cblr-1737 374 31 securities security NOUN cblr-1737 374 32 , , PUNCT cblr-1737 374 33 in in SCONJ cblr-1737 374 34 that that SCONJ cblr-1737 374 35 all all DET cblr-1737 374 36 three three NUM cblr-1737 374 37 asset asset NOUN cblr-1737 374 38 classes class NOUN cblr-1737 374 39 have have AUX cblr-1737 374 40 been be AUX cblr-1737 374 41 subject subject ADJ cblr-1737 374 42 to to ADP cblr-1737 374 43 less less ADV cblr-1737 374 44 onerous onerous ADJ cblr-1737 374 45 laws law NOUN cblr-1737 374 46 and and CCONJ cblr-1737 374 47 regulations regulation NOUN cblr-1737 374 48 that that PRON cblr-1737 374 49 “ " PUNCT cblr-1737 374 50 impose impose VERB cblr-1737 374 51 fewer few ADJ cblr-1737 374 52 restrictions restriction NOUN cblr-1737 374 53 on on ADP cblr-1737 374 54 , , PUNCT cblr-1737 374 55 and and CCONJ cblr-1737 374 56 allow allow VERB cblr-1737 374 57 for for ADP cblr-1737 374 58 more more ADV cblr-1737 374 59 advantageous advantageous ADJ cblr-1737 374 60 terms term NOUN cblr-1737 374 61 when when SCONJ cblr-1737 374 62 , , PUNCT cblr-1737 374 63 lending lend VERB cblr-1737 374 64 cash cash NOUN cblr-1737 374 65 against against ADP cblr-1737 374 66 these these DET cblr-1737 374 67 collateral collateral ADJ cblr-1737 374 68 types type NOUN cblr-1737 374 69 . . PUNCT cblr-1737 374 70 ”134 ”134 PUNCT cblr-1737 375 1 thus thus ADV cblr-1737 375 2 , , PUNCT cblr-1737 375 3 municipal municipal ADJ cblr-1737 375 4 bonds bond NOUN cblr-1737 375 5 and and CCONJ cblr-1737 375 6 gse gse PROPN cblr-1737 375 7 0506 0506 NUM cblr-1737 375 8 / / SYM cblr-1737 375 9 r-1466 r-1466 PROPN cblr-1737 375 10 / / SYM cblr-1737 375 11 r-1466_040914_115071_570402890178_1.pdf r-1466_040914_115071_570402890178_1.pdf PROPN cblr-1737 376 1 [ [ X cblr-1737 376 2 http://per http://per X cblr-1737 376 3 ma.cc/zy36-dtql ma.cc/zy36-dtql PROPN cblr-1737 376 4 ] ] X cblr-1737 376 5 . . PUNCT cblr-1737 377 1 129 129 NUM cblr-1737 377 2 see see VERB cblr-1737 377 3 i i PRON cblr-1737 377 4 d. d. PROPN cblr-1737 377 5 130 130 NUM cblr-1737 377 6 see see VERB cblr-1737 377 7 i i PRON cblr-1737 377 8 d. d. PROPN cblr-1737 377 9 131 131 NUM cblr-1737 377 10 see see VERB cblr-1737 377 11 i i PROPN cblr-1737 377 12 d. d. PROPN cblr-1737 377 13 ( ( PUNCT cblr-1737 377 14 citing cite VERB cblr-1737 377 15 nuveen nuveen ADJ cblr-1737 377 16 asset asset NOUN cblr-1737 377 17 management management NOUN cblr-1737 377 18 , , PUNCT cblr-1737 377 19 llc llc PROPN cblr-1737 377 20 , , PUNCT cblr-1737 377 21 comment comment NOUN cblr-1737 377 22 letter letter NOUN cblr-1737 377 23 on on ADP cblr-1737 377 24 liquidity liquidity NOUN cblr-1737 377 25 coverage coverage NOUN cblr-1737 377 26 ratio ratio NOUN cblr-1737 377 27 : : PUNCT cblr-1737 377 28 liquidity liquidity NOUN cblr-1737 377 29 risk risk NOUN cblr-1737 377 30 measurement measurement NOUN cblr-1737 377 31 , , PUNCT cblr-1737 377 32 standards standard NOUN cblr-1737 377 33 , , PUNCT cblr-1737 377 34 and and CCONJ cblr-1737 377 35 monitoring monitor VERB cblr-1737 377 36 6 6 NUM cblr-1737 377 37 ( ( PUNCT cblr-1737 377 38 jan jan PROPN cblr-1737 377 39 . . PROPN cblr-1737 377 40 30 30 NUM cblr-1737 377 41 , , PUNCT cblr-1737 377 42 2014 2014 NUM cblr-1737 377 43 ) ) PUNCT cblr-1737 377 44 ) ) PUNCT cblr-1737 377 45 . . PUNCT cblr-1737 378 1 132 132 NUM cblr-1737 378 2 see see VERB cblr-1737 378 3 wells wells PROPN cblr-1737 378 4 fargo fargo PROPN cblr-1737 378 5 & & CCONJ cblr-1737 378 6 co. co. PROPN cblr-1737 378 7 , , PUNCT cblr-1737 378 8 supra supra PROPN cblr-1737 378 9 note note PROPN cblr-1737 378 10 127 127 NUM cblr-1737 378 11 , , PUNCT cblr-1737 378 12 at at ADP cblr-1737 378 13 18 18 NUM cblr-1737 378 14 . . PUNCT cblr-1737 378 15 133 133 NUM cblr-1737 378 16 see see VERB cblr-1737 378 17 i i PRON cblr-1737 378 18 d. d. PROPN cblr-1737 378 19 at at ADP cblr-1737 378 20 19 19 NUM cblr-1737 378 21 . . PUNCT cblr-1737 378 22 134 134 NUM cblr-1737 378 23 see see VERB cblr-1737 378 24 citigroup citigroup PROPN cblr-1737 378 25 global global ADJ cblr-1737 378 26 mkts mkts NOUN cblr-1737 378 27 . . PROPN cblr-1737 378 28 , , PUNCT cblr-1737 378 29 inc inc PROPN cblr-1737 378 30 . . PROPN cblr-1737 378 31 , , PUNCT cblr-1737 378 32 supra supra PROPN cblr-1737 378 33 note note PROPN cblr-1737 378 34 128 128 NUM cblr-1737 378 35 , , PUNCT cblr-1737 378 36 at at ADP cblr-1737 378 37 2 2 NUM cblr-1737 378 38 , , PUNCT cblr-1737 378 39 14 14 NUM cblr-1737 378 40 . . PUNCT cblr-1737 379 1 miki miki PROPN cblr-1737 379 2 – – PUNCT cblr-1737 379 3 final final ADJ cblr-1737 379 4 280 280 NUM cblr-1737 379 5 columbia columbia PROPN cblr-1737 379 6 business business NOUN cblr-1737 379 7 law law NOUN cblr-1737 379 8 review review NOUN cblr-1737 380 1 [ [ X cblr-1737 380 2 vol vol NOUN cblr-1737 380 3 . . NOUN cblr-1737 380 4 2016 2016 NUM cblr-1737 380 5 securities security NOUN cblr-1737 380 6 should should AUX cblr-1737 380 7 be be AUX cblr-1737 380 8 treated treat VERB cblr-1737 380 9 similarly similarly ADV cblr-1737 380 10 under under ADP cblr-1737 380 11 the the DET cblr-1737 380 12 lcr lcr NOUN cblr-1737 380 13 as as ADV cblr-1737 380 14 well well ADV cblr-1737 380 15 . . PUNCT cblr-1737 381 1 when when SCONJ cblr-1737 381 2 municipal municipal ADJ cblr-1737 381 3 bonds bond NOUN cblr-1737 381 4 are be AUX cblr-1737 381 5 posted post VERB cblr-1737 381 6 as as ADP cblr-1737 381 7 collateral collateral NOUN cblr-1737 381 8 to to ADP cblr-1737 381 9 a a DET cblr-1737 381 10 federal federal PROPN cblr-1737 381 11 reserve reserve PROPN cblr-1737 381 12 bank bank PROPN cblr-1737 381 13 , , PUNCT cblr-1737 381 14 they they PRON cblr-1737 381 15 are be AUX cblr-1737 381 16 accepted accept VERB cblr-1737 381 17 at at ADP cblr-1737 381 18 very very ADV cblr-1737 381 19 high high ADJ cblr-1737 381 20 advance advance NOUN cblr-1737 381 21 rates rate NOUN cblr-1737 381 22 — — PUNCT cblr-1737 381 23 the the DET cblr-1737 381 24 same same ADJ cblr-1737 381 25 rate rate NOUN cblr-1737 381 26 as as ADP cblr-1737 381 27 aaa aaa NOUN cblr-1737 381 28 - - PUNCT cblr-1737 381 29 rated rate VERB cblr-1737 381 30 dollar dollar NOUN cblr-1737 381 31 denominated denominate VERB cblr-1737 381 32 foreign foreign ADJ cblr-1737 381 33 sovereign sovereign ADJ cblr-1737 381 34 bonds bond NOUN cblr-1737 381 35 and and CCONJ cblr-1737 381 36 u.s u.s PROPN cblr-1737 381 37 . . PROPN cblr-1737 381 38 gse gse PROPN cblr-1737 381 39 securities security NOUN cblr-1737 381 40 , , PUNCT cblr-1737 381 41 which which PRON cblr-1737 381 42 are be AUX cblr-1737 381 43 treated treat VERB cblr-1737 381 44 as as ADP cblr-1737 381 45 level level NOUN cblr-1737 381 46 1 1 NUM cblr-1737 381 47 and and CCONJ cblr-1737 381 48 level level NOUN cblr-1737 381 49 2a 2a NUM cblr-1737 381 50 liquid liquid ADJ cblr-1737 381 51 assets asset NOUN cblr-1737 381 52 , , PUNCT cblr-1737 381 53 respectively.135 respectively.135 NOUN cblr-1737 381 54 state state NOUN cblr-1737 381 55 finance finance NOUN cblr-1737 381 56 laws law NOUN cblr-1737 381 57 in in ADP cblr-1737 381 58 the the DET cblr-1737 381 59 united united PROPN cblr-1737 381 60 states states PROPN cblr-1737 381 61 also also ADV cblr-1737 381 62 “ " PUNCT cblr-1737 381 63 create create VERB cblr-1737 381 64 a a DET cblr-1737 381 65 well well NOUN cblr-1737 381 66 of of ADP cblr-1737 381 67 advantageous advantageous ADJ cblr-1737 381 68 funding funding NOUN cblr-1737 381 69 for for ADP cblr-1737 381 70 securities security NOUN cblr-1737 381 71 deemed deem VERB cblr-1737 381 72 to to PART cblr-1737 381 73 be be AUX cblr-1737 381 74 of of ADP cblr-1737 381 75 sufficiently sufficiently ADV cblr-1737 381 76 high high ADJ cblr-1737 381 77 credit credit NOUN cblr-1737 381 78 and and CCONJ cblr-1737 381 79 liquidity liquidity NOUN cblr-1737 381 80 value value NOUN cblr-1737 381 81 , , PUNCT cblr-1737 381 82 ” " PUNCT cblr-1737 381 83 such such ADJ cblr-1737 381 84 as as ADP cblr-1737 381 85 treasury treasury PROPN cblr-1737 381 86 bonds bond NOUN cblr-1737 381 87 , , PUNCT cblr-1737 381 88 gse gse PROPN cblr-1737 381 89 securities security NOUN cblr-1737 381 90 , , PUNCT cblr-1737 381 91 and and CCONJ cblr-1737 381 92 municipal municipal ADJ cblr-1737 381 93 bonds.136 bonds.136 ADJ cblr-1737 381 94 as as SCONJ cblr-1737 381 95 outlined outline VERB cblr-1737 381 96 in in ADP cblr-1737 381 97 the the DET cblr-1737 381 98 last last ADJ cblr-1737 381 99 several several ADJ cblr-1737 381 100 paragraphs paragraph NOUN cblr-1737 381 101 , , PUNCT cblr-1737 381 102 there there PRON cblr-1737 381 103 are be VERB cblr-1737 381 104 compelling compelling ADJ cblr-1737 381 105 reasons reason NOUN cblr-1737 381 106 to to PART cblr-1737 381 107 include include VERB cblr-1737 381 108 municipal municipal ADJ cblr-1737 381 109 bonds bond NOUN cblr-1737 381 110 as as ADP cblr-1737 381 111 hqlas hqla NOUN cblr-1737 381 112 , , PUNCT cblr-1737 381 113 though though SCONJ cblr-1737 381 114 there there PRON cblr-1737 381 115 is be VERB cblr-1737 381 116 a a DET cblr-1737 381 117 debate debate NOUN cblr-1737 381 118 as as ADP cblr-1737 381 119 to to ADP cblr-1737 381 120 just just ADV cblr-1737 381 121 how how SCONJ cblr-1737 381 122 much much ADJ cblr-1737 381 123 of of ADP cblr-1737 381 124 a a DET cblr-1737 381 125 quantifiable quantifiable ADJ cblr-1737 381 126 impact impact NOUN cblr-1737 381 127 would would AUX cblr-1737 381 128 be be AUX cblr-1737 381 129 felt feel VERB cblr-1737 381 130 . . PUNCT cblr-1737 382 1 regulators regulator NOUN cblr-1737 382 2 rightly rightly ADV cblr-1737 382 3 pointed point VERB cblr-1737 382 4 out out ADP cblr-1737 382 5 that that SCONJ cblr-1737 382 6 many many ADJ cblr-1737 382 7 banks bank NOUN cblr-1737 382 8 subject subject ADJ cblr-1737 382 9 to to ADP cblr-1737 382 10 the the DET cblr-1737 382 11 lcr lcr NOUN cblr-1737 382 12 requirements requirement NOUN cblr-1737 382 13 “ " PUNCT cblr-1737 382 14 did do AUX cblr-1737 382 15 not not PART cblr-1737 382 16 include include VERB cblr-1737 382 17 municipal municipal ADJ cblr-1737 382 18 bonds bond NOUN cblr-1737 382 19 in in ADP cblr-1737 382 20 their their PRON cblr-1737 382 21 holdings holding NOUN cblr-1737 382 22 of of ADP cblr-1737 382 23 liquid liquid ADJ cblr-1737 382 24 assets asset NOUN cblr-1737 382 25 for for ADP cblr-1737 382 26 contingent contingent ADJ cblr-1737 382 27 liquidity liquidity NOUN cblr-1737 382 28 stress stress NOUN cblr-1737 382 29 purposes purpose NOUN cblr-1737 382 30 prior prior ADV cblr-1737 382 31 to to ADP cblr-1737 382 32 the the DET cblr-1737 382 33 lcr lcr NOUN cblr-1737 382 34 , , PUNCT cblr-1737 382 35 yet yet ADV cblr-1737 382 36 continued continue VERB cblr-1737 382 37 to to PART cblr-1737 382 38 invest invest VERB cblr-1737 382 39 in in ADP cblr-1737 382 40 municipal municipal ADJ cblr-1737 382 41 bonds bond NOUN cblr-1737 382 42 . . PUNCT cblr-1737 382 43 ”137 ”137 PUNCT cblr-1737 383 1 furthermore furthermore ADV cblr-1737 383 2 , , PUNCT cblr-1737 383 3 the the DET cblr-1737 383 4 largest large ADJ cblr-1737 383 5 banks bank NOUN cblr-1737 383 6 have have AUX cblr-1737 383 7 already already ADV cblr-1737 383 8 prepared prepare VERB cblr-1737 383 9 for for ADP cblr-1737 383 10 the the DET cblr-1737 383 11 non non NOUN cblr-1737 383 12 - - NOUN cblr-1737 383 13 inclusion inclusion NOUN cblr-1737 383 14 of of ADP cblr-1737 383 15 municipal municipal ADJ cblr-1737 383 16 bonds bond NOUN cblr-1737 383 17 , , PUNCT cblr-1737 383 18 meaning mean VERB cblr-1737 383 19 that that SCONJ cblr-1737 383 20 much much ADJ cblr-1737 383 21 of of ADP cblr-1737 383 22 the the DET cblr-1737 383 23 adjustments adjustment NOUN cblr-1737 383 24 have have AUX cblr-1737 383 25 already already ADV cblr-1737 383 26 been be AUX cblr-1737 383 27 made make VERB cblr-1737 383 28 by by ADP cblr-1737 383 29 banks.138 banks.138 PROPN cblr-1737 383 30 however however ADV cblr-1737 383 31 , , PUNCT cblr-1737 383 32 there there PRON cblr-1737 383 33 is be VERB cblr-1737 383 34 market market NOUN cblr-1737 383 35 data datum NOUN cblr-1737 383 36 suggesting suggest VERB cblr-1737 383 37 that that SCONJ cblr-1737 383 38 the the DET cblr-1737 383 39 exclusion exclusion NOUN cblr-1737 383 40 of of ADP cblr-1737 383 41 municipal municipal ADJ cblr-1737 383 42 bonds bond NOUN cblr-1737 383 43 from from ADP cblr-1737 383 44 the the DET cblr-1737 383 45 hqla hqla PROPN cblr-1737 383 46 framework framework NOUN cblr-1737 383 47 has have AUX cblr-1737 383 48 already already ADV cblr-1737 383 49 had have VERB cblr-1737 383 50 an an DET cblr-1737 383 51 effect effect NOUN cblr-1737 383 52 on on ADP cblr-1737 383 53 the the DET cblr-1737 383 54 market market NOUN cblr-1737 383 55 for for ADP cblr-1737 383 56 municipal municipal ADJ cblr-1737 383 57 bonds.139 bonds.139 NOUN cblr-1737 383 58 as as ADP cblr-1737 383 59 of of ADP cblr-1737 383 60 the the DET cblr-1737 383 61 end end NOUN cblr-1737 383 62 of of ADP cblr-1737 383 63 october october PROPN cblr-1737 383 64 2014 2014 NUM cblr-1737 383 65 , , PUNCT cblr-1737 383 66 the the DET cblr-1737 383 67 daily daily ADJ cblr-1737 383 68 amount amount NOUN cblr-1737 383 69 of of ADP cblr-1737 383 70 municipal municipal ADJ cblr-1737 383 71 bond bond NOUN cblr-1737 383 72 transactions transaction NOUN cblr-1737 383 73 had have AUX cblr-1737 383 74 fallen fall VERB cblr-1737 383 75 to to ADP cblr-1737 383 76 three three NUM cblr-1737 383 77 billion billion NUM cblr-1737 383 78 dollars dollar NOUN cblr-1737 383 79 from from ADP cblr-1737 383 80 four four NUM cblr-1737 383 81 135 135 NUM cblr-1737 383 82 see see NOUN cblr-1737 383 83 sec sec PROPN cblr-1737 383 84 . . PROPN cblr-1737 383 85 indus indus PROPN cblr-1737 383 86 . . PUNCT cblr-1737 383 87 & & CCONJ cblr-1737 383 88 fin fin PROPN cblr-1737 383 89 . . PUNCT cblr-1737 384 1 mkts mkts NOUN cblr-1737 384 2 . . PUNCT cblr-1737 385 1 ass’n ass’n PROPN cblr-1737 385 2 , , PUNCT cblr-1737 385 3 supra supra PROPN cblr-1737 385 4 note note NOUN cblr-1737 385 5 51 51 NUM cblr-1737 385 6 , , PUNCT cblr-1737 385 7 at at ADP cblr-1737 385 8 7 7 NUM cblr-1737 385 9 . . NOUN cblr-1737 385 10 136 136 NUM cblr-1737 385 11 see see VERB cblr-1737 385 12 citigroup citigroup PROPN cblr-1737 385 13 global global ADJ cblr-1737 385 14 mkts mkts NOUN cblr-1737 385 15 . . PROPN cblr-1737 385 16 , , PUNCT cblr-1737 385 17 inc inc PROPN cblr-1737 385 18 . . PROPN cblr-1737 385 19 , , PUNCT cblr-1737 385 20 supra supra PROPN cblr-1737 385 21 note note PROPN cblr-1737 385 22 128 128 NUM cblr-1737 385 23 , , PUNCT cblr-1737 385 24 at at ADP cblr-1737 385 25 14 14 NUM cblr-1737 385 26 . . PUNCT cblr-1737 385 27 137 137 NUM cblr-1737 385 28 see see VERB cblr-1737 385 29 liquidity liquidity NOUN cblr-1737 385 30 coverage coverage NOUN cblr-1737 385 31 ratio ratio NOUN cblr-1737 385 32 : : PUNCT cblr-1737 385 33 liquidity liquidity NOUN cblr-1737 385 34 risk risk NOUN cblr-1737 385 35 measurement measurement NOUN cblr-1737 385 36 standards standard NOUN cblr-1737 385 37 , , PUNCT cblr-1737 385 38 79 79 NUM cblr-1737 385 39 fed feed VERB cblr-1737 385 40 . . PUNCT cblr-1737 386 1 reg reg PROPN cblr-1737 386 2 . . PUNCT cblr-1737 387 1 61,440 61,440 NUM cblr-1737 387 2 , , PUNCT cblr-1737 387 3 61,464 61,464 NUM cblr-1737 387 4 ( ( PUNCT cblr-1737 387 5 oct oct PROPN cblr-1737 387 6 . . PROPN cblr-1737 387 7 10 10 NUM cblr-1737 387 8 , , PUNCT cblr-1737 387 9 2014 2014 NUM cblr-1737 387 10 ) ) PUNCT cblr-1737 387 11 ( ( PUNCT cblr-1737 387 12 to to PART cblr-1737 387 13 be be AUX cblr-1737 387 14 codified codify VERB cblr-1737 387 15 at at ADP cblr-1737 387 16 12 12 NUM cblr-1737 387 17 c.f.r c.f.r NOUN cblr-1737 387 18 . . PUNCT cblr-1737 388 1 pts pts PROPN cblr-1737 388 2 . . PROPN cblr-1737 389 1 50 50 NUM cblr-1737 389 2 , , PUNCT cblr-1737 389 3 249 249 NUM cblr-1737 389 4 , , PUNCT cblr-1737 389 5 349 349 NUM cblr-1737 389 6 ) ) PUNCT cblr-1737 389 7 . . PUNCT cblr-1737 390 1 138 138 NUM cblr-1737 390 2 see see PROPN cblr-1737 390 3 brian brian PROPN cblr-1737 390 4 jacobsen jacobsen PROPN cblr-1737 390 5 , , PUNCT cblr-1737 390 6 municipal municipal ADJ cblr-1737 390 7 bonds bond NOUN cblr-1737 390 8 and and CCONJ cblr-1737 390 9 liquidity liquidity NOUN cblr-1737 390 10 coverage coverage NOUN cblr-1737 390 11 ratios ratio NOUN cblr-1737 390 12 , , PUNCT cblr-1737 390 13 wells wells PROPN cblr-1737 390 14 fargo fargo PROPN cblr-1737 390 15 asset asset PROPN cblr-1737 390 16 mgmt mgmt PROPN cblr-1737 390 17 . . PUNCT cblr-1737 390 18 : : PUNCT cblr-1737 391 1 advantagevoice advantagevoice PROPN cblr-1737 391 2 blog blog PROPN cblr-1737 391 3 ( ( PUNCT cblr-1737 391 4 sept sept PROPN cblr-1737 391 5 . . PROPN cblr-1737 391 6 4 4 NUM cblr-1737 391 7 , , PUNCT cblr-1737 391 8 2014 2014 NUM cblr-1737 391 9 ) ) PUNCT cblr-1737 391 10 , , PUNCT cblr-1737 391 11 https://blogs.wellsfargo.com/advantagevoice/2014/09/municipal-bonds-andliquidity-coverage-ratios https://blogs.wellsfargo.com/advantagevoice/2014/09/municipal-bonds-andliquidity-coverage-ratios PUNCT cblr-1737 391 12 [ [ X cblr-1737 391 13 http://perma.cc/w6hc-8xye http://perma.cc/w6hc-8xye NOUN cblr-1737 391 14 ] ] PUNCT cblr-1737 391 15 . . PUNCT cblr-1737 392 1 139 139 NUM cblr-1737 392 2 see see VERB cblr-1737 392 3 generally generally ADV cblr-1737 392 4 simon simon PROPN cblr-1737 392 5 colvin colvin PROPN cblr-1737 392 6 , , PUNCT cblr-1737 392 7 muni muni ADJ cblr-1737 392 8 bonds bond NOUN cblr-1737 392 9 lose lose VERB cblr-1737 392 10 out out ADP cblr-1737 392 11 in in ADP cblr-1737 392 12 fed fed PROPN cblr-1737 392 13 reshuffle reshuffle NOUN cblr-1737 392 14 , , PUNCT cblr-1737 392 15 markit markit NOUN cblr-1737 392 16 ( ( PUNCT cblr-1737 392 17 oct oct PROPN cblr-1737 392 18 . . PROPN cblr-1737 392 19 28 28 NUM cblr-1737 392 20 , , PUNCT cblr-1737 392 21 2014 2014 NUM cblr-1737 392 22 ) ) PUNCT cblr-1737 392 23 , , PUNCT cblr-1737 392 24 http://www.markit.com/commentary/ http://www.markit.com/commentary/ ADP cblr-1737 392 25 get/28102014 get/28102014 NOUN cblr-1737 392 26 - - PUNCT cblr-1737 392 27 equities equity NOUN cblr-1737 392 28 - - PUNCT cblr-1737 392 29 muni muni ADJ cblr-1737 392 30 - - PUNCT cblr-1737 392 31 bonds bond NOUN cblr-1737 392 32 - - PUNCT cblr-1737 392 33 lose lose NOUN cblr-1737 392 34 - - PUNCT cblr-1737 392 35 out out NOUN cblr-1737 392 36 - - PUNCT cblr-1737 392 37 in in ADP cblr-1737 392 38 - - PUNCT cblr-1737 392 39 fed fed NOUN cblr-1737 392 40 - - PUNCT cblr-1737 392 41 reshuffle reshuffle NOUN cblr-1737 392 42 [ [ X cblr-1737 392 43 http://perma.cc/zl5v-ke6a http://perma.cc/zl5v-ke6a X cblr-1737 392 44 ] ] X cblr-1737 392 45 . . PUNCT cblr-1737 393 1 miki miki PROPN cblr-1737 393 2 – – PUNCT cblr-1737 393 3 final final ADJ cblr-1737 393 4 no no NOUN cblr-1737 393 5 . . PUNCT cblr-1737 394 1 1:252 1:252 NOUN cblr-1737 394 2 ] ] X cblr-1737 394 3 live live VERB cblr-1737 394 4 and and CCONJ cblr-1737 394 5 let let AUX cblr-1737 394 6 die die VERB cblr-1737 394 7 281 281 NUM cblr-1737 394 8 billion billion NUM cblr-1737 394 9 dollars dollar NOUN cblr-1737 394 10 in in ADP cblr-1737 394 11 the the DET cblr-1737 394 12 beginning beginning NOUN cblr-1737 394 13 of of ADP cblr-1737 394 14 september september PROPN cblr-1737 394 15 2014.140 2014.140 NUM cblr-1737 394 16 furthermore furthermore ADV cblr-1737 394 17 , , PUNCT cblr-1737 394 18 at at ADP cblr-1737 394 19 the the DET cblr-1737 394 20 start start NOUN cblr-1737 394 21 of of ADP cblr-1737 394 22 2014 2014 NUM cblr-1737 394 23 , , PUNCT cblr-1737 394 24 the the DET cblr-1737 394 25 weighted weighted ADJ cblr-1737 394 26 average average ADJ cblr-1737 394 27 “ " PUNCT cblr-1737 394 28 haircut haircut NOUN cblr-1737 394 29 ” " PUNCT cblr-1737 394 30 for for ADP cblr-1737 394 31 municipal municipal ADJ cblr-1737 394 32 bond bond NOUN cblr-1737 394 33 collateral collateral NOUN cblr-1737 394 34 — — PUNCT cblr-1737 394 35 i.e. i.e. X cblr-1737 394 36 , , PUNCT cblr-1737 394 37 the the DET cblr-1737 394 38 amount amount NOUN cblr-1737 394 39 of of ADP cblr-1737 394 40 extra extra ADJ cblr-1737 394 41 collateral collateral NOUN cblr-1737 394 42 required require VERB cblr-1737 394 43 to to PART cblr-1737 394 44 be be AUX cblr-1737 394 45 posted post VERB cblr-1737 394 46 against against ADP cblr-1737 394 47 a a DET cblr-1737 394 48 loan loan NOUN cblr-1737 394 49 — — PUNCT cblr-1737 394 50 was be AUX cblr-1737 394 51 1.5%.141 1.5%.141 NUM cblr-1737 394 52 that that DET cblr-1737 394 53 number number NOUN cblr-1737 394 54 climbed climb VERB cblr-1737 394 55 to to ADP cblr-1737 394 56 2.5 2.5 NUM cblr-1737 394 57 % % NOUN cblr-1737 394 58 by by ADP cblr-1737 394 59 october october PROPN cblr-1737 394 60 2014 2014 NUM cblr-1737 394 61 , , PUNCT cblr-1737 394 62 suggesting suggest VERB cblr-1737 394 63 the the DET cblr-1737 394 64 weakness weakness NOUN cblr-1737 394 65 of of ADP cblr-1737 394 66 the the DET cblr-1737 394 67 asset asset NOUN cblr-1737 394 68 class.142 class.142 PRON cblr-1737 394 69 the the DET cblr-1737 394 70 negative negative ADJ cblr-1737 394 71 effects effect NOUN cblr-1737 394 72 from from ADP cblr-1737 394 73 the the DET cblr-1737 394 74 hqla hqla PROPN cblr-1737 394 75 omission omission NOUN cblr-1737 394 76 could could AUX cblr-1737 394 77 have have VERB cblr-1737 394 78 a a DET cblr-1737 394 79 disproportionate disproportionate ADJ cblr-1737 394 80 effect effect NOUN cblr-1737 394 81 on on ADP cblr-1737 394 82 small small ADJ cblr-1737 394 83 issuers issuer NOUN cblr-1737 394 84 — — PUNCT cblr-1737 394 85 those those PRON cblr-1737 394 86 without without ADP cblr-1737 394 87 good good ADJ cblr-1737 394 88 market market NOUN cblr-1737 394 89 access.143 access.143 NOUN cblr-1737 394 90 for for ADP cblr-1737 394 91 instance instance NOUN cblr-1737 394 92 , , PUNCT cblr-1737 394 93 utah utah PROPN cblr-1737 394 94 - - PUNCT cblr-1737 394 95 based base VERB cblr-1737 394 96 zions zions PROPN cblr-1737 394 97 national national PROPN cblr-1737 394 98 bank bank PROPN cblr-1737 394 99 holds hold VERB cblr-1737 394 100 $ $ SYM cblr-1737 394 101 558 558 NUM cblr-1737 394 102 million million NUM cblr-1737 394 103 in in ADP cblr-1737 394 104 held hold VERB cblr-1737 394 105 - - PUNCT cblr-1737 394 106 to to ADP cblr-1737 394 107 - - PUNCT cblr-1737 394 108 maturity maturity NOUN cblr-1737 394 109 municipal municipal ADJ cblr-1737 394 110 bonds bond NOUN cblr-1737 394 111 and and CCONJ cblr-1737 394 112 an an DET cblr-1737 394 113 additional additional ADJ cblr-1737 394 114 $ $ SYM cblr-1737 394 115 66 66 NUM cblr-1737 394 116 million million NUM cblr-1737 394 117 in in ADP cblr-1737 394 118 the the DET cblr-1737 394 119 available available ADJ cblr-1737 394 120 - - PUNCT cblr-1737 394 121 for for ADP cblr-1737 394 122 - - PUNCT cblr-1737 394 123 sale sale NOUN cblr-1737 394 124 category.144 category.144 PROPN cblr-1737 394 125 zions zion NOUN cblr-1737 394 126 has have AUX cblr-1737 394 127 said say VERB cblr-1737 394 128 that that SCONJ cblr-1737 394 129 it it PRON cblr-1737 394 130 would would AUX cblr-1737 394 131 have have VERB cblr-1737 394 132 to to PART cblr-1737 394 133 unload unload VERB cblr-1737 394 134 some some PRON cblr-1737 394 135 of of ADP cblr-1737 394 136 these these DET cblr-1737 394 137 municipal municipal ADJ cblr-1737 394 138 bonds bond NOUN cblr-1737 394 139 ; ; PUNCT cblr-1737 394 140 previously previously ADV cblr-1737 394 141 , , PUNCT cblr-1737 394 142 banks bank NOUN cblr-1737 394 143 were be AUX cblr-1737 394 144 happy happy ADJ cblr-1737 394 145 to to PART cblr-1737 394 146 support support VERB cblr-1737 394 147 the the DET cblr-1737 394 148 local local ADJ cblr-1737 394 149 economy economy NOUN cblr-1737 394 150 by by ADP cblr-1737 394 151 buying buy VERB cblr-1737 394 152 municipal municipal ADJ cblr-1737 394 153 bonds bond NOUN cblr-1737 394 154 from from ADP cblr-1737 394 155 municipalities municipality NOUN cblr-1737 394 156 with with ADP cblr-1737 394 157 limited limited ADJ cblr-1737 394 158 funding funding NOUN cblr-1737 394 159 to to ADP cblr-1737 394 160 access access NOUN cblr-1737 394 161 , , PUNCT cblr-1737 394 162 but but CCONJ cblr-1737 394 163 now now ADV cblr-1737 394 164 banks bank NOUN cblr-1737 394 165 may may AUX cblr-1737 394 166 be be AUX cblr-1737 394 167 disincentivized disincentivize VERB cblr-1737 394 168 from from ADP cblr-1737 394 169 doing do VERB cblr-1737 394 170 so so ADV cblr-1737 394 171 , , PUNCT cblr-1737 394 172 leading lead VERB cblr-1737 394 173 to to ADP cblr-1737 394 174 higher high ADJ cblr-1737 394 175 financing financing NOUN cblr-1737 394 176 costs.145 costs.145 NOUN cblr-1737 394 177 for for ADP cblr-1737 394 178 the the DET cblr-1737 394 179 reasons reason NOUN cblr-1737 394 180 raised raise VERB cblr-1737 394 181 above above ADV cblr-1737 394 182 , , PUNCT cblr-1737 394 183 excluding exclude VERB cblr-1737 394 184 municipal municipal ADJ cblr-1737 394 185 bonds bond NOUN cblr-1737 394 186 from from ADP cblr-1737 394 187 the the DET cblr-1737 394 188 definition definition NOUN cblr-1737 394 189 of of ADP cblr-1737 394 190 hqlas hqla NOUN cblr-1737 394 191 when when SCONJ cblr-1737 394 192 corporate corporate ADJ cblr-1737 394 193 bonds bond NOUN cblr-1737 394 194 are be AUX cblr-1737 394 195 included include VERB cblr-1737 394 196 is be AUX cblr-1737 394 197 inconsistent inconsistent ADJ cblr-1737 394 198 . . PUNCT cblr-1737 395 1 the the DET cblr-1737 395 2 factors factor NOUN cblr-1737 395 3 mentioned mention VERB cblr-1737 395 4 above above ADV cblr-1737 395 5 demonstrate demonstrate VERB cblr-1737 395 6 that that SCONJ cblr-1737 395 7 the the DET cblr-1737 395 8 municipal municipal ADJ cblr-1737 395 9 bond bond NOUN cblr-1737 395 10 market market NOUN cblr-1737 395 11 is be AUX cblr-1737 395 12 more more ADV cblr-1737 395 13 liquid liquid ADJ cblr-1737 395 14 than than SCONJ cblr-1737 395 15 regulators regulator NOUN cblr-1737 395 16 suggest suggest VERB cblr-1737 395 17 , , PUNCT cblr-1737 395 18 and and CCONJ cblr-1737 395 19 that that SCONJ cblr-1737 395 20 municipal municipal ADJ cblr-1737 395 21 bonds bond NOUN cblr-1737 395 22 hold hold VERB cblr-1737 395 23 up up ADP cblr-1737 395 24 relatively relatively ADV cblr-1737 395 25 well well ADV cblr-1737 395 26 during during ADP cblr-1737 395 27 times time NOUN cblr-1737 395 28 of of ADP cblr-1737 395 29 crisis crisis NOUN cblr-1737 395 30 as as SCONJ cblr-1737 395 31 compared compare VERB cblr-1737 395 32 to to ADP cblr-1737 395 33 hqlaeligible hqlaeligible ADJ cblr-1737 395 34 corporate corporate ADJ cblr-1737 395 35 bonds bond NOUN cblr-1737 395 36 . . PUNCT cblr-1737 396 1 b. b. PROPN cblr-1737 397 1 the the DET cblr-1737 397 2 non non NOUN cblr-1737 397 3 - - NOUN cblr-1737 397 4 exclusion exclusion NOUN cblr-1737 397 5 of of ADP cblr-1737 397 6 tobs tob NOUN cblr-1737 397 7 from from ADP cblr-1737 397 8 the the DET cblr-1737 397 9 volcker volcker NOUN cblr-1737 397 10 rule rule NOUN cblr-1737 397 11 will will AUX cblr-1737 397 12 raise raise VERB cblr-1737 397 13 financing financing NOUN cblr-1737 397 14 costs cost NOUN cblr-1737 397 15 for for ADP cblr-1737 397 16 municipalities municipality NOUN cblr-1737 397 17 without without ADP cblr-1737 397 18 making make VERB cblr-1737 397 19 the the DET cblr-1737 397 20 financial financial ADJ cblr-1737 397 21 system system NOUN cblr-1737 397 22 safer safe ADJ cblr-1737 397 23 . . PUNCT cblr-1737 398 1 the the DET cblr-1737 398 2 volcker volcker PROPN cblr-1737 398 3 rule rule NOUN cblr-1737 398 4 ’s ’s PART cblr-1737 398 5 overbroad overbroad NOUN cblr-1737 398 6 “ " PUNCT cblr-1737 398 7 covered covered ADJ cblr-1737 398 8 fund fund NOUN cblr-1737 398 9 ” " PUNCT cblr-1737 398 10 definition definition NOUN cblr-1737 398 11 limits limit VERB cblr-1737 398 12 the the DET cblr-1737 398 13 ability ability NOUN cblr-1737 398 14 of of ADP cblr-1737 398 15 banks bank NOUN cblr-1737 398 16 to to PART cblr-1737 398 17 participate participate VERB cblr-1737 398 18 in in ADP cblr-1737 398 19 tob tob NOUN cblr-1737 398 20 programs program NOUN cblr-1737 398 21 , , PUNCT cblr-1737 398 22 hurting hurt VERB cblr-1737 398 23 state state NOUN cblr-1737 398 24 and and CCONJ cblr-1737 398 25 local local ADJ cblr-1737 398 26 government government NOUN cblr-1737 398 27 borrowers borrower NOUN cblr-1737 398 28 who who PRON cblr-1737 398 29 140 140 NUM cblr-1737 398 30 see see VERB cblr-1737 398 31 i i PRON cblr-1737 398 32 d. d. PROPN cblr-1737 398 33 141 141 NUM cblr-1737 398 34 see see VERB cblr-1737 398 35 i i PRON cblr-1737 398 36 d. d. PROPN cblr-1737 398 37 142 142 NUM cblr-1737 398 38 see see VERB cblr-1737 398 39 i i PRON cblr-1737 398 40 d. d. PROPN cblr-1737 398 41 143 143 NUM cblr-1737 398 42 see see VERB cblr-1737 398 43 generally generally ADV cblr-1737 398 44 joe joe PROPN cblr-1737 398 45 rennison rennison PROPN cblr-1737 398 46 , , PUNCT cblr-1737 398 47 us us PROPN cblr-1737 398 48 muni muni PROPN cblr-1737 398 49 treasurers treasurer NOUN cblr-1737 398 50 warn warn VERB cblr-1737 398 51 lcr lcr NOUN cblr-1737 398 52 could could AUX cblr-1737 398 53 crimp crimp VERB cblr-1737 398 54 spending spending NOUN cblr-1737 398 55 , , PUNCT cblr-1737 398 56 risk risk NOUN cblr-1737 398 57 magazine magazine NOUN cblr-1737 398 58 ( ( PUNCT cblr-1737 398 59 may may PROPN cblr-1737 398 60 28 28 NUM cblr-1737 398 61 , , PUNCT cblr-1737 398 62 2014 2014 NUM cblr-1737 398 63 ) ) PUNCT cblr-1737 398 64 . . PUNCT cblr-1737 399 1 144 144 NUM cblr-1737 399 2 see see VERB cblr-1737 399 3 i i PRON cblr-1737 399 4 d. d. PROPN cblr-1737 399 5 145 145 NUM cblr-1737 399 6 see see VERB cblr-1737 399 7 i i PRON cblr-1737 399 8 d. d. PROPN cblr-1737 399 9 miki miki PROPN cblr-1737 399 10 – – PUNCT cblr-1737 400 1 final final ADJ cblr-1737 400 2 282 282 NUM cblr-1737 400 3 columbia columbia PROPN cblr-1737 400 4 business business NOUN cblr-1737 400 5 law law PROPN cblr-1737 400 6 review review NOUN cblr-1737 400 7 [ [ X cblr-1737 400 8 vol vol NOUN cblr-1737 400 9 . . NOUN cblr-1737 400 10 2016 2016 NUM cblr-1737 400 11 potentially potentially ADV cblr-1737 400 12 stand stand VERB cblr-1737 400 13 to to PART cblr-1737 400 14 lose lose VERB cblr-1737 400 15 an an DET cblr-1737 400 16 important important ADJ cblr-1737 400 17 alternate alternate ADJ cblr-1737 400 18 source source NOUN cblr-1737 400 19 of of ADP cblr-1737 400 20 demand demand NOUN cblr-1737 400 21 for for ADP cblr-1737 400 22 their their PRON cblr-1737 400 23 securities security NOUN cblr-1737 400 24 , , PUNCT cblr-1737 400 25 and and CCONJ cblr-1737 400 26 increasing increase VERB cblr-1737 400 27 the the DET cblr-1737 400 28 costs cost NOUN cblr-1737 400 29 of of ADP cblr-1737 400 30 raising raise VERB cblr-1737 400 31 capital capital NOUN cblr-1737 400 32 for for ADP cblr-1737 400 33 municipalities municipality NOUN cblr-1737 400 34 . . PUNCT cblr-1737 401 1 furthermore furthermore ADV cblr-1737 401 2 , , PUNCT cblr-1737 401 3 money money NOUN cblr-1737 401 4 market market NOUN cblr-1737 401 5 mutual mutual ADJ cblr-1737 401 6 funds fund NOUN cblr-1737 401 7 and and CCONJ cblr-1737 401 8 their their PRON cblr-1737 401 9 shareholders shareholder NOUN cblr-1737 401 10 will will AUX cblr-1737 401 11 lose lose VERB cblr-1737 401 12 an an DET cblr-1737 401 13 important important ADJ cblr-1737 401 14 source source NOUN cblr-1737 401 15 of of ADP cblr-1737 401 16 low low ADJ cblr-1737 401 17 - - PUNCT cblr-1737 401 18 risk risk NOUN cblr-1737 401 19 , , PUNCT cblr-1737 401 20 high high ADJ cblr-1737 401 21 - - PUNCT cblr-1737 401 22 quality quality NOUN cblr-1737 401 23 investments investment NOUN cblr-1737 401 24 . . PUNCT cblr-1737 402 1 tobs tobs PROPN cblr-1737 402 2 are be AUX cblr-1737 402 3 actually actually ADV cblr-1737 402 4 safer safe ADJ cblr-1737 402 5 than than ADP cblr-1737 402 6 municipal municipal ADJ cblr-1737 402 7 bonds bond NOUN cblr-1737 402 8 themselves themselves PRON cblr-1737 402 9 , , PUNCT cblr-1737 402 10 since since SCONJ cblr-1737 402 11 tobs tob NOUN cblr-1737 402 12 are be AUX cblr-1737 402 13 supported support VERB cblr-1737 402 14 by by ADP cblr-1737 402 15 liquidity liquidity NOUN cblr-1737 402 16 facilities facility NOUN cblr-1737 402 17 from from ADP cblr-1737 402 18 banks.146 banks.146 NOUN cblr-1737 402 19 rule rule NOUN cblr-1737 402 20 - - PUNCT cblr-1737 402 21 makers maker NOUN cblr-1737 402 22 have have AUX cblr-1737 402 23 provided provide VERB cblr-1737 402 24 specific specific ADJ cblr-1737 402 25 exclusions exclusion NOUN cblr-1737 402 26 from from ADP cblr-1737 402 27 the the DET cblr-1737 402 28 volcker volcker NOUN cblr-1737 402 29 rule rule NOUN cblr-1737 402 30 for for ADP cblr-1737 402 31 securities security NOUN cblr-1737 402 32 that that PRON cblr-1737 402 33 they they PRON cblr-1737 402 34 interpret interpret VERB cblr-1737 402 35 as as ADP cblr-1737 402 36 falling fall VERB cblr-1737 402 37 within within ADP cblr-1737 402 38 the the DET cblr-1737 402 39 rule rule NOUN cblr-1737 402 40 of of ADP cblr-1737 402 41 construction construction NOUN cblr-1737 402 42 contained contain VERB cblr-1737 402 43 in in ADP cblr-1737 402 44 section section NOUN cblr-1737 402 45 13(g)(2 13(g)(2 NUM cblr-1737 402 46 ) ) PUNCT cblr-1737 402 47 of of ADP cblr-1737 402 48 the the DET cblr-1737 402 49 bank bank NOUN cblr-1737 402 50 holding hold VERB cblr-1737 402 51 company company NOUN cblr-1737 402 52 act act NOUN cblr-1737 402 53 , , PUNCT cblr-1737 402 54 including include VERB cblr-1737 402 55 exclusions exclusion NOUN cblr-1737 402 56 for for ADP cblr-1737 402 57 the the DET cblr-1737 402 58 sale sale NOUN cblr-1737 402 59 and and CCONJ cblr-1737 402 60 securitization securitization NOUN cblr-1737 402 61 of of ADP cblr-1737 402 62 loans loan NOUN cblr-1737 402 63 and and CCONJ cblr-1737 402 64 for for ADP cblr-1737 402 65 securities security NOUN cblr-1737 402 66 that that PRON cblr-1737 402 67 do do AUX cblr-1737 402 68 not not PART cblr-1737 402 69 function function VERB cblr-1737 402 70 as as ADP cblr-1737 402 71 investment investment NOUN cblr-1737 402 72 funds.147 funds.147 NOUN cblr-1737 402 73 however however ADV cblr-1737 402 74 , , PUNCT cblr-1737 402 75 since since SCONJ cblr-1737 402 76 tobs tob NOUN cblr-1737 402 77 have have VERB cblr-1737 402 78 municipal municipal ADJ cblr-1737 402 79 bonds bond NOUN cblr-1737 402 80 , , PUNCT cblr-1737 402 81 not not PART cblr-1737 402 82 loans loan NOUN cblr-1737 402 83 , , PUNCT cblr-1737 402 84 as as ADP cblr-1737 402 85 underlying underlying ADJ cblr-1737 402 86 assets asset NOUN cblr-1737 402 87 , , PUNCT cblr-1737 402 88 regulators regulator NOUN cblr-1737 402 89 declined decline VERB cblr-1737 402 90 to to PART cblr-1737 402 91 exempt exempt VERB cblr-1737 402 92 tobs tob NOUN cblr-1737 402 93 from from ADP cblr-1737 402 94 proprietary proprietary ADJ cblr-1737 402 95 trading trading NOUN cblr-1737 402 96 restrictions.148 restrictions.148 NOUN cblr-1737 402 97 the the DET cblr-1737 402 98 exemption exemption NOUN cblr-1737 402 99 was be AUX cblr-1737 402 100 not not PART cblr-1737 402 101 given give VERB cblr-1737 402 102 with with ADP cblr-1737 402 103 the the DET cblr-1737 402 104 belief belief NOUN cblr-1737 402 105 that that SCONJ cblr-1737 402 106 the the DET cblr-1737 402 107 re re NOUN cblr-1737 402 108 - - NOUN cblr-1737 402 109 securitization securitization NOUN cblr-1737 402 110 of of ADP cblr-1737 402 111 municipal municipal ADJ cblr-1737 402 112 debt debt NOUN cblr-1737 402 113 should should AUX cblr-1737 402 114 not not PART cblr-1737 402 115 be be AUX cblr-1737 402 116 treated treat VERB cblr-1737 402 117 any any PRON cblr-1737 402 118 differently differently ADV cblr-1737 402 119 from from ADP cblr-1737 402 120 the the DET cblr-1737 402 121 re re NOUN cblr-1737 402 122 - - NOUN cblr-1737 402 123 securitization securitization NOUN cblr-1737 402 124 of of ADP cblr-1737 402 125 other other ADJ cblr-1737 402 126 debt debt NOUN cblr-1737 402 127 instruments instrument NOUN cblr-1737 402 128 , , PUNCT cblr-1737 402 129 other other ADJ cblr-1737 402 130 than than ADP cblr-1737 402 131 loans.149 loans.149 PROPN cblr-1737 402 132 regulators regulator NOUN cblr-1737 402 133 recognized recognize VERB cblr-1737 402 134 the the DET cblr-1737 402 135 potential potential ADJ cblr-1737 402 136 increase increase NOUN cblr-1737 402 137 in in ADP cblr-1737 402 138 financing financing NOUN cblr-1737 402 139 costs cost NOUN cblr-1737 402 140 as as ADP cblr-1737 402 141 a a DET cblr-1737 402 142 result result NOUN cblr-1737 402 143 of of ADP cblr-1737 402 144 reduction reduction NOUN cblr-1737 402 145 in in ADP cblr-1737 402 146 demand demand NOUN cblr-1737 402 147 for for ADP cblr-1737 402 148 the the DET cblr-1737 402 149 types type NOUN cblr-1737 402 150 of of ADP cblr-1737 402 151 municipal municipal ADJ cblr-1737 402 152 bonds bond NOUN cblr-1737 402 153 involved involve VERB cblr-1737 402 154 in in ADP cblr-1737 402 155 tobs tob NOUN cblr-1737 402 156 , , PUNCT cblr-1737 402 157 but but CCONJ cblr-1737 402 158 declined decline VERB cblr-1737 402 159 to to PART cblr-1737 402 160 extend extend VERB cblr-1737 402 161 the the DET cblr-1737 402 162 volcker volcker NOUN cblr-1737 402 163 rule rule NOUN cblr-1737 402 164 exemption exemption NOUN cblr-1737 402 165 to to ADP cblr-1737 402 166 tobs tobs PROPN cblr-1737 402 167 and and CCONJ cblr-1737 402 168 are be AUX cblr-1737 402 169 adhering adhere VERB cblr-1737 402 170 to to ADP cblr-1737 402 171 the the DET cblr-1737 402 172 language language NOUN cblr-1737 402 173 of of ADP cblr-1737 402 174 the the DET cblr-1737 402 175 rule.150 rule.150 NOUN cblr-1737 402 176 from from ADP cblr-1737 402 177 a a DET cblr-1737 402 178 practical practical ADJ cblr-1737 402 179 standpoint standpoint NOUN cblr-1737 402 180 , , PUNCT cblr-1737 402 181 tobs tobs PROPN cblr-1737 402 182 serve serve VERB cblr-1737 402 183 an an DET cblr-1737 402 184 important important ADJ cblr-1737 402 185 role role NOUN cblr-1737 402 186 by by ADP cblr-1737 402 187 providing provide VERB cblr-1737 402 188 the the DET cblr-1737 402 189 equivalent equivalent NOUN cblr-1737 402 190 of of ADP cblr-1737 402 191 “ " PUNCT cblr-1737 402 192 repo repo VERB cblr-1737 402 193 financing financing NOUN cblr-1737 402 194 ” " PUNCT cblr-1737 402 195 with with ADP cblr-1737 402 196 municipal municipal ADJ cblr-1737 402 197 bonds.151 bonds.151 NOUN cblr-1737 402 198 in in ADP cblr-1737 402 199 other other ADJ cblr-1737 402 200 words word NOUN cblr-1737 402 201 , , PUNCT cblr-1737 402 202 tobs tobs PROPN cblr-1737 402 203 are be AUX cblr-1737 402 204 a a DET cblr-1737 402 205 way way NOUN cblr-1737 402 206 of of ADP cblr-1737 402 207 obtaining obtain VERB cblr-1737 402 208 short short ADJ cblr-1737 402 209 - - PUNCT cblr-1737 402 210 term term NOUN cblr-1737 402 211 financing financing NOUN cblr-1737 402 212 while while SCONJ cblr-1737 402 213 maintaining maintain VERB cblr-1737 402 214 the the DET cblr-1737 402 215 taxfree taxfree ADJ cblr-1737 402 216 nature nature NOUN cblr-1737 402 217 of of ADP cblr-1737 402 218 interest interest NOUN cblr-1737 402 219 in in ADP cblr-1737 402 220 municipal municipal ADJ cblr-1737 402 221 bonds bond NOUN cblr-1737 402 222 , , PUNCT cblr-1737 402 223 since since SCONJ cblr-1737 402 224 tobs tob NOUN cblr-1737 402 225 are be AUX cblr-1737 402 226 146 146 NUM cblr-1737 402 227 see see NOUN cblr-1737 402 228 hearing hearing NOUN cblr-1737 402 229 , , PUNCT cblr-1737 402 230 supra supra PROPN cblr-1737 402 231 note note NOUN cblr-1737 402 232 95 95 NUM cblr-1737 402 233 , , PUNCT cblr-1737 402 234 at at ADP cblr-1737 402 235 73 73 NUM cblr-1737 402 236 ( ( PUNCT cblr-1737 402 237 statement statement NOUN cblr-1737 402 238 of of ADP cblr-1737 402 239 kenneth kenneth PROPN cblr-1737 402 240 gibbs gibbs PROPN cblr-1737 402 241 ) ) PUNCT cblr-1737 402 242 . . PUNCT cblr-1737 403 1 147 147 NUM cblr-1737 403 2 see see VERB cblr-1737 403 3 prohibitions prohibition NOUN cblr-1737 403 4 and and CCONJ cblr-1737 403 5 restrictions restriction NOUN cblr-1737 403 6 on on ADP cblr-1737 403 7 proprietary proprietary ADJ cblr-1737 403 8 trading trading NOUN cblr-1737 403 9 and and CCONJ cblr-1737 403 10 certain certain ADJ cblr-1737 403 11 interests interest NOUN cblr-1737 403 12 in in ADP cblr-1737 403 13 , , PUNCT cblr-1737 403 14 and and CCONJ cblr-1737 403 15 relationships relationship NOUN cblr-1737 403 16 with with ADP cblr-1737 403 17 , , PUNCT cblr-1737 403 18 hedge hedge NOUN cblr-1737 403 19 funds fund NOUN cblr-1737 403 20 and and CCONJ cblr-1737 403 21 private private ADJ cblr-1737 403 22 equity equity NOUN cblr-1737 403 23 funds fund NOUN cblr-1737 403 24 , , PUNCT cblr-1737 403 25 79 79 NUM cblr-1737 403 26 fed feed VERB cblr-1737 403 27 . . PUNCT cblr-1737 404 1 reg reg PROPN cblr-1737 404 2 . . PUNCT cblr-1737 405 1 5536 5536 NUM cblr-1737 405 2 , , PUNCT cblr-1737 405 3 5702 5702 NUM cblr-1737 405 4 ( ( PUNCT cblr-1737 405 5 jan jan PROPN cblr-1737 405 6 . . PROPN cblr-1737 405 7 31 31 NUM cblr-1737 405 8 , , PUNCT cblr-1737 405 9 2014 2014 NUM cblr-1737 405 10 ) ) PUNCT cblr-1737 405 11 ( ( PUNCT cblr-1737 405 12 to to PART cblr-1737 405 13 be be AUX cblr-1737 405 14 codified codify VERB cblr-1737 405 15 at at ADP cblr-1737 405 16 12 12 NUM cblr-1737 405 17 c.f.r c.f.r NOUN cblr-1737 405 18 . . PUNCT cblr-1737 406 1 pts pts PROPN cblr-1737 406 2 . . PROPN cblr-1737 406 3 44 44 NUM cblr-1737 406 4 , , PUNCT cblr-1737 406 5 248 248 NUM cblr-1737 406 6 , , PUNCT cblr-1737 406 7 351 351 NUM cblr-1737 406 8 , , PUNCT cblr-1737 406 9 17 17 NUM cblr-1737 406 10 c.f.r c.f.r NOUN cblr-1737 406 11 . . PUNCT cblr-1737 407 1 pt pt PROPN cblr-1737 407 2 . . PROPN cblr-1737 407 3 255 255 NUM cblr-1737 407 4 ) ) PUNCT cblr-1737 407 5 . . PUNCT cblr-1737 408 1 148 148 NUM cblr-1737 408 2 see see VERB cblr-1737 408 3 i i PRON cblr-1737 408 4 d. d. PROPN cblr-1737 408 5 149 149 NUM cblr-1737 408 6 see see VERB cblr-1737 408 7 i i PRON cblr-1737 408 8 d. d. PROPN cblr-1737 408 9 150 150 NUM cblr-1737 408 10 see see VERB cblr-1737 408 11 i i PRON cblr-1737 408 12 d. d. PROPN cblr-1737 408 13 at at ADP cblr-1737 408 14 5703 5703 NUM cblr-1737 408 15 . . PUNCT cblr-1737 409 1 151 151 NUM cblr-1737 409 2 cadwalader cadwalader NOUN cblr-1737 409 3 , , PUNCT cblr-1737 409 4 wickersham wickersham PROPN cblr-1737 409 5 & & CCONJ cblr-1737 409 6 taft taft PROPN cblr-1737 409 7 llp llp PROPN cblr-1737 409 8 , , PUNCT cblr-1737 409 9 supra supra PROPN cblr-1737 409 10 note note PROPN cblr-1737 409 11 59 59 NUM cblr-1737 409 12 , , PUNCT cblr-1737 409 13 at at ADP cblr-1737 409 14 11 11 NUM cblr-1737 409 15 . . PUNCT cblr-1737 410 1 miki miki PROPN cblr-1737 410 2 – – PUNCT cblr-1737 410 3 final final ADJ cblr-1737 410 4 no no NOUN cblr-1737 410 5 . . PUNCT cblr-1737 411 1 1:252 1:252 NOUN cblr-1737 411 2 ] ] X cblr-1737 411 3 live live VERB cblr-1737 411 4 and and CCONJ cblr-1737 411 5 let let VERB cblr-1737 411 6 die die VERB cblr-1737 411 7 283 283 NUM cblr-1737 411 8 treated treat VERB cblr-1737 411 9 as as ADP cblr-1737 411 10 trusts trust NOUN cblr-1737 411 11 , , PUNCT cblr-1737 411 12 which which PRON cblr-1737 411 13 for for ADP cblr-1737 411 14 tax tax NOUN cblr-1737 411 15 purposes purpose NOUN cblr-1737 411 16 is be AUX cblr-1737 411 17 treated treat VERB cblr-1737 411 18 as as ADP cblr-1737 411 19 a a DET cblr-1737 411 20 passthrough passthrough NOUN cblr-1737 411 21 entity.152 entity.152 PROPN cblr-1737 411 22 without without ADP cblr-1737 411 23 tobs tobs PROPN cblr-1737 411 24 , , PUNCT cblr-1737 411 25 it it PRON cblr-1737 411 26 will will AUX cblr-1737 411 27 be be AUX cblr-1737 411 28 more more ADV cblr-1737 411 29 difficult difficult ADJ cblr-1737 411 30 for for SCONJ cblr-1737 411 31 investors investor NOUN cblr-1737 411 32 to to PART cblr-1737 411 33 invest invest VERB cblr-1737 411 34 in in ADP cblr-1737 411 35 municipal municipal ADJ cblr-1737 411 36 bonds bond NOUN cblr-1737 411 37 on on ADP cblr-1737 411 38 a a DET cblr-1737 411 39 short short ADJ cblr-1737 411 40 - - PUNCT cblr-1737 411 41 term term NOUN cblr-1737 411 42 basis basis NOUN cblr-1737 411 43 . . PUNCT cblr-1737 412 1 from from ADP cblr-1737 412 2 a a DET cblr-1737 412 3 practical practical ADJ cblr-1737 412 4 standpoint standpoint NOUN cblr-1737 412 5 , , PUNCT cblr-1737 412 6 tobs tob NOUN cblr-1737 412 7 are be AUX cblr-1737 412 8 essentially essentially ADV cblr-1737 412 9 repurchase repurchase VERB cblr-1737 412 10 agreements,153 agreements,153 VERB cblr-1737 412 11 and and CCONJ cblr-1737 412 12 repurchase repurchase VERB cblr-1737 412 13 agreements agreement NOUN cblr-1737 412 14 are be AUX cblr-1737 412 15 not not PART cblr-1737 412 16 subject subject ADJ cblr-1737 412 17 to to ADP cblr-1737 412 18 volcker volcker NOUN cblr-1737 412 19 rule rule NOUN cblr-1737 412 20 regulations regulation NOUN cblr-1737 412 21 at at ADV cblr-1737 412 22 all all ADV cblr-1737 412 23 because because SCONJ cblr-1737 412 24 they they PRON cblr-1737 412 25 “ " PUNCT cblr-1737 412 26 do do AUX cblr-1737 412 27 not not PART cblr-1737 412 28 appear appear VERB cblr-1737 412 29 to to PART cblr-1737 412 30 be be AUX cblr-1737 412 31 of of ADP cblr-1737 412 32 the the DET cblr-1737 412 33 type type NOUN cblr-1737 412 34 the the DET cblr-1737 412 35 statutory statutory ADJ cblr-1737 412 36 definition definition NOUN cblr-1737 412 37 of of ADP cblr-1737 412 38 trading trading NOUN cblr-1737 412 39 account account NOUN cblr-1737 412 40 was be AUX cblr-1737 412 41 designed design VERB cblr-1737 412 42 to to PART cblr-1737 412 43 cover cover VERB cblr-1737 412 44 . . PUNCT cblr-1737 413 1 ”154 ”154 VERB cblr-1737 413 2 the the DET cblr-1737 413 3 non non NOUN cblr-1737 413 4 - - NOUN cblr-1737 413 5 exclusion exclusion NOUN cblr-1737 413 6 of of ADP cblr-1737 413 7 tobs tob NOUN cblr-1737 413 8 from from ADP cblr-1737 413 9 volcker volcker PROPN cblr-1737 413 10 rule rule NOUN cblr-1737 413 11 requirements requirement NOUN cblr-1737 413 12 would would AUX cblr-1737 413 13 send send VERB cblr-1737 413 14 undesirable undesirable ADJ cblr-1737 413 15 side side NOUN cblr-1737 413 16 effects effect NOUN cblr-1737 413 17 outside outside ADP cblr-1737 413 18 of of ADP cblr-1737 413 19 the the DET cblr-1737 413 20 municipal municipal ADJ cblr-1737 413 21 bond bond NOUN cblr-1737 413 22 market market NOUN cblr-1737 413 23 as as ADV cblr-1737 413 24 well well ADV cblr-1737 413 25 . . PUNCT cblr-1737 414 1 money money NOUN cblr-1737 414 2 market market NOUN cblr-1737 414 3 funds fund NOUN cblr-1737 414 4 would would AUX cblr-1737 414 5 also also ADV cblr-1737 414 6 suffer suffer VERB cblr-1737 414 7 as as ADP cblr-1737 414 8 a a DET cblr-1737 414 9 result result NOUN cblr-1737 414 10 of of ADP cblr-1737 414 11 the the DET cblr-1737 414 12 volcker volcker PROPN cblr-1737 414 13 rule rule NOUN cblr-1737 414 14 ’s ’s PART cblr-1737 414 15 application application NOUN cblr-1737 414 16 to to ADP cblr-1737 414 17 tobs tobs PROPN cblr-1737 414 18 . . PUNCT cblr-1737 415 1 tobs tobs PROPN cblr-1737 415 2 are be AUX cblr-1737 415 3 important important ADJ cblr-1737 415 4 to to PART cblr-1737 415 5 money money NOUN cblr-1737 415 6 market market NOUN cblr-1737 415 7 funds fund NOUN cblr-1737 415 8 because because SCONJ cblr-1737 415 9 they they PRON cblr-1737 415 10 are be AUX cblr-1737 415 11 often often ADV cblr-1737 415 12 eligible eligible ADJ cblr-1737 415 13 under under ADP cblr-1737 415 14 rule rule NOUN cblr-1737 415 15 2a-7 2a-7 PROPN cblr-1737 415 16 of of ADP cblr-1737 415 17 the the DET cblr-1737 415 18 investment investment NOUN cblr-1737 415 19 company company NOUN cblr-1737 415 20 act act VERB cblr-1737 415 21 for for ADP cblr-1737 415 22 investment investment NOUN cblr-1737 415 23 by by ADP cblr-1737 415 24 money money NOUN cblr-1737 415 25 market market NOUN cblr-1737 415 26 mutual mutual ADJ cblr-1737 415 27 funds,155 funds,155 NOUN cblr-1737 415 28 which which PRON cblr-1737 415 29 are be AUX cblr-1737 415 30 required require VERB cblr-1737 415 31 by by ADP cblr-1737 415 32 law law NOUN cblr-1737 415 33 to to PART cblr-1737 415 34 invest invest VERB cblr-1737 415 35 in in ADP cblr-1737 415 36 lowrisk lowrisk PROPN cblr-1737 415 37 securities.156 securities.156 PROPN cblr-1737 415 38 however however ADV cblr-1737 415 39 , , PUNCT cblr-1737 415 40 in in ADP cblr-1737 415 41 order order NOUN cblr-1737 415 42 for for SCONJ cblr-1737 415 43 money money NOUN cblr-1737 415 44 market market NOUN cblr-1737 415 45 funds fund NOUN cblr-1737 415 46 to to PART cblr-1737 415 47 invest invest VERB cblr-1737 415 48 in in ADP cblr-1737 415 49 municipal municipal ADJ cblr-1737 415 50 bonds bond NOUN cblr-1737 415 51 , , PUNCT cblr-1737 415 52 the the DET cblr-1737 415 53 maturity maturity NOUN cblr-1737 415 54 mismatch mismatch NOUN cblr-1737 415 55 between between ADP cblr-1737 415 56 municipal municipal ADJ cblr-1737 415 57 bonds bond NOUN cblr-1737 415 58 , , PUNCT cblr-1737 415 59 which which PRON cblr-1737 415 60 are be AUX cblr-1737 415 61 generally generally ADV cblr-1737 415 62 issued issue VERB cblr-1737 415 63 with with ADP cblr-1737 415 64 fixed fix VERB cblr-1737 415 65 interest interest NOUN cblr-1737 415 66 rates rate NOUN cblr-1737 415 67 and and CCONJ cblr-1737 415 68 long long ADJ cblr-1737 415 69 - - PUNCT cblr-1737 415 70 term term NOUN cblr-1737 415 71 maturities maturity NOUN cblr-1737 415 72 to to PART cblr-1737 415 73 enable enable VERB cblr-1737 415 74 state state NOUN cblr-1737 415 75 and and CCONJ cblr-1737 415 76 local local ADJ cblr-1737 415 77 governments government NOUN cblr-1737 415 78 to to PART cblr-1737 415 79 manage manage VERB cblr-1737 415 80 their their PRON cblr-1737 415 81 borrowing borrowing NOUN cblr-1737 415 82 costs cost NOUN cblr-1737 415 83 , , PUNCT cblr-1737 415 84 and and CCONJ cblr-1737 415 85 the the DET cblr-1737 415 86 demands demand NOUN cblr-1737 415 87 of of ADP cblr-1737 415 88 money money NOUN cblr-1737 415 89 market market NOUN cblr-1737 415 90 funds fund NOUN cblr-1737 415 91 , , PUNCT cblr-1737 415 92 which which PRON cblr-1737 415 93 are be AUX cblr-1737 415 94 only only ADV cblr-1737 415 95 allowed allow VERB cblr-1737 415 96 to to PART cblr-1737 415 97 invest invest VERB cblr-1737 415 98 in in ADP cblr-1737 415 99 short short ADJ cblr-1737 415 100 - - PUNCT cblr-1737 415 101 term term NOUN cblr-1737 415 102 debt debt NOUN cblr-1737 415 103 per per ADP cblr-1737 415 104 the the DET cblr-1737 415 105 investment investment NOUN cblr-1737 415 106 company company NOUN cblr-1737 415 107 152 152 NUM cblr-1737 415 108 see see VERB cblr-1737 415 109 i i PRON cblr-1737 415 110 d. d. PROPN cblr-1737 415 111 at at ADP cblr-1737 415 112 11–12 11–12 NUM cblr-1737 415 113 . . PUNCT cblr-1737 416 1 153 153 NUM cblr-1737 416 2 see see VERB cblr-1737 416 3 i i PRON cblr-1737 416 4 d. d. PROPN cblr-1737 416 5 at at ADP cblr-1737 416 6 16–17 16–17 PROPN cblr-1737 416 7 . . PUNCT cblr-1737 417 1 154 154 NUM cblr-1737 417 2 see see VERB cblr-1737 417 3 prohibitions prohibition NOUN cblr-1737 417 4 and and CCONJ cblr-1737 417 5 restrictions restriction NOUN cblr-1737 417 6 on on ADP cblr-1737 417 7 proprietary proprietary ADJ cblr-1737 417 8 trading trading NOUN cblr-1737 417 9 and and CCONJ cblr-1737 417 10 certain certain ADJ cblr-1737 417 11 interests interest NOUN cblr-1737 417 12 in in ADP cblr-1737 417 13 , , PUNCT cblr-1737 417 14 and and CCONJ cblr-1737 417 15 relationships relationship NOUN cblr-1737 417 16 with with ADP cblr-1737 417 17 , , PUNCT cblr-1737 417 18 hedge hedge NOUN cblr-1737 417 19 funds fund NOUN cblr-1737 417 20 and and CCONJ cblr-1737 417 21 private private ADJ cblr-1737 417 22 equity equity NOUN cblr-1737 417 23 funds fund NOUN cblr-1737 417 24 , , PUNCT cblr-1737 417 25 79 79 NUM cblr-1737 417 26 fed feed VERB cblr-1737 417 27 . . PUNCT cblr-1737 418 1 reg reg PROPN cblr-1737 418 2 . . PUNCT cblr-1737 419 1 5536 5536 NUM cblr-1737 419 2 , , PUNCT cblr-1737 419 3 5553 5553 NUM cblr-1737 419 4 ( ( PUNCT cblr-1737 419 5 jan jan PROPN cblr-1737 419 6 . . PROPN cblr-1737 419 7 31 31 NUM cblr-1737 419 8 , , PUNCT cblr-1737 419 9 2014 2014 NUM cblr-1737 419 10 ) ) PUNCT cblr-1737 420 1 ( ( PUNCT cblr-1737 420 2 to to PART cblr-1737 420 3 be be AUX cblr-1737 420 4 codified codify VERB cblr-1737 420 5 at at ADP cblr-1737 420 6 12 12 NUM cblr-1737 420 7 c.f.r c.f.r NOUN cblr-1737 420 8 . . PUNCT cblr-1737 421 1 pts pts PROPN cblr-1737 421 2 . . PROPN cblr-1737 421 3 44 44 NUM cblr-1737 421 4 , , PUNCT cblr-1737 421 5 248 248 NUM cblr-1737 421 6 , , PUNCT cblr-1737 421 7 351 351 NUM cblr-1737 421 8 , , PUNCT cblr-1737 421 9 17 17 NUM cblr-1737 421 10 c.f.r c.f.r NOUN cblr-1737 421 11 . . PUNCT cblr-1737 422 1 pt pt PROPN cblr-1737 422 2 . . PROPN cblr-1737 422 3 255 255 NUM cblr-1737 422 4 ) ) PUNCT cblr-1737 422 5 ; ; PUNCT cblr-1737 422 6 see see VERB cblr-1737 422 7 also also ADV cblr-1737 422 8 prohibitions prohibition NOUN cblr-1737 422 9 and and CCONJ cblr-1737 422 10 restrictions restriction NOUN cblr-1737 422 11 on on ADP cblr-1737 422 12 proprietary proprietary ADJ cblr-1737 422 13 trading trading NOUN cblr-1737 422 14 and and CCONJ cblr-1737 422 15 certain certain ADJ cblr-1737 422 16 interests interest NOUN cblr-1737 422 17 in in ADP cblr-1737 422 18 , , PUNCT cblr-1737 422 19 and and CCONJ cblr-1737 422 20 relationships relationship NOUN cblr-1737 422 21 with with ADP cblr-1737 422 22 , , PUNCT cblr-1737 422 23 hedge hedge NOUN cblr-1737 422 24 funds fund NOUN cblr-1737 422 25 and and CCONJ cblr-1737 422 26 private private ADJ cblr-1737 422 27 equity equity NOUN cblr-1737 422 28 funds fund NOUN cblr-1737 422 29 , , PUNCT cblr-1737 422 30 76 76 NUM cblr-1737 422 31 fed fed PROPN cblr-1737 422 32 . . PUNCT cblr-1737 423 1 reg reg PROPN cblr-1737 423 2 . . PROPN cblr-1737 424 1 68,846 68,846 NUM cblr-1737 424 2 , , PUNCT cblr-1737 424 3 68,850 68,850 NUM cblr-1737 424 4 ( ( PUNCT cblr-1737 424 5 proposed propose VERB cblr-1737 424 6 nov nov PROPN cblr-1737 424 7 . . PROPN cblr-1737 424 8 7 7 NUM cblr-1737 424 9 , , PUNCT cblr-1737 424 10 2011 2011 NUM cblr-1737 424 11 ) ) PUNCT cblr-1737 424 12 ( ( PUNCT cblr-1737 424 13 to to PART cblr-1737 424 14 be be AUX cblr-1737 424 15 codified codify VERB cblr-1737 424 16 at at ADP cblr-1737 424 17 12 12 NUM cblr-1737 424 18 c.f.r c.f.r NOUN cblr-1737 424 19 . . PUNCT cblr-1737 425 1 pts pts PROPN cblr-1737 425 2 . . PROPN cblr-1737 425 3 44 44 NUM cblr-1737 425 4 , , PUNCT cblr-1737 425 5 248 248 NUM cblr-1737 425 6 , , PUNCT cblr-1737 425 7 351 351 NUM cblr-1737 425 8 , , PUNCT cblr-1737 425 9 17 17 NUM cblr-1737 425 10 c.f.r c.f.r NOUN cblr-1737 425 11 . . PUNCT cblr-1737 426 1 pt pt PROPN cblr-1737 426 2 . . 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PUNCT cblr-1737 429 1 § § PROPN cblr-1737 429 2 270.2a-7 270.2a-7 PROPN cblr-1737 429 3 ( ( PUNCT cblr-1737 429 4 2015 2015 NUM cblr-1737 429 5 ) ) PUNCT cblr-1737 429 6 ; ; PUNCT cblr-1737 429 7 see see VERB cblr-1737 429 8 also also ADV cblr-1737 429 9 fast fast ADJ cblr-1737 429 10 answers answer NOUN cblr-1737 429 11 : : PUNCT cblr-1737 429 12 money money NOUN cblr-1737 429 13 market market NOUN cblr-1737 429 14 funds fund NOUN cblr-1737 429 15 , , PUNCT cblr-1737 429 16 u.s u.s PROPN cblr-1737 429 17 . . PROPN cblr-1737 429 18 sec sec PROPN cblr-1737 429 19 . . PROPN cblr-1737 429 20 & & CCONJ cblr-1737 429 21 exch exch PROPN cblr-1737 429 22 . . PUNCT cblr-1737 430 1 comm’n comm’n PROPN cblr-1737 430 2 , , PUNCT cblr-1737 431 1 http://www.sec.gov/answers/ http://www.sec.gov/answers/ ADJ cblr-1737 431 2 mfmmkt.htm mfmmkt.htm X cblr-1737 432 1 [ [ X cblr-1737 432 2 http://perma.cc/q43v-mjhp http://perma.cc/q43v-mjhp NOUN cblr-1737 432 3 ] ] PUNCT cblr-1737 432 4 . . PUNCT cblr-1737 433 1 miki miki PROPN cblr-1737 433 2 – – PUNCT cblr-1737 433 3 final final ADJ cblr-1737 433 4 284 284 NUM cblr-1737 433 5 columbia columbia PROPN cblr-1737 433 6 business business NOUN cblr-1737 433 7 law law PROPN cblr-1737 433 8 review review NOUN cblr-1737 433 9 [ [ X cblr-1737 433 10 vol vol NOUN cblr-1737 433 11 . . NOUN cblr-1737 433 12 2016 2016 NUM cblr-1737 433 13 act act NOUN cblr-1737 433 14 , , PUNCT cblr-1737 433 15 must must AUX cblr-1737 433 16 be be AUX cblr-1737 433 17 solved.157 solved.157 NOUN cblr-1737 433 18 this this DET cblr-1737 433 19 maturity maturity NOUN cblr-1737 433 20 mismatch mismatch NOUN cblr-1737 433 21 is be AUX cblr-1737 433 22 relieved relieve VERB cblr-1737 433 23 by by ADP cblr-1737 433 24 tobs.158 tobs.158 NUM cblr-1737 433 25 tob tob NOUN cblr-1737 433 26 floaters floater NOUN cblr-1737 433 27 make make VERB cblr-1737 433 28 up up ADP cblr-1737 433 29 over over ADP cblr-1737 433 30 twenty twenty NUM cblr-1737 433 31 percent percent NOUN cblr-1737 433 32 of of ADP cblr-1737 433 33 taxexempt taxexempt ADJ cblr-1737 433 34 money money NOUN cblr-1737 433 35 market market NOUN cblr-1737 433 36 fund fund NOUN cblr-1737 433 37 holdings holding NOUN cblr-1737 433 38 in in ADP cblr-1737 433 39 some some DET cblr-1737 433 40 money money NOUN cblr-1737 433 41 market market NOUN cblr-1737 433 42 funds,159 funds,159 PROPN cblr-1737 433 43 and and CCONJ cblr-1737 433 44 given give VERB cblr-1737 433 45 that that SCONJ cblr-1737 433 46 the the DET cblr-1737 433 47 2a-7 2a-7 PROPN cblr-1737 433 48 criteria criterion NOUN cblr-1737 433 49 for for ADP cblr-1737 433 50 what what PRON cblr-1737 433 51 qualifies qualify VERB cblr-1737 433 52 for for ADP cblr-1737 433 53 deposit deposit NOUN cblr-1737 433 54 into into ADP cblr-1737 433 55 a a DET cblr-1737 433 56 money money NOUN cblr-1737 433 57 market market NOUN cblr-1737 433 58 fund fund NOUN cblr-1737 433 59 have have AUX cblr-1737 433 60 gotten get VERB cblr-1737 433 61 tighter tight ADJ cblr-1737 433 62 , , PUNCT cblr-1737 433 63 tobs tob NOUN cblr-1737 433 64 are be AUX cblr-1737 433 65 as as ADV cblr-1737 433 66 important important ADJ cblr-1737 433 67 as as ADV cblr-1737 433 68 ever ever ADV cblr-1737 433 69 as as ADP cblr-1737 433 70 a a DET cblr-1737 433 71 source source NOUN cblr-1737 433 72 of of ADP cblr-1737 433 73 safe safe ADJ cblr-1737 433 74 , , PUNCT cblr-1737 433 75 short short ADJ cblr-1737 433 76 - - PUNCT cblr-1737 433 77 term term NOUN cblr-1737 433 78 funding.160 funding.160 ADJ cblr-1737 433 79 money money NOUN cblr-1737 433 80 market market NOUN cblr-1737 433 81 funds fund NOUN cblr-1737 433 82 have have AUX cblr-1737 433 83 represented represent VERB cblr-1737 433 84 a a DET cblr-1737 433 85 large large ADJ cblr-1737 433 86 source source NOUN cblr-1737 433 87 of of ADP cblr-1737 433 88 demand demand NOUN cblr-1737 433 89 for for ADP cblr-1737 433 90 municipal municipal ADJ cblr-1737 433 91 bonds bond NOUN cblr-1737 433 92 , , PUNCT cblr-1737 433 93 but but CCONJ cblr-1737 433 94 assets asset NOUN cblr-1737 433 95 in in ADP cblr-1737 433 96 money money NOUN cblr-1737 433 97 market market NOUN cblr-1737 433 98 funds fund NOUN cblr-1737 433 99 have have AUX cblr-1737 433 100 already already ADV cblr-1737 433 101 shrunk shrink VERB cblr-1737 433 102 to to ADP cblr-1737 433 103 $ $ SYM cblr-1737 433 104 257.4 257.4 NUM cblr-1737 433 105 billion billion NUM cblr-1737 433 106 from from ADP cblr-1737 433 107 a a DET cblr-1737 433 108 peak peak NOUN cblr-1737 433 109 of of ADP cblr-1737 433 110 $ $ SYM cblr-1737 433 111 483.8 483.8 NUM cblr-1737 433 112 billion billion NUM cblr-1737 433 113 because because SCONJ cblr-1737 433 114 of of ADP cblr-1737 433 115 the the DET cblr-1737 433 116 shrinking shrink VERB cblr-1737 433 117 pool pool NOUN cblr-1737 433 118 of of ADP cblr-1737 433 119 investments investment NOUN cblr-1737 433 120 eligible eligible ADJ cblr-1737 433 121 for for ADP cblr-1737 433 122 purchase purchase NOUN cblr-1737 433 123 by by ADP cblr-1737 433 124 tobs.161 tobs.161 NUM cblr-1737 433 125 the the DET cblr-1737 433 126 nonexclusion nonexclusion NOUN cblr-1737 433 127 of of ADP cblr-1737 433 128 tobs tobs PROPN cblr-1737 433 129 would would AUX cblr-1737 433 130 further far ADV cblr-1737 433 131 exacerbate exacerbate VERB cblr-1737 433 132 this this DET cblr-1737 433 133 trend.162 trend.162 NOUN cblr-1737 433 134 in in ADP cblr-1737 433 135 response response NOUN cblr-1737 433 136 , , PUNCT cblr-1737 433 137 banks bank NOUN cblr-1737 433 138 have have AUX cblr-1737 433 139 come come VERB cblr-1737 433 140 up up ADP cblr-1737 433 141 with with ADP cblr-1737 433 142 creative creative ADJ cblr-1737 433 143 tob tob NOUN cblr-1737 433 144 structures structure NOUN cblr-1737 433 145 that that PRON cblr-1737 433 146 can can AUX cblr-1737 433 147 sidestep sidestep VERB cblr-1737 433 148 the the DET cblr-1737 433 149 volcker volcker NOUN cblr-1737 433 150 rule rule NOUN cblr-1737 433 151 . . PUNCT cblr-1737 434 1 the the DET cblr-1737 434 2 preamble preamble NOUN cblr-1737 434 3 to to ADP cblr-1737 434 4 the the DET cblr-1737 434 5 volcker volcker NOUN cblr-1737 434 6 rule rule NOUN cblr-1737 434 7 seems seem VERB cblr-1737 434 8 to to PART cblr-1737 434 9 implicitly implicitly ADV cblr-1737 434 10 suggest suggest VERB cblr-1737 434 11 that that SCONJ cblr-1737 434 12 if if SCONJ cblr-1737 434 13 banks bank NOUN cblr-1737 434 14 can can AUX cblr-1737 434 15 figure figure VERB cblr-1737 434 16 out out ADP cblr-1737 434 17 a a DET cblr-1737 434 18 way way NOUN cblr-1737 434 19 that that PRON cblr-1737 434 20 a a DET cblr-1737 434 21 tob tob NOUN cblr-1737 434 22 will will AUX cblr-1737 434 23 not not PART cblr-1737 434 24 qualify qualify VERB cblr-1737 434 25 as as ADP cblr-1737 434 26 a a DET cblr-1737 434 27 covered covered ADJ cblr-1737 434 28 fund fund NOUN cblr-1737 434 29 , , PUNCT cblr-1737 434 30 then then ADV cblr-1737 434 31 regulators regulator NOUN cblr-1737 434 32 would would AUX cblr-1737 434 33 take take VERB cblr-1737 434 34 no no DET cblr-1737 434 35 issue issue NOUN cblr-1737 434 36 with with ADP cblr-1737 434 37 it it PRON cblr-1737 434 38 : : PUNCT cblr-1737 434 39 the the DET cblr-1737 434 40 final final ADJ cblr-1737 434 41 rule rule NOUN cblr-1737 434 42 , , PUNCT cblr-1737 434 43 however however ADV cblr-1737 434 44 , , PUNCT cblr-1737 434 45 does do AUX cblr-1737 434 46 not not PART cblr-1737 434 47 prevent prevent VERB cblr-1737 434 48 a a DET cblr-1737 434 49 banking banking NOUN cblr-1737 434 50 entity entity NOUN cblr-1737 434 51 from from ADP cblr-1737 434 52 owning own VERB cblr-1737 434 53 or or CCONJ cblr-1737 434 54 otherwise otherwise ADV cblr-1737 434 55 participating participate VERB cblr-1737 434 56 in in ADP cblr-1737 434 57 a a DET cblr-1737 434 58 tender tender NOUN cblr-1737 434 59 option option NOUN cblr-1737 434 60 bond bond NOUN cblr-1737 434 61 vehicle vehicle NOUN cblr-1737 434 62 ; ; PUNCT cblr-1737 434 63 it it PRON cblr-1737 434 64 requires require VERB cblr-1737 434 65 that that SCONJ cblr-1737 434 66 these these DET cblr-1737 434 67 activities activity NOUN cblr-1737 434 68 be be AUX cblr-1737 434 69 conducted conduct VERB cblr-1737 434 70 in in ADP cblr-1737 434 71 the the DET cblr-1737 434 72 same same ADJ cblr-1737 434 73 manner manner NOUN cblr-1737 434 74 as as ADP cblr-1737 434 75 with with ADP cblr-1737 434 76 other other ADJ cblr-1737 434 77 covered covered ADJ cblr-1737 434 78 funds fund NOUN cblr-1737 434 79 . . PUNCT cblr-1737 435 1 in in ADP cblr-1737 435 2 this this DET cblr-1737 435 3 regard regard NOUN cblr-1737 435 4 , , PUNCT cblr-1737 435 5 under under ADP cblr-1737 435 6 the the DET cblr-1737 435 7 final final ADJ cblr-1737 435 8 rule rule NOUN cblr-1737 435 9 , , PUNCT cblr-1737 435 10 a a DET cblr-1737 435 11 banking banking NOUN cblr-1737 435 12 entity entity NOUN cblr-1737 435 13 would would AUX cblr-1737 435 14 need need VERB cblr-1737 435 15 to to PART cblr-1737 435 16 evaluate evaluate VERB cblr-1737 435 17 whether whether SCONJ cblr-1737 435 18 a a DET cblr-1737 435 19 tender tender NOUN cblr-1737 435 20 option option NOUN cblr-1737 435 21 bond bond NOUN cblr-1737 435 22 vehicle vehicle NOUN cblr-1737 435 23 is be AUX cblr-1737 435 24 a a DET cblr-1737 435 25 covered cover VERB cblr-1737 435 26 fund fund NOUN cblr-1737 435 27 as as SCONJ cblr-1737 435 28 defined define VERB cblr-1737 435 29 in in ADP cblr-1737 435 30 the the DET cblr-1737 435 31 final final ADJ cblr-1737 435 32 rule rule NOUN cblr-1737 435 33 . . 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cblr-1737 444 52 , , PUNCT cblr-1737 444 53 the the DET cblr-1737 444 54 municipal municipal ADJ cblr-1737 444 55 bonds bond NOUN cblr-1737 444 56 are be AUX cblr-1737 444 57 held hold VERB cblr-1737 444 58 in in ADP cblr-1737 444 59 a a DET cblr-1737 444 60 tob tob NOUN cblr-1737 444 61 trust trust NOUN cblr-1737 444 62 , , PUNCT cblr-1737 444 63 rather rather ADV cblr-1737 444 64 than than ADP cblr-1737 444 65 in in ADP cblr-1737 444 66 a a DET cblr-1737 444 67 traditional traditional ADJ cblr-1737 444 68 tob tob NOUN cblr-1737 444 69 structure structure NOUN cblr-1737 444 70 where where SCONJ cblr-1737 444 71 the the DET cblr-1737 444 72 bank bank NOUN cblr-1737 444 73 would would AUX cblr-1737 444 74 act act VERB cblr-1737 444 75 as as SCONJ cblr-1737 444 76 the the DET cblr-1737 444 77 issuer issuer NOUN cblr-1737 444 78 of of ADP cblr-1737 444 79 the the DET cblr-1737 444 80 tob tob NOUN cblr-1737 444 81 trust.165 trust.165 NOUN cblr-1737 444 82 the the DET cblr-1737 444 83 bank bank NOUN cblr-1737 444 84 would would AUX cblr-1737 444 85 sell sell VERB cblr-1737 444 86 the the DET cblr-1737 444 87 municipal municipal ADJ cblr-1737 444 88 bonds bond NOUN cblr-1737 444 89 into into ADP cblr-1737 444 90 the the DET cblr-1737 444 91 tob tob PROPN cblr-1737 444 92 trust trust NOUN cblr-1737 444 93 , , PUNCT cblr-1737 444 94 which which PRON cblr-1737 444 95 is be AUX cblr-1737 444 96 a a DET cblr-1737 444 97 joint joint ADJ cblr-1737 444 98 venture venture NOUN cblr-1737 444 99 between between ADP cblr-1737 444 100 the the DET cblr-1737 444 101 banks bank NOUN cblr-1737 444 102 and and CCONJ cblr-1737 444 103 the the DET cblr-1737 444 104 investors.166 investors.166 NOUN cblr-1737 444 105 so so ADV cblr-1737 444 106 long long ADV cblr-1737 444 107 as as SCONJ cblr-1737 444 108 the the DET cblr-1737 444 109 joint joint ADJ cblr-1737 444 110 venture venture NOUN cblr-1737 444 111 does do AUX cblr-1737 444 112 not not PART cblr-1737 444 113 consist consist VERB cblr-1737 444 114 of of ADP cblr-1737 444 115 more more ADJ cblr-1737 444 116 than than ADP cblr-1737 444 117 ten ten NUM cblr-1737 444 118 parties party NOUN cblr-1737 444 119 , , PUNCT cblr-1737 444 120 the the DET cblr-1737 444 121 tob tob NOUN cblr-1737 444 122 is be AUX cblr-1737 444 123 exempted exempt VERB cblr-1737 444 124 from from ADP cblr-1737 444 125 registration registration NOUN cblr-1737 444 126 under under ADP cblr-1737 444 127 the the DET cblr-1737 444 128 1940 1940 NUM cblr-1737 444 129 act.167 act.167 ADJ cblr-1737 444 130 regulators regulator NOUN cblr-1737 444 131 have have AUX cblr-1737 444 132 specifically specifically ADV cblr-1737 444 133 noted note VERB cblr-1737 444 134 that that SCONJ cblr-1737 444 135 to to ADP cblr-1737 444 136 the the DET cblr-1737 444 137 extent extent NOUN cblr-1737 444 138 that that SCONJ cblr-1737 444 139 one one NUM cblr-1737 444 140 of of ADP cblr-1737 444 141 the the DET cblr-1737 444 142 included include VERB cblr-1737 444 143 entities entity NOUN cblr-1737 444 144 qualifies qualify VERB cblr-1737 444 145 for for ADP cblr-1737 444 146 one one NUM cblr-1737 444 147 or or CCONJ cblr-1737 444 148 more more ADJ cblr-1737 444 149 of of ADP cblr-1737 444 150 the the DET cblr-1737 444 151 other other ADJ cblr-1737 444 152 exclusions exclusion NOUN cblr-1737 444 153 from from ADP cblr-1737 444 154 the the DET cblr-1737 444 155 definition definition NOUN cblr-1737 444 156 of of ADP cblr-1737 444 157 a a DET cblr-1737 444 158 covered cover VERB cblr-1737 444 159 fund fund NOUN cblr-1737 444 160 , , PUNCT cblr-1737 444 161 that that DET cblr-1737 444 162 entity entity NOUN cblr-1737 444 163 would would AUX cblr-1737 444 164 not not PART cblr-1737 444 165 be be AUX cblr-1737 444 166 considered consider VERB cblr-1737 444 167 a a DET cblr-1737 444 168 covered cover VERB cblr-1737 444 169 fund.168 fund.168 NOUN cblr-1737 444 170 otherwise otherwise ADV cblr-1737 444 171 , , PUNCT cblr-1737 444 172 the the DET cblr-1737 444 173 joint joint ADJ cblr-1737 444 174 venture venture NOUN cblr-1737 444 175 structure structure NOUN cblr-1737 444 176 is be AUX cblr-1737 444 177 essentially essentially ADV cblr-1737 444 178 a a DET cblr-1737 444 179 relabeling relabeling NOUN cblr-1737 444 180 of of ADP cblr-1737 444 181 the the DET cblr-1737 444 182 existing exist VERB cblr-1737 444 183 tob tob NOUN cblr-1737 444 184 structure.169 structure.169 NOUN cblr-1737 444 185 regulators regulator NOUN cblr-1737 444 186 may may AUX cblr-1737 444 187 be be AUX cblr-1737 444 188 loath loath ADJ cblr-1737 444 189 to to PART cblr-1737 444 190 allow allow VERB cblr-1737 444 191 for for ADP cblr-1737 444 192 a a DET cblr-1737 444 193 163 163 NUM cblr-1737 444 194 prohibitions prohibition NOUN cblr-1737 444 195 and and CCONJ cblr-1737 444 196 restrictions restriction NOUN cblr-1737 444 197 on on ADP cblr-1737 444 198 proprietary proprietary ADJ cblr-1737 444 199 trading trading NOUN cblr-1737 444 200 and and CCONJ cblr-1737 444 201 certain certain ADJ cblr-1737 444 202 interests interest NOUN cblr-1737 444 203 in in ADP cblr-1737 444 204 , , PUNCT cblr-1737 444 205 and and CCONJ cblr-1737 444 206 relationships relationship NOUN cblr-1737 444 207 with with ADP cblr-1737 444 208 , , PUNCT cblr-1737 444 209 hedge hedge NOUN cblr-1737 444 210 funds fund NOUN cblr-1737 444 211 and and CCONJ cblr-1737 444 212 private private ADJ cblr-1737 444 213 equity equity NOUN cblr-1737 444 214 funds fund NOUN cblr-1737 444 215 , , PUNCT cblr-1737 444 216 79 79 NUM cblr-1737 444 217 fed feed VERB cblr-1737 444 218 . . PUNCT cblr-1737 445 1 reg reg PROPN cblr-1737 445 2 . . PUNCT cblr-1737 445 3 5536 5536 NUM cblr-1737 445 4 , , PUNCT cblr-1737 445 5 5703 5703 NUM cblr-1737 445 6 ( ( PUNCT cblr-1737 445 7 jan jan PROPN cblr-1737 445 8 . . PROPN cblr-1737 445 9 31 31 NUM cblr-1737 445 10 , , PUNCT cblr-1737 445 11 2014 2014 NUM cblr-1737 445 12 ) ) PUNCT cblr-1737 446 1 ( ( PUNCT cblr-1737 446 2 to to PART cblr-1737 446 3 be be AUX cblr-1737 446 4 codified codify VERB cblr-1737 446 5 at at ADP cblr-1737 446 6 12 12 NUM cblr-1737 446 7 c.f.r c.f.r NOUN cblr-1737 446 8 . . PUNCT cblr-1737 447 1 pts pts PROPN cblr-1737 447 2 . . PROPN cblr-1737 447 3 44 44 NUM cblr-1737 447 4 , , PUNCT cblr-1737 447 5 248 248 NUM cblr-1737 447 6 , , PUNCT cblr-1737 447 7 351 351 NUM cblr-1737 447 8 , , PUNCT cblr-1737 447 9 17 17 NUM cblr-1737 447 10 c.f.r c.f.r NOUN cblr-1737 447 11 . . PUNCT cblr-1737 448 1 pt pt PROPN cblr-1737 448 2 . . PROPN cblr-1737 448 3 255 255 NUM cblr-1737 448 4 ) ) PUNCT cblr-1737 448 5 . . PUNCT cblr-1737 449 1 164 164 NUM cblr-1737 449 2 see see VERB cblr-1737 449 3 karen karen PROPN cblr-1737 449 4 fitzgerald fitzgerald PROPN cblr-1737 449 5 , , PUNCT cblr-1737 449 6 standard standard PROPN cblr-1737 449 7 & & CCONJ cblr-1737 449 8 poor poor PROPN cblr-1737 449 9 ’s ’s PART cblr-1737 449 10 ratings rating NOUN cblr-1737 449 11 services service NOUN cblr-1737 449 12 , , PUNCT cblr-1737 449 13 tender tender ADJ cblr-1737 449 14 option option NOUN cblr-1737 449 15 bonds bond NOUN cblr-1737 449 16 and and CCONJ cblr-1737 449 17 the the DET cblr-1737 449 18 volcker volcker NOUN cblr-1737 449 19 rule rule NOUN cblr-1737 449 20 4 4 NUM cblr-1737 449 21 , , PUNCT cblr-1737 449 22 5 5 NUM cblr-1737 449 23 ( ( PUNCT cblr-1737 449 24 aug aug PROPN cblr-1737 449 25 . . PROPN cblr-1737 449 26 1 1 NUM cblr-1737 449 27 , , PUNCT cblr-1737 449 28 2014 2014 NUM cblr-1737 449 29 ) ) PUNCT cblr-1737 449 30 , , PUNCT cblr-1737 449 31 http://cdn.bondbuyer.com/media/pdfs/bbrandeis14-fitzgerald.pdf http://cdn.bondbuyer.com/media/pdfs/bbrandeis14-fitzgerald.pdf X cblr-1737 449 32 [ [ X cblr-1737 449 33 https://perma.cc/47tm-fczs https://perma.cc/47tm-fczs PROPN cblr-1737 449 34 ] ] X cblr-1737 449 35 . . PUNCT cblr-1737 450 1 165 165 NUM cblr-1737 450 2 see see VERB cblr-1737 450 3 cate cate PROPN cblr-1737 450 4 long long ADV cblr-1737 450 5 , , PUNCT cblr-1737 450 6 moody moody PROPN cblr-1737 450 7 ’s ’s PART cblr-1737 450 8 rates rate NOUN cblr-1737 450 9 first first ADV cblr-1737 450 10 tob tob VERB cblr-1737 450 11 that that PRON cblr-1737 450 12 passes pass VERB cblr-1737 450 13 volcker volcker NOUN cblr-1737 450 14 rule rule NOUN cblr-1737 450 15 , , PUNCT cblr-1737 450 16 reuters reuters PROPN cblr-1737 450 17 ( ( PUNCT cblr-1737 450 18 june june PROPN cblr-1737 450 19 13 13 NUM cblr-1737 450 20 , , PUNCT cblr-1737 450 21 2014 2014 NUM cblr-1737 450 22 , , PUNCT cblr-1737 450 23 9:15 9:15 NUM cblr-1737 450 24 pm pm NOUN cblr-1737 450 25 ) ) PUNCT cblr-1737 450 26 , , PUNCT cblr-1737 450 27 http://blogs.reuters.com/muniland/ http://blogs.reuters.com/muniland/ X cblr-1737 450 28 2014/06/13 2014/06/13 NUM cblr-1737 450 29 / / SYM cblr-1737 450 30 moodys moodys ADJ cblr-1737 450 31 - - PUNCT cblr-1737 450 32 rates rate NOUN cblr-1737 450 33 - - PUNCT cblr-1737 450 34 first first ADV cblr-1737 450 35 - - PUNCT cblr-1737 450 36 tob tob NOUN cblr-1737 450 37 - - PUNCT cblr-1737 450 38 that that PRON cblr-1737 450 39 - - PUNCT cblr-1737 450 40 passes pass NOUN cblr-1737 450 41 - - PUNCT cblr-1737 450 42 volcker volcker NOUN cblr-1737 450 43 - - PUNCT cblr-1737 450 44 rule/ rule/ NOUN cblr-1737 450 45 [ [ X cblr-1737 450 46 http://perma.cc/4c3f-cx6e http://perma.cc/4c3f-cx6e PROPN cblr-1737 450 47 ] ] PUNCT cblr-1737 450 48 . . PUNCT cblr-1737 451 1 166 166 NUM cblr-1737 451 2 see see VERB cblr-1737 451 3 i i PRON cblr-1737 451 4 d. d. PROPN cblr-1737 451 5 167 167 NUM cblr-1737 451 6 see see VERB cblr-1737 451 7 i i PROPN cblr-1737 451 8 d. d. PROPN cblr-1737 451 9 168 168 NUM cblr-1737 451 10 see see VERB cblr-1737 451 11 letter letter NOUN cblr-1737 451 12 from from ADP cblr-1737 451 13 david david PROPN cblr-1737 451 14 l. l. PROPN cblr-1737 451 15 cohen cohen PROPN cblr-1737 451 16 , , PUNCT cblr-1737 451 17 managing manage VERB cblr-1737 451 18 dir dir PROPN cblr-1737 451 19 . . PUNCT cblr-1737 451 20 & & CCONJ cblr-1737 451 21 assoc assoc PROPN cblr-1737 451 22 . . PUNCT cblr-1737 452 1 gen gen PROPN cblr-1737 452 2 . . PROPN cblr-1737 452 3 counsel counsel PROPN cblr-1737 452 4 , , PUNCT cblr-1737 452 5 mun mun PROPN cblr-1737 452 6 . . PUNCT cblr-1737 452 7 sec sec PROPN cblr-1737 452 8 . . PUNCT cblr-1737 452 9 div div PROPN cblr-1737 452 10 . . PROPN cblr-1737 452 11 , , PUNCT cblr-1737 452 12 and and CCONJ cblr-1737 452 13 matthew matthew PROPN cblr-1737 452 14 j. j. PROPN cblr-1737 452 15 nevins nevins PROPN cblr-1737 452 16 , , PUNCT cblr-1737 452 17 managing manage VERB cblr-1737 452 18 dir dir PROPN cblr-1737 452 19 . . PUNCT cblr-1737 452 20 & & CCONJ cblr-1737 452 21 assoc assoc PROPN cblr-1737 452 22 . . PUNCT cblr-1737 453 1 gen gen PROPN cblr-1737 453 2 . . PROPN cblr-1737 453 3 counsel counsel PROPN cblr-1737 453 4 , , PUNCT cblr-1737 453 5 asset asset NOUN cblr-1737 453 6 mgmt mgmt PROPN cblr-1737 453 7 . . PUNCT cblr-1737 454 1 grp grp PROPN cblr-1737 454 2 . . PROPN cblr-1737 454 3 , , PUNCT cblr-1737 454 4 sec sec PROPN cblr-1737 454 5 . . PROPN cblr-1737 454 6 indus indus PROPN cblr-1737 454 7 . . PUNCT cblr-1737 454 8 & & CCONJ cblr-1737 454 9 fin fin PROPN cblr-1737 454 10 . . PUNCT cblr-1737 455 1 mkts mkts NOUN cblr-1737 455 2 . . PUNCT cblr-1737 456 1 ass’n ass’n ADJ cblr-1737 456 2 , , PUNCT cblr-1737 456 3 to to ADP cblr-1737 456 4 scott scott PROPN cblr-1737 456 5 alvarez alvarez PROPN cblr-1737 456 6 , , PUNCT cblr-1737 456 7 gen gen PROPN cblr-1737 456 8 . . PROPN cblr-1737 456 9 counsel counsel PROPN cblr-1737 456 10 , , PUNCT cblr-1737 456 11 bd bd PROPN cblr-1737 456 12 . . PROPN cblr-1737 456 13 of of ADP cblr-1737 456 14 governors governor NOUN cblr-1737 456 15 of of ADP cblr-1737 456 16 the the DET cblr-1737 456 17 fed fed PROPN cblr-1737 456 18 . . PUNCT cblr-1737 457 1 reserve reserve PROPN cblr-1737 457 2 sys sys PROPN cblr-1737 457 3 . . PROPN cblr-1737 457 4 , , PUNCT cblr-1737 457 5 et et PROPN cblr-1737 457 6 al al PROPN cblr-1737 457 7 . . PROPN cblr-1737 457 8 3 3 NUM cblr-1737 457 9 ( ( PUNCT cblr-1737 457 10 june june PROPN cblr-1737 457 11 13 13 NUM cblr-1737 457 12 , , PUNCT cblr-1737 457 13 2014 2014 NUM cblr-1737 457 14 ) ) PUNCT cblr-1737 457 15 ( ( PUNCT cblr-1737 457 16 on on ADP cblr-1737 457 17 file file NOUN cblr-1737 457 18 with with ADP cblr-1737 457 19 the the DET cblr-1737 457 20 u.s u.s PROPN cblr-1737 457 21 . . PROPN cblr-1737 457 22 sec sec PROPN cblr-1737 457 23 . . PROPN cblr-1737 457 24 & & CCONJ cblr-1737 457 25 exch exch PROPN cblr-1737 457 26 . . PUNCT cblr-1737 458 1 comm’n comm’n NOUN cblr-1737 458 2 ) ) PUNCT cblr-1737 458 3 . . PUNCT cblr-1737 459 1 169 169 NUM cblr-1737 459 2 see see VERB cblr-1737 459 3 kyle kyle NOUN cblr-1737 459 4 glazier glazier PROPN cblr-1737 459 5 , , PUNCT cblr-1737 459 6 citi citi PROPN cblr-1737 459 7 analyst analyst NOUN cblr-1737 459 8 : : PUNCT cblr-1737 459 9 two two NUM cblr-1737 459 10 options option NOUN cblr-1737 459 11 to to PART cblr-1737 459 12 save save VERB cblr-1737 459 13 tender tender ADJ cblr-1737 459 14 option option NOUN cblr-1737 459 15 bonds bond NOUN cblr-1737 459 16 , , PUNCT cblr-1737 459 17 the the DET cblr-1737 459 18 bond bond NOUN cblr-1737 459 19 buyer buyer NOUN cblr-1737 459 20 , , PUNCT cblr-1737 459 21 apr apr NOUN cblr-1737 459 22 . . PROPN cblr-1737 459 23 9 9 NUM cblr-1737 459 24 , , PUNCT cblr-1737 459 25 2014 2014 NUM cblr-1737 459 26 , , PUNCT cblr-1737 459 27 at at ADP cblr-1737 459 28 3 3 NUM cblr-1737 459 29 ( ( PUNCT cblr-1737 459 30 describing describe VERB cblr-1737 459 31 a a DET cblr-1737 459 32 report report NOUN cblr-1737 459 33 that that PRON cblr-1737 459 34 states state VERB cblr-1737 459 35 miki miki ADV cblr-1737 459 36 – – PUNCT cblr-1737 459 37 final final ADJ cblr-1737 459 38 286 286 NUM cblr-1737 459 39 columbia columbia PROPN cblr-1737 459 40 business business NOUN cblr-1737 459 41 law law NOUN cblr-1737 459 42 review review NOUN cblr-1737 459 43 [ [ X cblr-1737 459 44 vol vol NOUN cblr-1737 459 45 . . PUNCT cblr-1737 459 46 2016 2016 NUM cblr-1737 459 47 relabeling relabele VERB cblr-1737 459 48 , , PUNCT cblr-1737 459 49 since since SCONJ cblr-1737 459 50 it it PRON cblr-1737 459 51 may may AUX cblr-1737 459 52 prompt prompt VERB cblr-1737 459 53 others other NOUN cblr-1737 459 54 to to PART cblr-1737 459 55 skirt skirt VERB cblr-1737 459 56 the the DET cblr-1737 459 57 volcker volcker NOUN cblr-1737 459 58 rule rule NOUN cblr-1737 459 59 provisions provision NOUN cblr-1737 459 60 in in ADP cblr-1737 459 61 a a DET cblr-1737 459 62 similar similar ADJ cblr-1737 459 63 manner manner NOUN cblr-1737 459 64 , , PUNCT cblr-1737 459 65 and and CCONJ cblr-1737 459 66 may may AUX cblr-1737 459 67 opt opt VERB cblr-1737 459 68 to to PART cblr-1737 459 69 squash squash VERB cblr-1737 459 70 the the DET cblr-1737 459 71 joint joint ADJ cblr-1737 459 72 venture venture NOUN cblr-1737 459 73 structure structure NOUN cblr-1737 459 74 in in ADP cblr-1737 459 75 the the DET cblr-1737 459 76 future future NOUN cblr-1737 459 77 . . PUNCT cblr-1737 460 1 there there PRON cblr-1737 460 2 are be VERB cblr-1737 460 3 unfortunately unfortunately ADV cblr-1737 460 4 further further ADJ cblr-1737 460 5 problems problem NOUN cblr-1737 460 6 with with ADP cblr-1737 460 7 the the DET cblr-1737 460 8 joint joint ADJ cblr-1737 460 9 venture venture NOUN cblr-1737 460 10 structure structure NOUN cblr-1737 460 11 . . PUNCT cblr-1737 461 1 one one NUM cblr-1737 461 2 problem problem NOUN cblr-1737 461 3 is be AUX cblr-1737 461 4 that that SCONJ cblr-1737 461 5 sometimes sometimes ADV cblr-1737 461 6 banks bank NOUN cblr-1737 461 7 split split VERB cblr-1737 461 8 either either CCONJ cblr-1737 461 9 the the DET cblr-1737 461 10 residual residual ADJ cblr-1737 461 11 or or CCONJ cblr-1737 461 12 the the DET cblr-1737 461 13 holding hold VERB cblr-1737 461 14 note note NOUN cblr-1737 461 15 into into ADP cblr-1737 461 16 many many ADJ cblr-1737 461 17 smaller small ADJ cblr-1737 461 18 investment investment NOUN cblr-1737 461 19 funds fund NOUN cblr-1737 461 20 , , PUNCT cblr-1737 461 21 and and CCONJ cblr-1737 461 22 the the DET cblr-1737 461 23 joint joint ADJ cblr-1737 461 24 venture venture NOUN cblr-1737 461 25 structure structure NOUN cblr-1737 461 26 will will AUX cblr-1737 461 27 make make VERB cblr-1737 461 28 it it PRON cblr-1737 461 29 more more ADV cblr-1737 461 30 difficult difficult ADJ cblr-1737 461 31 to to PART cblr-1737 461 32 do do VERB cblr-1737 461 33 so.170 so.170 SCONJ cblr-1737 461 34 the the DET cblr-1737 461 35 tob tob NOUN cblr-1737 461 36 must must AUX cblr-1737 461 37 be be AUX cblr-1737 461 38 big big ADJ cblr-1737 461 39 enough enough ADV cblr-1737 461 40 to to PART cblr-1737 461 41 be be AUX cblr-1737 461 42 “ " PUNCT cblr-1737 461 43 marketable marketable ADJ cblr-1737 461 44 to to ADP cblr-1737 461 45 potential potential ADJ cblr-1737 461 46 floater floater NOUN cblr-1737 461 47 holders holder NOUN cblr-1737 461 48 because because SCONJ cblr-1737 461 49 purchasers purchaser NOUN cblr-1737 461 50 of of ADP cblr-1737 461 51 floaters floater NOUN cblr-1737 461 52 generally generally ADV cblr-1737 461 53 have have VERB cblr-1737 461 54 minimum minimum ADJ cblr-1737 461 55 purchase purchase NOUN cblr-1737 461 56 requirements requirement NOUN cblr-1737 461 57 to to PART cblr-1737 461 58 reduce reduce VERB cblr-1737 461 59 costs cost NOUN cblr-1737 461 60 and and CCONJ cblr-1737 461 61 administrative administrative ADJ cblr-1737 461 62 burdens burden NOUN cblr-1737 461 63 . . PUNCT cblr-1737 461 64 ”171 ”171 PROPN cblr-1737 462 1 in in ADP cblr-1737 462 2 contrast contrast NOUN cblr-1737 462 3 , , PUNCT cblr-1737 462 4 the the DET cblr-1737 462 5 unaffiliated unaffiliated ADJ cblr-1737 462 6 third third ADJ cblr-1737 462 7 party party NOUN cblr-1737 462 8 structure structure NOUN cblr-1737 462 9 takes take VERB cblr-1737 462 10 advantage advantage NOUN cblr-1737 462 11 of of ADP cblr-1737 462 12 the the DET cblr-1737 462 13 fact fact NOUN cblr-1737 462 14 that that SCONJ cblr-1737 462 15 the the DET cblr-1737 462 16 banking banking NOUN cblr-1737 462 17 entity entity NOUN cblr-1737 462 18 , , PUNCT cblr-1737 462 19 “ " PUNCT cblr-1737 462 20 although although SCONJ cblr-1737 462 21 it it PRON cblr-1737 462 22 no no ADV cblr-1737 462 23 longer long ADV cblr-1737 462 24 would would AUX cblr-1737 462 25 serve serve VERB cblr-1737 462 26 as as ADP cblr-1737 462 27 sponsor sponsor NOUN cblr-1737 462 28 of of ADP cblr-1737 462 29 the the DET cblr-1737 462 30 tob tob PROPN cblr-1737 462 31 trust trust NOUN cblr-1737 462 32 , , PUNCT cblr-1737 462 33 or or CCONJ cblr-1737 462 34 have have VERB cblr-1737 462 35 an an DET cblr-1737 462 36 ownership ownership NOUN cblr-1737 462 37 interest interest NOUN cblr-1737 462 38 in in ADP cblr-1737 462 39 the the DET cblr-1737 462 40 trust trust NOUN cblr-1737 462 41 , , PUNCT cblr-1737 462 42 could could AUX cblr-1737 462 43 assume assume VERB cblr-1737 462 44 certain certain ADJ cblr-1737 462 45 servicing servicing NOUN cblr-1737 462 46 functions function NOUN cblr-1737 462 47 with with ADP cblr-1737 462 48 respect respect NOUN cblr-1737 462 49 to to ADP cblr-1737 462 50 the the DET cblr-1737 462 51 trust trust NOUN cblr-1737 462 52 , , PUNCT cblr-1737 462 53 consistent consistent ADJ cblr-1737 462 54 with with ADP cblr-1737 462 55 the the DET cblr-1737 462 56 volcker volcker NOUN cblr-1737 462 57 rule rule NOUN cblr-1737 462 58 . . PUNCT cblr-1737 462 59 ”172 ”172 PUNCT cblr-1737 463 1 this this PRON cblr-1737 463 2 can can AUX cblr-1737 463 3 be be AUX cblr-1737 463 4 accomplished accomplish VERB cblr-1737 463 5 by by ADP cblr-1737 463 6 having have VERB cblr-1737 463 7 the the DET cblr-1737 463 8 banking banking NOUN cblr-1737 463 9 entity entity NOUN cblr-1737 463 10 provide provide VERB cblr-1737 463 11 credit credit NOUN cblr-1737 463 12 or or CCONJ cblr-1737 463 13 liquidity liquidity NOUN cblr-1737 463 14 enhancement enhancement NOUN cblr-1737 463 15 for for ADP cblr-1737 463 16 a a DET cblr-1737 463 17 tob tob NOUN cblr-1737 463 18 program program NOUN cblr-1737 463 19 that that PRON cblr-1737 463 20 is be AUX cblr-1737 463 21 not not PART cblr-1737 463 22 its its PRON cblr-1737 463 23 own own ADJ cblr-1737 463 24 , , PUNCT cblr-1737 463 25 but but CCONJ cblr-1737 463 26 rather rather ADV cblr-1737 463 27 that that PRON cblr-1737 463 28 of of ADP cblr-1737 463 29 a a DET cblr-1737 463 30 mutual mutual ADJ cblr-1737 463 31 fund fund NOUN cblr-1737 463 32 or or CCONJ cblr-1737 463 33 a a DET cblr-1737 463 34 dealer.173 dealer.173 NOUN cblr-1737 463 35 the the DET cblr-1737 463 36 banking banking NOUN cblr-1737 463 37 entity entity NOUN cblr-1737 463 38 could could AUX cblr-1737 463 39 assume assume VERB cblr-1737 463 40 certain certain ADJ cblr-1737 463 41 servicing servicing NOUN cblr-1737 463 42 functions function NOUN cblr-1737 463 43 with with ADP cblr-1737 463 44 respect respect NOUN cblr-1737 463 45 to to ADP cblr-1737 463 46 the the DET cblr-1737 463 47 trust trust NOUN cblr-1737 463 48 consistent consistent ADJ cblr-1737 463 49 with with ADP cblr-1737 463 50 the the DET cblr-1737 463 51 volcker volcker PROPN cblr-1737 463 52 rule rule NOUN cblr-1737 463 53 ’s ’s PART cblr-1737 463 54 prohibition prohibition NOUN cblr-1737 463 55 on on ADP cblr-1737 463 56 ownership ownership NOUN cblr-1737 463 57 of of ADP cblr-1737 463 58 and and CCONJ cblr-1737 463 59 certain certain ADJ cblr-1737 463 60 relationships relationship NOUN cblr-1737 463 61 with with ADP cblr-1737 463 62 covered cover VERB cblr-1737 464 1 funds.174 funds.174 ADV cblr-1737 464 2 however however ADV cblr-1737 464 3 , , PUNCT cblr-1737 464 4 banks bank NOUN cblr-1737 464 5 would would AUX cblr-1737 464 6 no no ADV cblr-1737 464 7 longer long ADV cblr-1737 464 8 be be AUX cblr-1737 464 9 able able ADJ cblr-1737 464 10 to to PART cblr-1737 464 11 assume assume VERB cblr-1737 464 12 certain certain ADJ cblr-1737 464 13 roles role NOUN cblr-1737 464 14 in in ADP cblr-1737 464 15 conjunction conjunction NOUN cblr-1737 464 16 with with ADP cblr-1737 464 17 the the DET cblr-1737 464 18 tob tob NOUN cblr-1737 464 19 ’s ’s PART cblr-1737 464 20 operation operation NOUN cblr-1737 464 21 , , PUNCT cblr-1737 464 22 such such ADJ cblr-1737 464 23 as as ADP cblr-1737 464 24 serving serve VERB cblr-1737 464 25 as as ADP cblr-1737 464 26 the the DET cblr-1737 464 27 trust trust NOUN cblr-1737 464 28 ’s ’s PART cblr-1737 464 29 sponsor sponsor NOUN cblr-1737 464 30 , , PUNCT cblr-1737 464 31 having have VERB cblr-1737 464 32 an an DET cblr-1737 464 33 ownership ownership NOUN cblr-1737 464 34 interest interest NOUN cblr-1737 464 35 in in ADP cblr-1737 464 36 the the DET cblr-1737 464 37 trust trust NOUN cblr-1737 464 38 , , PUNCT cblr-1737 464 39 or or CCONJ cblr-1737 464 40 providing provide VERB cblr-1737 464 41 credit credit NOUN cblr-1737 464 42 enhancement enhancement NOUN cblr-1737 464 43 , , PUNCT cblr-1737 464 44 liquidity liquidity NOUN cblr-1737 464 45 or or CCONJ cblr-1737 464 46 remarketing remarkete VERB cblr-1737 464 47 services service NOUN cblr-1737 464 48 to to ADP cblr-1737 464 49 the the DET cblr-1737 464 50 trust trust NOUN cblr-1737 464 51 ; ; PUNCT cblr-1737 464 52 these these DET cblr-1737 464 53 roles role NOUN cblr-1737 464 54 would would AUX cblr-1737 464 55 need need VERB cblr-1737 464 56 to to PART cblr-1737 464 57 be be AUX cblr-1737 464 58 handled handle VERB cblr-1737 464 59 by by ADP cblr-1737 464 60 a a DET cblr-1737 464 61 non non ADJ cblr-1737 464 62 - - ADJ cblr-1737 464 63 bank bank ADJ cblr-1737 464 64 tob tob ADJ cblr-1737 464 65 residual residual ADJ cblr-1737 464 66 interest interest NOUN cblr-1737 464 67 holder.175 holder.175 NUM cblr-1737 464 68 that that SCONJ cblr-1737 464 69 “ " PUNCT cblr-1737 464 70 regulators regulator NOUN cblr-1737 464 71 might might AUX cblr-1737 464 72 view view VERB cblr-1737 464 73 [ [ X cblr-1737 464 74 such such ADJ cblr-1737 464 75 joint joint ADJ cblr-1737 464 76 ventures venture NOUN cblr-1737 464 77 ] ] PUNCT cblr-1737 464 78 as as ADP cblr-1737 464 79 a a DET cblr-1737 464 80 re re NOUN cblr-1737 464 81 - - NOUN cblr-1737 464 82 definition definition NOUN cblr-1737 464 83 of of ADP cblr-1737 464 84 an an DET cblr-1737 464 85 existing exist VERB cblr-1737 464 86 structure structure NOUN cblr-1737 464 87 to to PART cblr-1737 464 88 skirt skirt VERB cblr-1737 464 89 the the DET cblr-1737 464 90 rules rule NOUN cblr-1737 464 91 ” " PUNCT cblr-1737 464 92 ) ) PUNCT cblr-1737 464 93 . . PUNCT cblr-1737 465 1 170 170 NUM cblr-1737 465 2 see see VERB cblr-1737 465 3 i i PRON cblr-1737 465 4 d. d. PROPN cblr-1737 465 5 171 171 NUM cblr-1737 465 6 see see VERB cblr-1737 465 7 inv inv ADJ cblr-1737 465 8 . . PUNCT cblr-1737 465 9 co. co. PROPN cblr-1737 465 10 inst inst PROPN cblr-1737 465 11 . . PROPN cblr-1737 465 12 , , PUNCT cblr-1737 465 13 supra supra PROPN cblr-1737 465 14 note note VERB cblr-1737 465 15 64 64 NUM cblr-1737 465 16 , , PUNCT cblr-1737 465 17 at at ADP cblr-1737 465 18 10 10 NUM cblr-1737 465 19 . . PUNCT cblr-1737 465 20 172 172 NUM cblr-1737 465 21 see see VERB cblr-1737 465 22 inv inv PROPN cblr-1737 465 23 . . PUNCT cblr-1737 465 24 co. co. PROPN cblr-1737 465 25 inst inst PROPN cblr-1737 465 26 . . PROPN cblr-1737 465 27 , , PUNCT cblr-1737 465 28 supra supra PROPN cblr-1737 465 29 note note PROPN cblr-1737 465 30 110 110 NUM cblr-1737 465 31 , , PUNCT cblr-1737 465 32 at at ADP cblr-1737 465 33 4 4 NUM cblr-1737 465 34 . . NOUN cblr-1737 465 35 173 173 NUM cblr-1737 465 36 see see NOUN cblr-1737 465 37 glazier glazier NOUN cblr-1737 465 38 , , PUNCT cblr-1737 465 39 supra supra PROPN cblr-1737 465 40 note note NOUN cblr-1737 465 41 169 169 NUM cblr-1737 465 42 . . PUNCT cblr-1737 465 43 174 174 NUM cblr-1737 465 44 see see VERB cblr-1737 465 45 inv inv PROPN cblr-1737 465 46 . . PUNCT cblr-1737 465 47 co. co. PROPN cblr-1737 465 48 inst inst PROPN cblr-1737 465 49 . . PROPN cblr-1737 465 50 , , PUNCT cblr-1737 465 51 supra supra PROPN cblr-1737 465 52 note note PROPN cblr-1737 465 53 110 110 NUM cblr-1737 465 54 , , PUNCT cblr-1737 465 55 at at ADP cblr-1737 465 56 4 4 NUM cblr-1737 465 57 n.10 n.10 ADP cblr-1737 465 58 . . PROPN cblr-1737 466 1 175 175 NUM cblr-1737 466 2 see see NOUN cblr-1737 466 3 glazier glazier NOUN cblr-1737 466 4 , , PUNCT cblr-1737 466 5 supra supra PROPN cblr-1737 466 6 note note PROPN cblr-1737 466 7 169 169 NUM cblr-1737 466 8 ; ; PUNCT cblr-1737 466 9 see see VERB cblr-1737 466 10 blackrock blackrock PROPN cblr-1737 466 11 , , PUNCT cblr-1737 466 12 inc inc PROPN cblr-1737 466 13 . . PROPN cblr-1737 466 14 , , PUNCT cblr-1737 466 15 comment comment NOUN cblr-1737 466 16 letter letter NOUN cblr-1737 466 17 on on ADP cblr-1737 466 18 proposed propose VERB cblr-1737 466 19 rule rule NOUN cblr-1737 466 20 on on ADP cblr-1737 466 21 credit credit NOUN cblr-1737 466 22 risk risk NOUN cblr-1737 466 23 retention retention NOUN cblr-1737 466 24 2 2 NUM cblr-1737 466 25 ( ( PUNCT cblr-1737 466 26 july july PROPN cblr-1737 466 27 22 22 NUM cblr-1737 466 28 , , PUNCT cblr-1737 466 29 2014 2014 NUM cblr-1737 466 30 ) ) PUNCT cblr-1737 466 31 , , PUNCT cblr-1737 466 32 https:// https:// PROPN cblr-1737 466 33 miki miki PROPN cblr-1737 466 34 – – PUNCT cblr-1737 466 35 final final ADJ cblr-1737 466 36 no no NOUN cblr-1737 466 37 . . PUNCT cblr-1737 467 1 1:252 1:252 NOUN cblr-1737 467 2 ] ] X cblr-1737 467 3 live live VERB cblr-1737 467 4 and and CCONJ cblr-1737 467 5 let let AUX cblr-1737 467 6 die die VERB cblr-1737 467 7 287 287 NUM cblr-1737 467 8 thus thus ADV cblr-1737 467 9 , , PUNCT cblr-1737 467 10 while while SCONJ cblr-1737 467 11 adopting adopt VERB cblr-1737 467 12 this this DET cblr-1737 467 13 structure structure NOUN cblr-1737 467 14 would would AUX cblr-1737 467 15 allow allow VERB cblr-1737 467 16 for for SCONJ cblr-1737 467 17 business business NOUN cblr-1737 467 18 to to PART cblr-1737 467 19 go go VERB cblr-1737 467 20 on on ADV cblr-1737 467 21 , , PUNCT cblr-1737 467 22 banks bank NOUN cblr-1737 467 23 would would AUX cblr-1737 467 24 disfavor disfavor VERB cblr-1737 467 25 this this DET cblr-1737 467 26 solution solution NOUN cblr-1737 467 27 as as SCONJ cblr-1737 467 28 they they PRON cblr-1737 467 29 would would AUX cblr-1737 467 30 be be AUX cblr-1737 467 31 precluded preclude VERB cblr-1737 467 32 from from ADP cblr-1737 467 33 assuming assume VERB cblr-1737 467 34 key key ADJ cblr-1737 467 35 functions function NOUN cblr-1737 467 36 in in ADP cblr-1737 467 37 relation relation NOUN cblr-1737 467 38 to to ADP cblr-1737 467 39 tobs tobs PROPN cblr-1737 467 40 . . PUNCT cblr-1737 468 1 the the DET cblr-1737 468 2 volcker volcker NOUN cblr-1737 468 3 rule rule NOUN cblr-1737 468 4 has have AUX cblr-1737 468 5 forced force VERB cblr-1737 468 6 banks bank NOUN cblr-1737 468 7 to to PART cblr-1737 468 8 shut shut VERB cblr-1737 468 9 down down ADP cblr-1737 468 10 operations operation NOUN cblr-1737 468 11 that that PRON cblr-1737 468 12 regulators regulator NOUN cblr-1737 468 13 have have AUX cblr-1737 468 14 deemed deem VERB cblr-1737 468 15 risky risky ADJ cblr-1737 468 16 , , PUNCT cblr-1737 468 17 squeezing squeeze VERB cblr-1737 468 18 the the DET cblr-1737 468 19 banks bank NOUN cblr-1737 468 20 ’ ' PUNCT cblr-1737 468 21 ability ability NOUN cblr-1737 468 22 to to PART cblr-1737 468 23 make make VERB cblr-1737 468 24 a a DET cblr-1737 468 25 profit profit NOUN cblr-1737 468 26 . . PUNCT cblr-1737 469 1 banks bank NOUN cblr-1737 469 2 should should AUX cblr-1737 469 3 still still ADV cblr-1737 469 4 be be AUX cblr-1737 469 5 able able ADJ cblr-1737 469 6 to to PART cblr-1737 469 7 operate operate VERB cblr-1737 469 8 the the DET cblr-1737 469 9 tob tob NOUN cblr-1737 469 10 program program NOUN cblr-1737 469 11 , , PUNCT cblr-1737 469 12 as as SCONJ cblr-1737 469 13 it it PRON cblr-1737 469 14 is be AUX cblr-1737 469 15 not not PART cblr-1737 469 16 the the DET cblr-1737 469 17 type type NOUN cblr-1737 469 18 of of ADP cblr-1737 469 19 speculative speculative ADJ cblr-1737 469 20 activity activity NOUN cblr-1737 469 21 that that PRON cblr-1737 469 22 the the DET cblr-1737 469 23 volcker volcker NOUN cblr-1737 469 24 rule rule NOUN cblr-1737 469 25 is be AUX cblr-1737 469 26 aiming aim VERB cblr-1737 469 27 to to PART cblr-1737 469 28 prohibit prohibit VERB cblr-1737 469 29 . . PUNCT cblr-1737 470 1 from from ADP cblr-1737 470 2 a a DET cblr-1737 470 3 societal societal ADJ cblr-1737 470 4 point point NOUN cblr-1737 470 5 of of ADP cblr-1737 470 6 view view NOUN cblr-1737 470 7 , , PUNCT cblr-1737 470 8 the the DET cblr-1737 470 9 continued continued ADJ cblr-1737 470 10 existence existence NOUN cblr-1737 470 11 of of ADP cblr-1737 470 12 tob tob NOUN cblr-1737 470 13 programs program NOUN cblr-1737 470 14 will will AUX cblr-1737 470 15 not not PART cblr-1737 470 16 be be AUX cblr-1737 470 17 detrimental detrimental ADJ cblr-1737 470 18 to to ADP cblr-1737 470 19 the the DET cblr-1737 470 20 health health NOUN cblr-1737 470 21 of of ADP cblr-1737 470 22 the the DET cblr-1737 470 23 financial financial ADJ cblr-1737 470 24 system system NOUN cblr-1737 470 25 . . PUNCT cblr-1737 471 1 one one NUM cblr-1737 471 2 concern concern NOUN cblr-1737 471 3 that that PRON cblr-1737 471 4 was be AUX cblr-1737 471 5 alluded allude VERB cblr-1737 471 6 to to ADP cblr-1737 471 7 earlier early ADV cblr-1737 471 8 is be AUX cblr-1737 471 9 the the DET cblr-1737 471 10 fact fact NOUN cblr-1737 471 11 that that SCONJ cblr-1737 471 12 tobs tob NOUN cblr-1737 471 13 helped help VERB cblr-1737 471 14 cause cause VERB cblr-1737 471 15 the the DET cblr-1737 471 16 destabilization destabilization NOUN cblr-1737 471 17 of of ADP cblr-1737 471 18 the the DET cblr-1737 471 19 municipal municipal ADJ cblr-1737 471 20 bond bond NOUN cblr-1737 471 21 market market NOUN cblr-1737 471 22 in in ADP cblr-1737 471 23 2008 2008 NUM cblr-1737 471 24 . . PUNCT cblr-1737 472 1 however however ADV cblr-1737 472 2 , , PUNCT cblr-1737 472 3 professors professor NOUN cblr-1737 472 4 daniel daniel PROPN cblr-1737 472 5 bergstresser bergstresser PROPN cblr-1737 472 6 , , PUNCT cblr-1737 472 7 randolph randolph PROPN cblr-1737 472 8 cohen cohen PROPN cblr-1737 472 9 , , PUNCT cblr-1737 472 10 and and CCONJ cblr-1737 472 11 siddarth siddarth PROPN cblr-1737 472 12 shenai shenai PROPN cblr-1737 472 13 have have AUX cblr-1737 472 14 shown show VERB cblr-1737 472 15 that that SCONJ cblr-1737 472 16 the the DET cblr-1737 472 17 deteriorating deteriorate VERB cblr-1737 472 18 market market NOUN cblr-1737 472 19 for for ADP cblr-1737 472 20 tobs tob NOUN cblr-1737 472 21 was be AUX cblr-1737 472 22 not not PART cblr-1737 472 23 the the DET cblr-1737 472 24 main main ADJ cblr-1737 472 25 force force NOUN cblr-1737 472 26 that that PRON cblr-1737 472 27 caused cause VERB cblr-1737 472 28 the the DET cblr-1737 472 29 yield yield NOUN cblr-1737 472 30 inversion inversion NOUN cblr-1737 472 31 phenomenon phenomenon NOUN cblr-1737 472 32 in in ADP cblr-1737 472 33 the the DET cblr-1737 472 34 municipal municipal ADJ cblr-1737 472 35 bond bond NOUN cblr-1737 472 36 market market NOUN cblr-1737 472 37 , , PUNCT cblr-1737 472 38 though though SCONJ cblr-1737 472 39 it it PRON cblr-1737 472 40 may may AUX cblr-1737 472 41 have have AUX cblr-1737 472 42 altered alter VERB cblr-1737 472 43 pricing pricing NOUN cblr-1737 472 44 for for ADP cblr-1737 472 45 monoline monoline NOUN cblr-1737 472 46 insurance.176 insurance.176 PROPN cblr-1737 472 47 tob tob PROPN cblr-1737 472 48 programs program NOUN cblr-1737 472 49 post post ADJ cblr-1737 472 50 - - NOUN cblr-1737 472 51 crisis crisis NOUN cblr-1737 472 52 have have AUX cblr-1737 472 53 also also ADV cblr-1737 472 54 operated operate VERB cblr-1737 472 55 with with ADP cblr-1737 472 56 less less ADJ cblr-1737 472 57 leverage leverage NOUN cblr-1737 472 58 and and CCONJ cblr-1737 472 59 better well ADJ cblr-1737 472 60 collateral.177 collateral.177 NOUN cblr-1737 472 61 the the DET cblr-1737 472 62 collapse collapse NOUN cblr-1737 472 63 of of ADP cblr-1737 472 64 monoline monoline NOUN cblr-1737 472 65 insurers insurer NOUN cblr-1737 472 66 has have AUX cblr-1737 472 67 actually actually ADV cblr-1737 472 68 enhanced enhance VERB cblr-1737 472 69 the the DET cblr-1737 472 70 safety safety NOUN cblr-1737 472 71 of of ADP cblr-1737 472 72 tob tob NOUN cblr-1737 472 73 programs program NOUN cblr-1737 472 74 , , PUNCT cblr-1737 472 75 since since SCONJ cblr-1737 472 76 they they PRON cblr-1737 472 77 are be AUX cblr-1737 472 78 now now ADV cblr-1737 472 79 backed back VERB cblr-1737 472 80 with with ADP cblr-1737 472 81 better well ADJ cblr-1737 472 82 collateral collateral NOUN cblr-1737 472 83 and and CCONJ cblr-1737 472 84 can can AUX cblr-1737 472 85 not not PART cblr-1737 472 86 rely rely VERB cblr-1737 472 87 on on ADP cblr-1737 472 88 the the DET cblr-1737 472 89 strength strength NOUN cblr-1737 472 90 of of ADP cblr-1737 472 91 monoline monoline NOUN cblr-1737 472 92 insurers.178 insurers.178 VERB cblr-1737 472 93 c. c. PROPN cblr-1737 472 94 the the DET cblr-1737 472 95 risk risk NOUN cblr-1737 472 96 retention retention NOUN cblr-1737 472 97 provisions provision NOUN cblr-1737 472 98 of of ADP cblr-1737 472 99 the the DET cblr-1737 472 100 volcker volcker NOUN cblr-1737 472 101 rule rule NOUN cblr-1737 472 102 should should AUX cblr-1737 472 103 be be AUX cblr-1737 472 104 inapplicable inapplicable ADJ cblr-1737 472 105 to to ADP cblr-1737 472 106 tobs tobs PROPN cblr-1737 472 107 since since SCONJ cblr-1737 472 108 tobs tob NOUN cblr-1737 472 109 are be AUX cblr-1737 472 110 not not PART cblr-1737 472 111 the the DET cblr-1737 472 112 type type NOUN cblr-1737 472 113 of of ADP cblr-1737 472 114 asset asset NOUN cblr-1737 472 115 that that SCONJ cblr-1737 472 116 the the DET cblr-1737 472 117 risk risk NOUN cblr-1737 472 118 retention retention NOUN cblr-1737 472 119 rules rule NOUN cblr-1737 472 120 are be AUX cblr-1737 472 121 meant mean VERB cblr-1737 472 122 to to PART cblr-1737 472 123 address address VERB cblr-1737 472 124 . . PUNCT cblr-1737 473 1 additionally additionally ADV cblr-1737 473 2 , , PUNCT cblr-1737 473 3 the the DET cblr-1737 473 4 risk risk NOUN cblr-1737 473 5 retention retention NOUN cblr-1737 473 6 provisions provision NOUN cblr-1737 473 7 of of ADP cblr-1737 473 8 dodd dodd PROPN cblr-1737 473 9 - - PUNCT cblr-1737 473 10 frank frank PROPN cblr-1737 473 11 will will AUX cblr-1737 473 12 impose impose VERB cblr-1737 473 13 significant significant ADJ cblr-1737 473 14 costs cost NOUN cblr-1737 473 15 and and CCONJ cblr-1737 473 16 obligations obligation NOUN cblr-1737 473 17 on on ADP cblr-1737 473 18 tob tob ADJ cblr-1737 473 19 programs,179 programs,179 PROPN cblr-1737 473 20 and and CCONJ cblr-1737 473 21 this this DET cblr-1737 473 22 increase increase NOUN cblr-1737 473 23 in in ADP cblr-1737 473 24 cost cost NOUN cblr-1737 473 25 could could AUX cblr-1737 473 26 adversely adversely ADV cblr-1737 473 27 affect affect VERB cblr-1737 473 28 state state NOUN cblr-1737 473 29 and and CCONJ cblr-1737 473 30 local local ADJ cblr-1737 473 31 governments government NOUN cblr-1737 473 32 that that PRON cblr-1737 473 33 indirectly indirectly ADV cblr-1737 473 34 receive receive VERB cblr-1737 473 35 funding fund VERB cblr-1737 473 36 www.sec.gov/comments/s7-14-11/s71411-582.pdf www.sec.gov/comments/s7-14-11/s71411-582.pdf PROPN cblr-1737 474 1 [ [ X cblr-1737 474 2 https://perma.cc/c6tyqkqy https://perma.cc/c6tyqkqy PROPN cblr-1737 474 3 ] ] X cblr-1737 474 4 . . PUNCT cblr-1737 475 1 176 176 NUM cblr-1737 475 2 see see VERB cblr-1737 475 3 bergstresser bergstresser NOUN cblr-1737 475 4 , , PUNCT cblr-1737 475 5 cohen cohen PROPN cblr-1737 475 6 & & CCONJ cblr-1737 475 7 shenai shenai PROPN cblr-1737 475 8 , , PUNCT cblr-1737 475 9 supra supra PROPN cblr-1737 475 10 note note NOUN cblr-1737 475 11 60 60 NUM cblr-1737 475 12 , , PUNCT cblr-1737 475 13 at at ADP cblr-1737 475 14 2–3 2–3 NOUN cblr-1737 475 15 . . NOUN cblr-1737 475 16 177 177 NUM cblr-1737 475 17 see see VERB cblr-1737 475 18 mcgee mcgee PROPN cblr-1737 475 19 , , PUNCT cblr-1737 475 20 supra supra PROPN cblr-1737 475 21 note note NOUN cblr-1737 475 22 52 52 NUM cblr-1737 475 23 . . NOUN cblr-1737 475 24 178 178 NUM cblr-1737 476 1 see see VERB cblr-1737 477 1 i i PRON cblr-1737 477 2 d. d. PROPN cblr-1737 477 3 179 179 NUM cblr-1737 477 4 see see VERB cblr-1737 477 5 shearman shearman NOUN cblr-1737 477 6 & & CCONJ cblr-1737 477 7 sterling sterling PROPN cblr-1737 477 8 llp llp PROPN cblr-1737 477 9 , , PUNCT cblr-1737 477 10 supra supra PROPN cblr-1737 477 11 note note PROPN cblr-1737 477 12 109 109 NUM cblr-1737 477 13 . . PUNCT cblr-1737 478 1 miki miki PROPN cblr-1737 478 2 – – PUNCT cblr-1737 478 3 final final ADJ cblr-1737 478 4 288 288 NUM cblr-1737 478 5 columbia columbia PROPN cblr-1737 478 6 business business NOUN cblr-1737 478 7 law law NOUN cblr-1737 478 8 review review NOUN cblr-1737 478 9 [ [ X cblr-1737 478 10 vol vol NOUN cblr-1737 478 11 . . NOUN cblr-1737 478 12 2016 2016 NUM cblr-1737 478 13 from from ADP cblr-1737 478 14 tob tob NOUN cblr-1737 478 15 programs.180 programs.180 NOUN cblr-1737 478 16 industry industry NOUN cblr-1737 478 17 commentators commentator NOUN cblr-1737 478 18 offered offer VERB cblr-1737 478 19 a a DET cblr-1737 478 20 number number NOUN cblr-1737 478 21 of of ADP cblr-1737 478 22 suggestions suggestion NOUN cblr-1737 478 23 , , PUNCT cblr-1737 478 24 but but CCONJ cblr-1737 478 25 regulators regulator NOUN cblr-1737 478 26 were be AUX cblr-1737 478 27 generally generally ADV cblr-1737 478 28 unreceptive.181 unreceptive.181 ADJ cblr-1737 478 29 as as SCONJ cblr-1737 478 30 explained explain VERB cblr-1737 478 31 below below ADV cblr-1737 478 32 , , PUNCT cblr-1737 478 33 the the DET cblr-1737 478 34 current current ADJ cblr-1737 478 35 risk risk NOUN cblr-1737 478 36 retention retention NOUN cblr-1737 478 37 rule rule NOUN cblr-1737 478 38 provisions provision NOUN cblr-1737 478 39 relating relate VERB cblr-1737 478 40 to to ADP cblr-1737 478 41 tobs tobs PROPN cblr-1737 478 42 are be AUX cblr-1737 478 43 problematic problematic ADJ cblr-1737 478 44 because because SCONJ cblr-1737 478 45 they they PRON cblr-1737 478 46 increase increase VERB cblr-1737 478 47 the the DET cblr-1737 478 48 cost cost NOUN cblr-1737 478 49 of of ADP cblr-1737 478 50 issuance issuance NOUN cblr-1737 478 51 for for ADP cblr-1737 478 52 municipalities municipality NOUN cblr-1737 478 53 without without ADP cblr-1737 478 54 accurately accurately ADV cblr-1737 478 55 reflecting reflect VERB cblr-1737 478 56 market market NOUN cblr-1737 478 57 standards standard NOUN cblr-1737 478 58 , , PUNCT cblr-1737 478 59 and and CCONJ cblr-1737 478 60 would would AUX cblr-1737 478 61 serve serve VERB cblr-1737 478 62 to to PART cblr-1737 478 63 stifle stifle VERB cblr-1737 478 64 innovation innovation NOUN cblr-1737 478 65 in in ADP cblr-1737 478 66 the the DET cblr-1737 478 67 tob tob NOUN cblr-1737 478 68 market market NOUN cblr-1737 478 69 . . PUNCT cblr-1737 479 1 there there PRON cblr-1737 479 2 is be VERB cblr-1737 479 3 a a DET cblr-1737 479 4 strong strong ADJ cblr-1737 479 5 case case NOUN cblr-1737 479 6 to to PART cblr-1737 479 7 be be AUX cblr-1737 479 8 made make VERB cblr-1737 479 9 that that SCONJ cblr-1737 479 10 tobs tob NOUN cblr-1737 479 11 should should AUX cblr-1737 479 12 be be AUX cblr-1737 479 13 exempt exempt ADJ cblr-1737 479 14 from from ADP cblr-1737 479 15 the the DET cblr-1737 479 16 risk risk NOUN cblr-1737 479 17 retention retention NOUN cblr-1737 479 18 rule rule NOUN cblr-1737 479 19 , , PUNCT cblr-1737 479 20 given give VERB cblr-1737 479 21 that that SCONJ cblr-1737 479 22 tobs tob NOUN cblr-1737 479 23 do do AUX cblr-1737 479 24 not not PART cblr-1737 479 25 raise raise VERB cblr-1737 479 26 the the DET cblr-1737 479 27 dangers danger NOUN cblr-1737 479 28 that that PRON cblr-1737 479 29 congress congress PROPN cblr-1737 479 30 intended intend VERB cblr-1737 479 31 to to PART cblr-1737 479 32 ameliorate ameliorate VERB cblr-1737 479 33 when when SCONJ cblr-1737 479 34 it it PRON cblr-1737 479 35 passed pass VERB cblr-1737 479 36 section section NOUN cblr-1737 479 37 15 15 NUM cblr-1737 479 38 g g NOUN cblr-1737 479 39 of of ADP cblr-1737 479 40 the the DET cblr-1737 479 41 exchange exchange NOUN cblr-1737 479 42 act.182 act.182 NOUN cblr-1737 479 43 rulemakers rulemaker NOUN cblr-1737 479 44 rationalized rationalize VERB cblr-1737 479 45 their their PRON cblr-1737 479 46 decision decision NOUN cblr-1737 479 47 not not PART cblr-1737 479 48 to to PART cblr-1737 479 49 exempt exempt VERB cblr-1737 479 50 tobs tob NOUN cblr-1737 479 51 by by ADP cblr-1737 479 52 stating state VERB cblr-1737 479 53 that that SCONJ cblr-1737 479 54 “ " PUNCT cblr-1737 479 55 the the DET cblr-1737 479 56 agencies agency NOUN cblr-1737 479 57 continue continue VERB cblr-1737 479 58 to to PART cblr-1737 479 59 believe believe VERB cblr-1737 479 60 that that PRON cblr-1737 479 61 tender tender ADJ cblr-1737 479 62 options option NOUN cblr-1737 479 63 bonds bond NOUN cblr-1737 479 64 are be AUX cblr-1737 479 65 asset asset NOUN cblr-1737 479 66 - - PUNCT cblr-1737 479 67 backed back VERB cblr-1737 479 68 securities security NOUN cblr-1737 479 69 under under ADP cblr-1737 479 70 the the DET cblr-1737 479 71 definition definition NOUN cblr-1737 479 72 in in ADP cblr-1737 479 73 section section NOUN cblr-1737 479 74 15 15 NUM cblr-1737 479 75 g g NOUN cblr-1737 479 76 because because SCONJ cblr-1737 479 77 they they PRON cblr-1737 479 78 are be AUX cblr-1737 479 79 securities security NOUN cblr-1737 479 80 collateralized collateralize VERB cblr-1737 479 81 by by ADP cblr-1737 479 82 self self NOUN cblr-1737 479 83 - - PUNCT cblr-1737 479 84 liquidating liquidate VERB cblr-1737 479 85 financial financial ADJ cblr-1737 479 86 assets asset NOUN cblr-1737 479 87 and and CCONJ cblr-1737 479 88 the the DET cblr-1737 479 89 holders holder NOUN cblr-1737 479 90 of of ADP cblr-1737 479 91 the the DET cblr-1737 479 92 securities security NOUN cblr-1737 479 93 receive receive VERB cblr-1737 479 94 payments payment NOUN cblr-1737 479 95 that that PRON cblr-1737 479 96 depend depend VERB cblr-1737 479 97 primarily primarily ADV cblr-1737 479 98 on on ADP cblr-1737 479 99 cash cash NOUN cblr-1737 479 100 flow flow NOUN cblr-1737 479 101 from from ADP cblr-1737 479 102 the the DET cblr-1737 479 103 securitized securitized ADJ cblr-1737 479 104 assets asset NOUN cblr-1737 479 105 . . PUNCT cblr-1737 479 106 ”183 ”183 PUNCT cblr-1737 479 107 that that SCONJ cblr-1737 479 108 tobs tob NOUN cblr-1737 479 109 are be AUX cblr-1737 479 110 considered consider VERB cblr-1737 479 111 abss abss NOUN cblr-1737 479 112 is be AUX cblr-1737 479 113 perhaps perhaps ADV cblr-1737 479 114 driven drive VERB cblr-1737 479 115 by by ADP cblr-1737 479 116 a a DET cblr-1737 479 117 desire desire NOUN cblr-1737 479 118 to to PART cblr-1737 479 119 simplify simplify VERB cblr-1737 479 120 and and CCONJ cblr-1737 479 121 limit limit VERB cblr-1737 479 122 exceptions exception NOUN cblr-1737 479 123 . . PUNCT cblr-1737 480 1 the the DET cblr-1737 480 2 desire desire NOUN cblr-1737 480 3 to to PART cblr-1737 480 4 simplify simplify VERB cblr-1737 480 5 can can AUX cblr-1737 480 6 be be AUX cblr-1737 480 7 seen see VERB cblr-1737 480 8 in in ADP cblr-1737 480 9 other other ADJ cblr-1737 480 10 sections section NOUN cblr-1737 480 11 of of ADP cblr-1737 480 12 15g 15g NOUN cblr-1737 480 13 — — PUNCT cblr-1737 480 14 for for ADP cblr-1737 480 15 instance instance NOUN cblr-1737 480 16 , , PUNCT cblr-1737 480 17 the the DET cblr-1737 480 18 risk risk NOUN cblr-1737 480 19 retention retention NOUN cblr-1737 480 20 rule rule NOUN cblr-1737 480 21 stipulates stipulate VERB cblr-1737 480 22 that that SCONJ cblr-1737 480 23 the the DET cblr-1737 480 24 amount amount NOUN cblr-1737 480 25 of of ADP cblr-1737 480 26 risk risk NOUN cblr-1737 480 27 that that PRON cblr-1737 480 28 must must AUX cblr-1737 480 29 be be AUX cblr-1737 480 30 retained retain VERB cblr-1737 480 31 is be AUX cblr-1737 480 32 five five NUM cblr-1737 480 33 percent percent NOUN cblr-1737 480 34 , , PUNCT cblr-1737 480 35 regardless regardless ADV cblr-1737 480 36 of of ADP cblr-1737 480 37 the the DET cblr-1737 480 38 quality quality NOUN cblr-1737 480 39 of of ADP cblr-1737 480 40 the the DET cblr-1737 480 41 assets asset NOUN cblr-1737 480 42 or or CCONJ cblr-1737 480 43 other other ADJ cblr-1737 480 44 similar similar ADJ cblr-1737 480 45 factors factor NOUN cblr-1737 480 46 , , PUNCT cblr-1737 480 47 because because SCONJ cblr-1737 480 48 doing do VERB cblr-1737 480 49 so so ADV cblr-1737 480 50 would would AUX cblr-1737 480 51 unnecessarily unnecessarily ADV cblr-1737 480 52 complicate complicate VERB cblr-1737 480 53 the the DET cblr-1737 480 54 rule.184 rule.184 NOUN cblr-1737 480 55 given give VERB cblr-1737 480 56 the the DET cblr-1737 480 57 density density NOUN cblr-1737 480 58 of of ADP cblr-1737 480 59 the the DET cblr-1737 480 60 dodd dodd PROPN cblr-1737 480 61 - - PUNCT cblr-1737 480 62 frank frank PROPN cblr-1737 480 63 act act PROPN cblr-1737 480 64 , , PUNCT cblr-1737 480 65 the the DET cblr-1737 480 66 drive drive NOUN cblr-1737 480 67 for for ADP cblr-1737 480 68 simplicity simplicity NOUN cblr-1737 480 69 is be AUX cblr-1737 480 70 understandable understandable ADJ cblr-1737 480 71 . . PUNCT cblr-1737 481 1 however however ADV cblr-1737 481 2 , , PUNCT cblr-1737 481 3 several several ADJ cblr-1737 481 4 compelling compelling ADJ cblr-1737 481 5 reasons reason NOUN cblr-1737 481 6 exist exist VERB cblr-1737 481 7 to to PART cblr-1737 481 8 exempt exempt VERB cblr-1737 481 9 tob tob PROPN cblr-1737 481 10 from from ADP cblr-1737 481 11 the the DET cblr-1737 481 12 risk risk NOUN cblr-1737 481 13 retention retention NOUN cblr-1737 481 14 provisions provision NOUN cblr-1737 481 15 . . PUNCT cblr-1737 482 1 first first ADV cblr-1737 482 2 , , PUNCT cblr-1737 482 3 tobs tob NOUN cblr-1737 482 4 are be AUX cblr-1737 482 5 not not PART cblr-1737 482 6 based base VERB cblr-1737 482 7 on on ADP cblr-1737 482 8 the the DET cblr-1737 482 9 “ " PUNCT cblr-1737 482 10 originate originate NOUN cblr-1737 482 11 to to PART cblr-1737 482 12 distribute distribute VERB cblr-1737 482 13 ” " PUNCT cblr-1737 482 14 model model NOUN cblr-1737 482 15 that that PRON cblr-1737 482 16 creates create VERB cblr-1737 482 17 a a DET cblr-1737 482 18 moral moral ADJ cblr-1737 482 19 180 180 NUM cblr-1737 482 20 see see NOUN cblr-1737 482 21 inv inv ADJ cblr-1737 482 22 . . PUNCT cblr-1737 482 23 co. co. PROPN cblr-1737 482 24 inst inst PROPN cblr-1737 482 25 . . PROPN cblr-1737 482 26 , , PUNCT cblr-1737 482 27 supra supra PROPN cblr-1737 482 28 note note VERB cblr-1737 482 29 64 64 NUM cblr-1737 482 30 , , PUNCT cblr-1737 482 31 at at ADP cblr-1737 482 32 7 7 NUM cblr-1737 482 33 . . SYM cblr-1737 482 34 181 181 NUM cblr-1737 482 35 see see VERB cblr-1737 482 36 keith keith PROPN cblr-1737 482 37 r. r. PROPN cblr-1737 482 38 fisher fisher PROPN cblr-1737 482 39 , , PUNCT cblr-1737 482 40 ballard ballard PROPN cblr-1737 482 41 spahr spahr PROPN cblr-1737 482 42 discusses discuss VERB cblr-1737 482 43 risk risk NOUN cblr-1737 482 44 retention retention NOUN cblr-1737 482 45 rules rule NOUN cblr-1737 482 46 , , PUNCT cblr-1737 482 47 cls cls NOUN cblr-1737 482 48 blue blue ADJ cblr-1737 482 49 sky sky NOUN cblr-1737 482 50 blog blog NOUN cblr-1737 482 51 ( ( PUNCT cblr-1737 482 52 nov nov PROPN cblr-1737 482 53 . . PROPN cblr-1737 482 54 21 21 NUM cblr-1737 482 55 , , PUNCT cblr-1737 482 56 2014 2014 NUM cblr-1737 482 57 ) ) PUNCT cblr-1737 482 58 , , PUNCT cblr-1737 482 59 http://clsbluesky.law http://clsbluesky.law PROPN cblr-1737 482 60 . . PUNCT cblr-1737 483 1 columbia.edu/2014/11/21/ballard-spahr-discusses-risk-retention-rules columbia.edu/2014/11/21/ballard-spahr-discusses-risk-retention-rule NOUN cblr-1737 483 2 [ [ X cblr-1737 483 3 http://perma.cc/ub23-z3s5 http://perma.cc/ub23-z3s5 X cblr-1737 483 4 ] ] PUNCT cblr-1737 483 5 . . PUNCT cblr-1737 484 1 182 182 NUM cblr-1737 484 2 see see VERB cblr-1737 484 3 inv inv PROPN cblr-1737 484 4 . . PUNCT cblr-1737 484 5 co. co. PROPN cblr-1737 484 6 inst inst PROPN cblr-1737 484 7 . . PROPN cblr-1737 484 8 , , PUNCT cblr-1737 484 9 supra supra PROPN cblr-1737 484 10 note note VERB cblr-1737 484 11 64 64 NUM cblr-1737 484 12 , , PUNCT cblr-1737 484 13 at at ADP cblr-1737 484 14 7 7 NUM cblr-1737 484 15 . . NOUN cblr-1737 484 16 183 183 NUM cblr-1737 484 17 credit credit NOUN cblr-1737 484 18 risk risk NOUN cblr-1737 484 19 retention retention NOUN cblr-1737 484 20 , , PUNCT cblr-1737 484 21 79 79 NUM cblr-1737 484 22 fed feed VERB cblr-1737 484 23 . . PUNCT cblr-1737 485 1 reg reg PROPN cblr-1737 485 2 . . PUNCT cblr-1737 486 1 77,602 77,602 NUM cblr-1737 486 2 , , PUNCT cblr-1737 486 3 77,661 77,661 NUM cblr-1737 486 4 ( ( PUNCT cblr-1737 486 5 dec dec PROPN cblr-1737 486 6 . . PROPN cblr-1737 486 7 24 24 NUM cblr-1737 486 8 , , PUNCT cblr-1737 486 9 2014 2014 NUM cblr-1737 486 10 ) ) PUNCT cblr-1737 486 11 ( ( PUNCT cblr-1737 486 12 to to PART cblr-1737 486 13 be be AUX cblr-1737 486 14 codified codify VERB cblr-1737 486 15 at at ADP cblr-1737 486 16 12 12 NUM cblr-1737 486 17 c.f.r c.f.r NOUN cblr-1737 486 18 . . PUNCT cblr-1737 487 1 pts pts PROPN cblr-1737 487 2 . . PROPN cblr-1737 487 3 43 43 NUM cblr-1737 487 4 , , PUNCT cblr-1737 487 5 244 244 NUM cblr-1737 487 6 , , PUNCT cblr-1737 487 7 373 373 NUM cblr-1737 487 8 , , PUNCT cblr-1737 487 9 1234 1234 NUM cblr-1737 487 10 , , PUNCT cblr-1737 487 11 17 17 NUM cblr-1737 487 12 c.f.r c.f.r NOUN cblr-1737 487 13 . . PUNCT cblr-1737 488 1 pt pt PROPN cblr-1737 488 2 . . PROPN cblr-1737 488 3 246 246 NUM cblr-1737 488 4 , , PUNCT cblr-1737 488 5 24 24 NUM cblr-1737 488 6 c.f.r c.f.r NOUN cblr-1737 488 7 . . PUNCT cblr-1737 489 1 pt pt PROPN cblr-1737 489 2 . . PROPN cblr-1737 489 3 267 267 NUM cblr-1737 489 4 ) ) PUNCT cblr-1737 489 5 . . PUNCT cblr-1737 490 1 184 184 NUM cblr-1737 490 2 see see VERB cblr-1737 490 3 credit credit NOUN cblr-1737 490 4 risk risk NOUN cblr-1737 490 5 retention retention NOUN cblr-1737 490 6 , , PUNCT cblr-1737 490 7 79 79 NUM cblr-1737 490 8 fed feed VERB cblr-1737 490 9 . . PUNCT cblr-1737 491 1 reg reg PROPN cblr-1737 491 2 . . PUNCT cblr-1737 492 1 at at ADP cblr-1737 492 2 77,716 77,716 NUM cblr-1737 492 3 . . PUNCT cblr-1737 493 1 miki miki PROPN cblr-1737 493 2 – – PUNCT cblr-1737 493 3 final final ADJ cblr-1737 493 4 no no NOUN cblr-1737 493 5 . . PUNCT cblr-1737 494 1 1:252 1:252 NOUN cblr-1737 494 2 ] ] X cblr-1737 494 3 live live VERB cblr-1737 494 4 and and CCONJ cblr-1737 494 5 let let AUX cblr-1737 494 6 die die VERB cblr-1737 494 7 289 289 NUM cblr-1737 494 8 hazard hazard NOUN cblr-1737 494 9 for for ADP cblr-1737 494 10 the the DET cblr-1737 494 11 sponsors sponsor NOUN cblr-1737 494 12 of of ADP cblr-1737 494 13 some some DET cblr-1737 494 14 securitization securitization NOUN cblr-1737 494 15 transactions.185 transactions.185 NOUN cblr-1737 494 16 the the DET cblr-1737 494 17 moral moral ADJ cblr-1737 494 18 hazard hazard NOUN cblr-1737 494 19 situation situation NOUN cblr-1737 494 20 occurs occur VERB cblr-1737 494 21 when when SCONJ cblr-1737 494 22 the the DET cblr-1737 494 23 sponsor sponsor NOUN cblr-1737 494 24 would would AUX cblr-1737 494 25 have have VERB cblr-1737 494 26 the the DET cblr-1737 494 27 tendency tendency NOUN cblr-1737 494 28 to to PART cblr-1737 494 29 incur incur VERB cblr-1737 494 30 risks risk NOUN cblr-1737 494 31 because because SCONJ cblr-1737 494 32 another another DET cblr-1737 494 33 party party NOUN cblr-1737 494 34 — — PUNCT cblr-1737 494 35 the the DET cblr-1737 494 36 investors investor NOUN cblr-1737 494 37 — — PUNCT cblr-1737 494 38 would would AUX cblr-1737 494 39 shoulder shoulder VERB cblr-1737 494 40 the the DET cblr-1737 494 41 risks risk NOUN cblr-1737 494 42 of of ADP cblr-1737 494 43 the the DET cblr-1737 494 44 transaction.186 transaction.186 NOUN cblr-1737 494 45 however however ADV cblr-1737 494 46 , , PUNCT cblr-1737 494 47 “ " PUNCT cblr-1737 494 48 tob tob VERB cblr-1737 494 49 programs program NOUN cblr-1737 494 50 are be AUX cblr-1737 494 51 almost almost ADV cblr-1737 494 52 uniformly uniformly ADV cblr-1737 494 53 used use VERB cblr-1737 494 54 to to PART cblr-1737 494 55 finance finance VERB cblr-1737 494 56 municipal municipal ADJ cblr-1737 494 57 bonds bond NOUN cblr-1737 494 58 , , PUNCT cblr-1737 494 59 not not PART cblr-1737 494 60 to to PART cblr-1737 494 61 transfer transfer VERB cblr-1737 494 62 risk risk NOUN cblr-1737 494 63 . . PUNCT cblr-1737 494 64 ”187 ”187 PUNCT cblr-1737 495 1 moreover moreover ADV cblr-1737 495 2 , , PUNCT cblr-1737 495 3 tobs tob NOUN cblr-1737 495 4 are be AUX cblr-1737 495 5 not not PART cblr-1737 495 6 considered consider VERB cblr-1737 495 7 by by ADP cblr-1737 495 8 the the DET cblr-1737 495 9 marketplace marketplace NOUN cblr-1737 495 10 to to PART cblr-1737 495 11 be be AUX cblr-1737 495 12 abss.188 abss.188 ADJ cblr-1737 495 13 additionally additionally ADV cblr-1737 495 14 , , PUNCT cblr-1737 495 15 a a DET cblr-1737 495 16 tob tob NOUN cblr-1737 495 17 program program NOUN cblr-1737 495 18 “ " PUNCT cblr-1737 495 19 does do AUX cblr-1737 495 20 not not PART cblr-1737 495 21 create create VERB cblr-1737 495 22 information information NOUN cblr-1737 495 23 gaps gap NOUN cblr-1737 495 24 for for ADP cblr-1737 495 25 investors investor NOUN cblr-1737 495 26 . . PUNCT cblr-1737 495 27 ”189 ”189 PUNCT cblr-1737 495 28 the the DET cblr-1737 495 29 concern concern NOUN cblr-1737 495 30 that that PRON cblr-1737 495 31 the the DET cblr-1737 495 32 sec sec PROPN cblr-1737 495 33 has have VERB cblr-1737 495 34 with with ADP cblr-1737 495 35 regards regard NOUN cblr-1737 495 36 to to ADP cblr-1737 495 37 abs ab NOUN cblr-1737 495 38 securitizations securitization NOUN cblr-1737 495 39 is be AUX cblr-1737 495 40 that that SCONJ cblr-1737 495 41 the the DET cblr-1737 495 42 underlying underlie VERB cblr-1737 495 43 pool pool NOUN cblr-1737 495 44 of of ADP cblr-1737 495 45 assets asset NOUN cblr-1737 495 46 in in ADP cblr-1737 495 47 an an DET cblr-1737 495 48 abs ab NOUN cblr-1737 495 49 consists consist VERB cblr-1737 495 50 of of ADP cblr-1737 495 51 hundreds hundred NOUN cblr-1737 495 52 and and CCONJ cblr-1737 495 53 thousands thousand NOUN cblr-1737 495 54 of of ADP cblr-1737 495 55 unrelated unrelated ADJ cblr-1737 495 56 assets.190 assets.190 NOUN cblr-1737 495 57 in in ADP cblr-1737 495 58 contrast contrast NOUN cblr-1737 495 59 , , PUNCT cblr-1737 495 60 assets asset NOUN cblr-1737 495 61 underlying underlie VERB cblr-1737 495 62 tobs tob NOUN cblr-1737 495 63 are be AUX cblr-1737 495 64 “ " PUNCT cblr-1737 495 65 high high ADJ cblr-1737 495 66 quality quality NOUN cblr-1737 495 67 and and CCONJ cblr-1737 495 68 are be AUX cblr-1737 495 69 typically typically ADV cblr-1737 495 70 publicly publicly ADV cblr-1737 495 71 issued issue VERB cblr-1737 495 72 , , PUNCT cblr-1737 495 73 rated rate VERB cblr-1737 495 74 debt debt NOUN cblr-1737 495 75 securities security NOUN cblr-1737 495 76 that that PRON cblr-1737 495 77 are be AUX cblr-1737 495 78 subject subject ADJ cblr-1737 495 79 to to ADP cblr-1737 495 80 the the DET cblr-1737 495 81 anti anti ADJ cblr-1737 495 82 - - ADJ cblr-1737 495 83 fraud fraud ADJ cblr-1737 495 84 provisions provision NOUN cblr-1737 495 85 of of ADP cblr-1737 495 86 the the DET cblr-1737 495 87 federal federal ADJ cblr-1737 495 88 securities security NOUN cblr-1737 495 89 laws law NOUN cblr-1737 495 90 . . PUNCT cblr-1737 495 91 ”191 ”191 PUNCT cblr-1737 496 1 even even ADV cblr-1737 496 2 if if SCONJ cblr-1737 496 3 regulators regulator NOUN cblr-1737 496 4 will will AUX cblr-1737 496 5 not not PART cblr-1737 496 6 grant grant VERB cblr-1737 496 7 a a DET cblr-1737 496 8 full full ADJ cblr-1737 496 9 exemption exemption NOUN cblr-1737 496 10 from from ADP cblr-1737 496 11 risk risk NOUN cblr-1737 496 12 retention retention NOUN cblr-1737 496 13 provisions provision NOUN cblr-1737 496 14 for for ADP cblr-1737 496 15 tobs tob NOUN cblr-1737 496 16 , , PUNCT cblr-1737 496 17 they they PRON cblr-1737 496 18 can can AUX cblr-1737 496 19 make make VERB cblr-1737 496 20 mitigating mitigate VERB cblr-1737 496 21 changes change NOUN cblr-1737 496 22 in in ADP cblr-1737 496 23 order order NOUN cblr-1737 496 24 to to PART cblr-1737 496 25 ensure ensure VERB cblr-1737 496 26 that that SCONJ cblr-1737 496 27 the the DET cblr-1737 496 28 tob tob NOUN cblr-1737 496 29 market market NOUN cblr-1737 496 30 remains remain VERB cblr-1737 496 31 innovative innovative ADJ cblr-1737 496 32 without without ADP cblr-1737 496 33 sacrificing sacrifice VERB cblr-1737 496 34 safety safety NOUN cblr-1737 496 35 . . PUNCT cblr-1737 497 1 this this PRON cblr-1737 497 2 would would AUX cblr-1737 497 3 be be AUX cblr-1737 497 4 done do VERB cblr-1737 497 5 by by ADP cblr-1737 497 6 expanding expand VERB cblr-1737 497 7 the the DET cblr-1737 497 8 definition definition NOUN cblr-1737 497 9 of of ADP cblr-1737 497 10 a a DET cblr-1737 497 11 qtob qtob NOUN cblr-1737 497 12 . . PUNCT cblr-1737 498 1 as as SCONJ cblr-1737 498 2 mentioned mention VERB cblr-1737 498 3 earlier early ADV cblr-1737 498 4 , , PUNCT cblr-1737 498 5 a a DET cblr-1737 498 6 complication complication NOUN cblr-1737 498 7 relating relate VERB cblr-1737 498 8 to to ADP cblr-1737 498 9 tobs tobs PROPN cblr-1737 498 10 in in ADP cblr-1737 498 11 the the DET cblr-1737 498 12 risk risk NOUN cblr-1737 498 13 retention retention NOUN cblr-1737 498 14 context context NOUN cblr-1737 498 15 is be AUX cblr-1737 498 16 that that SCONJ cblr-1737 498 17 traditional traditional ADJ cblr-1737 498 18 risk risk NOUN cblr-1737 498 19 retention retention NOUN cblr-1737 498 20 methods method NOUN cblr-1737 498 21 are be AUX cblr-1737 498 22 not not PART cblr-1737 498 23 available available ADJ cblr-1737 498 24 to to ADP cblr-1737 498 25 tobs.192 tobs.192 PRON cblr-1737 498 26 thus thus ADV cblr-1737 498 27 , , PUNCT cblr-1737 498 28 the the DET cblr-1737 498 29 agencies agency NOUN cblr-1737 498 30 have have AUX cblr-1737 498 31 defined define VERB cblr-1737 498 32 qtobs qtob NOUN cblr-1737 498 33 , , PUNCT cblr-1737 498 34 and and CCONJ cblr-1737 498 35 have have AUX cblr-1737 498 36 allowed allow VERB cblr-1737 498 37 them they PRON cblr-1737 498 38 to to PART cblr-1737 498 39 satisfy satisfy VERB cblr-1737 498 40 the the DET cblr-1737 498 41 risk risk NOUN cblr-1737 498 42 retention retention NOUN cblr-1737 498 43 requirements requirement NOUN cblr-1737 498 44 via via ADP cblr-1737 498 45 alternate alternate ADJ cblr-1737 498 46 means.193 means.193 NOUN cblr-1737 498 47 tob tob NOUN cblr-1737 498 48 programs program NOUN cblr-1737 498 49 which which PRON cblr-1737 498 50 do do AUX cblr-1737 498 51 not not PART cblr-1737 498 52 qualify qualify VERB cblr-1737 498 53 as as ADP cblr-1737 498 54 185 185 NUM cblr-1737 498 55 see see NOUN cblr-1737 498 56 ashurst ashurst PROPN cblr-1737 498 57 llp llp PROPN cblr-1737 498 58 , , PUNCT cblr-1737 498 59 comment comment NOUN cblr-1737 498 60 letter letter NOUN cblr-1737 498 61 on on ADP cblr-1737 498 62 proposed propose VERB cblr-1737 498 63 rule rule NOUN cblr-1737 498 64 on on ADP cblr-1737 498 65 credit credit NOUN cblr-1737 498 66 risk risk NOUN cblr-1737 498 67 retention retention NOUN cblr-1737 498 68 3 3 NUM cblr-1737 498 69 ( ( PUNCT cblr-1737 498 70 oct oct PROPN cblr-1737 498 71 . . PROPN cblr-1737 498 72 30 30 NUM cblr-1737 498 73 , , PUNCT cblr-1737 498 74 2013 2013 NUM cblr-1737 498 75 ) ) PUNCT cblr-1737 498 76 , , PUNCT cblr-1737 499 1 https://www.sec.gov/comments/s7-1411/s71411-407.pdf https://www.sec.gov/comments/s7-1411/s71411-407.pdf PROPN cblr-1737 500 1 [ [ X cblr-1737 500 2 https://perma.cc/qzf5-tbbf https://perma.cc/qzf5-tbbf PROPN cblr-1737 500 3 ] ] PUNCT cblr-1737 500 4 . . PUNCT cblr-1737 501 1 186 186 NUM cblr-1737 501 2 see see VERB cblr-1737 501 3 i i PROPN cblr-1737 501 4 d. d. PROPN cblr-1737 501 5 at at ADP cblr-1737 501 6 3 3 NUM cblr-1737 501 7 n.4 n.4 NOUN cblr-1737 501 8 . . PUNCT cblr-1737 502 1 187 187 NUM cblr-1737 502 2 inv inv NOUN cblr-1737 502 3 . . PUNCT cblr-1737 502 4 co. co. PROPN cblr-1737 502 5 inst inst PROPN cblr-1737 502 6 . . PROPN cblr-1737 502 7 , , PUNCT cblr-1737 502 8 supra supra PROPN cblr-1737 502 9 note note VERB cblr-1737 502 10 64 64 NUM cblr-1737 502 11 , , PUNCT cblr-1737 502 12 at at ADP cblr-1737 502 13 6 6 NUM cblr-1737 502 14 n.19 n.19 NOUN cblr-1737 502 15 . . PROPN cblr-1737 502 16 188 188 NUM cblr-1737 502 17 see see VERB cblr-1737 502 18 credit credit NOUN cblr-1737 502 19 risk risk NOUN cblr-1737 502 20 retention retention NOUN cblr-1737 502 21 , , PUNCT cblr-1737 502 22 79 79 NUM cblr-1737 502 23 fed feed VERB cblr-1737 502 24 . . PUNCT cblr-1737 503 1 reg reg PROPN cblr-1737 503 2 . . PUNCT cblr-1737 504 1 at at ADP cblr-1737 504 2 77,660 77,660 NUM cblr-1737 504 3 ( ( PUNCT cblr-1737 504 4 citing cite VERB cblr-1737 504 5 comment comment NOUN cblr-1737 504 6 letters letter NOUN cblr-1737 504 7 received receive VERB cblr-1737 504 8 in in ADP cblr-1737 504 9 response response NOUN cblr-1737 504 10 to to ADP cblr-1737 504 11 the the DET cblr-1737 504 12 proposed propose VERB cblr-1737 504 13 credit credit NOUN cblr-1737 504 14 risk risk NOUN cblr-1737 504 15 retention retention NOUN cblr-1737 504 16 rule rule NOUN cblr-1737 504 17 ) ) PUNCT cblr-1737 504 18 . . PUNCT cblr-1737 505 1 189 189 NUM cblr-1737 505 2 see see VERB cblr-1737 505 3 ashurst ashurst PROPN cblr-1737 505 4 llp llp PROPN cblr-1737 505 5 , , PUNCT cblr-1737 505 6 supra supra PROPN cblr-1737 505 7 note note PROPN cblr-1737 505 8 185 185 NUM cblr-1737 505 9 , , PUNCT cblr-1737 505 10 at at ADP cblr-1737 505 11 3 3 NUM cblr-1737 505 12 . . NUM cblr-1737 505 13 190 190 NUM cblr-1737 505 14 see see VERB cblr-1737 505 15 i i PROPN cblr-1737 505 16 d. d. PROPN cblr-1737 505 17 191 191 NUM cblr-1737 505 18 inv inv PROPN cblr-1737 505 19 . . PUNCT cblr-1737 505 20 co. co. PROPN cblr-1737 505 21 inst inst PROPN cblr-1737 505 22 . . PROPN cblr-1737 505 23 , , PUNCT cblr-1737 505 24 supra supra PROPN cblr-1737 505 25 note note VERB cblr-1737 505 26 64 64 NUM cblr-1737 505 27 , , PUNCT cblr-1737 505 28 at at ADP cblr-1737 505 29 6 6 NUM cblr-1737 505 30 n.19 n.19 NOUN cblr-1737 505 31 . . PROPN cblr-1737 505 32 192 192 NUM cblr-1737 505 33 see see VERB cblr-1737 505 34 gorman gorman NOUN cblr-1737 505 35 , , PUNCT cblr-1737 505 36 supra supra PROPN cblr-1737 505 37 note note PROPN cblr-1737 505 38 22 22 NUM cblr-1737 505 39 ; ; PUNCT cblr-1737 505 40 ashurst ashurst PROPN cblr-1737 505 41 llp llp PROPN cblr-1737 505 42 , , PUNCT cblr-1737 505 43 supra supra PROPN cblr-1737 505 44 note note PROPN cblr-1737 505 45 185 185 NUM cblr-1737 505 46 , , PUNCT cblr-1737 505 47 at at ADP cblr-1737 505 48 4 4 NUM cblr-1737 505 49 . . NOUN cblr-1737 505 50 193 193 NUM cblr-1737 505 51 see see VERB cblr-1737 505 52 sidley sidley PROPN cblr-1737 505 53 austin austin PROPN cblr-1737 505 54 llp llp PROPN cblr-1737 505 55 , , PUNCT cblr-1737 505 56 agencies agency NOUN cblr-1737 505 57 adopt adopt VERB cblr-1737 505 58 final final ADJ cblr-1737 505 59 dodd dodd PROPN cblr-1737 505 60 - - PUNCT cblr-1737 505 61 frank frank ADJ cblr-1737 505 62 risk risk NOUN cblr-1737 505 63 retention retention NOUN cblr-1737 505 64 rules rule NOUN cblr-1737 505 65 for for ADP cblr-1737 505 66 asset asset NOUN cblr-1737 505 67 - - PUNCT cblr-1737 505 68 backed back VERB cblr-1737 505 69 securities security NOUN cblr-1737 505 70 26 26 NUM cblr-1737 505 71 ( ( PUNCT cblr-1737 505 72 nov nov PROPN cblr-1737 505 73 . . PROPN cblr-1737 505 74 25 25 NUM cblr-1737 505 75 , , PUNCT cblr-1737 505 76 2014 2014 NUM cblr-1737 505 77 ) ) PUNCT cblr-1737 505 78 , , PUNCT cblr-1737 505 79 miki miki PROPN cblr-1737 505 80 – – PUNCT cblr-1737 506 1 final final ADJ cblr-1737 506 2 290 290 NUM cblr-1737 506 3 columbia columbia PROPN cblr-1737 506 4 business business NOUN cblr-1737 506 5 law law NOUN cblr-1737 506 6 review review NOUN cblr-1737 506 7 [ [ X cblr-1737 506 8 vol vol NOUN cblr-1737 506 9 . . NOUN cblr-1737 506 10 2016 2016 NUM cblr-1737 506 11 qtobs qtob NOUN cblr-1737 506 12 will will AUX cblr-1737 506 13 not not PART cblr-1737 506 14 be be AUX cblr-1737 506 15 able able ADJ cblr-1737 506 16 to to PART cblr-1737 506 17 take take VERB cblr-1737 506 18 advantage advantage NOUN cblr-1737 506 19 of of ADP cblr-1737 506 20 the the DET cblr-1737 506 21 modified modify VERB cblr-1737 506 22 risk risk NOUN cblr-1737 506 23 - - PUNCT cblr-1737 506 24 retention retention NOUN cblr-1737 506 25 mechanisms mechanism NOUN cblr-1737 506 26 , , PUNCT cblr-1737 506 27 so so SCONJ cblr-1737 506 28 they they PRON cblr-1737 506 29 will will AUX cblr-1737 506 30 essentially essentially ADV cblr-1737 506 31 have have VERB cblr-1737 506 32 to to PART cblr-1737 506 33 cease cease VERB cblr-1737 506 34 operating.194 operating.194 PROPN cblr-1737 506 35 thus thus ADV cblr-1737 506 36 , , PUNCT cblr-1737 506 37 the the DET cblr-1737 506 38 definition definition NOUN cblr-1737 506 39 of of ADP cblr-1737 506 40 a a DET cblr-1737 506 41 qtob qtob NOUN cblr-1737 506 42 becomes become VERB cblr-1737 506 43 crucial crucial ADJ cblr-1737 506 44 . . PUNCT cblr-1737 507 1 a a DET cblr-1737 507 2 qtob qtob NOUN cblr-1737 507 3 is be AUX cblr-1737 507 4 a a DET cblr-1737 507 5 tob tob NOUN cblr-1737 507 6 issuer issuer NOUN cblr-1737 507 7 that that PRON cblr-1737 507 8 has have VERB cblr-1737 507 9 the the DET cblr-1737 507 10 following follow VERB cblr-1737 507 11 characteristics characteristic NOUN cblr-1737 507 12 : : PUNCT cblr-1737 508 1 [ [ X cblr-1737 508 2 i]ssues i]ssue NOUN cblr-1737 508 3 no no DET cblr-1737 508 4 securities security NOUN cblr-1737 508 5 other other ADJ cblr-1737 508 6 than than ADP cblr-1737 508 7 a a DET cblr-1737 508 8 single single ADJ cblr-1737 508 9 class class NOUN cblr-1737 508 10 of of ADP cblr-1737 508 11 tobs tob NOUN cblr-1737 508 12 with with ADP cblr-1737 508 13 a a DET cblr-1737 508 14 preferred preferred ADJ cblr-1737 508 15 variable variable ADJ cblr-1737 508 16 return return NOUN cblr-1737 508 17 payable payable ADJ cblr-1737 508 18 out out ADP cblr-1737 508 19 of of ADP cblr-1737 508 20 capital capital NOUN cblr-1737 508 21 that that PRON cblr-1737 508 22 itself itself PRON cblr-1737 508 23 meets meet VERB cblr-1737 508 24 the the DET cblr-1737 508 25 risk risk NOUN cblr-1737 508 26 retention retention NOUN cblr-1737 508 27 requirements requirement NOUN cblr-1737 508 28 ; ; PUNCT cblr-1737 508 29 [ [ X cblr-1737 508 30 h]olds h]old VERB cblr-1737 508 31 only only ADV cblr-1737 508 32 tax tax NOUN cblr-1737 508 33 - - PUNCT cblr-1737 508 34 exempt exempt ADJ cblr-1737 508 35 munis muni NOUN cblr-1737 508 36 as as ADP cblr-1737 508 37 assets asset NOUN cblr-1737 508 38 and and CCONJ cblr-1737 508 39 issues issue NOUN cblr-1737 508 40 only only ADV cblr-1737 508 41 securities security NOUN cblr-1737 508 42 , , PUNCT cblr-1737 508 43 the the DET cblr-1737 508 44 income income NOUN cblr-1737 508 45 from from ADP cblr-1737 508 46 which which PRON cblr-1737 508 47 is be AUX cblr-1737 508 48 tax tax NOUN cblr-1737 508 49 - - PUNCT cblr-1737 508 50 exempt exempt ADJ cblr-1737 508 51 to to ADP cblr-1737 508 52 investors investor NOUN cblr-1737 508 53 ; ; PUNCT cblr-1737 508 54 [ [ X cblr-1737 508 55 i]s i]s ADJ cblr-1737 508 56 collateralized collateralize VERB cblr-1737 508 57 solely solely ADV cblr-1737 508 58 by by ADP cblr-1737 508 59 servicing service VERB cblr-1737 508 60 assets asset NOUN cblr-1737 508 61 and and CCONJ cblr-1737 508 62 munis muni NOUN cblr-1737 508 63 that that PRON cblr-1737 508 64 are be AUX cblr-1737 508 65 not not PART cblr-1737 508 66 subject subject ADJ cblr-1737 508 67 to to ADP cblr-1737 508 68 substitution substitution NOUN cblr-1737 508 69 and and CCONJ cblr-1737 508 70 that that PRON cblr-1737 508 71 have have VERB cblr-1737 508 72 the the DET cblr-1737 508 73 same same ADJ cblr-1737 508 74 municipal municipal ADJ cblr-1737 508 75 issuer issuer NOUN cblr-1737 508 76 and and CCONJ cblr-1737 508 77 the the DET cblr-1737 508 78 same same ADJ cblr-1737 508 79 underlying underlie VERB cblr-1737 508 80 obligor obligor NOUN cblr-1737 508 81 or or CCONJ cblr-1737 508 82 source source NOUN cblr-1737 508 83 of of ADP cblr-1737 508 84 payment payment NOUN cblr-1737 508 85 ( ( PUNCT cblr-1737 508 86 without without ADP cblr-1737 508 87 regard regard NOUN cblr-1737 508 88 to to ADP cblr-1737 508 89 any any DET cblr-1737 508 90 third third ADJ cblr-1737 508 91 - - PUNCT cblr-1737 508 92 party party NOUN cblr-1737 508 93 creditor creditor NOUN cblr-1737 508 94 enhancement enhancement NOUN cblr-1737 508 95 ) ) PUNCT cblr-1737 508 96 ; ; PUNCT cblr-1737 509 1 [ [ X cblr-1737 509 2 and and CCONJ cblr-1737 509 3 h]as h]a VERB cblr-1737 509 4 a a DET cblr-1737 509 5 legally legally ADV cblr-1737 509 6 binding bind VERB cblr-1737 509 7 commitment commitment NOUN cblr-1737 509 8 from from ADP cblr-1737 509 9 a a DET cblr-1737 509 10 regulated regulated ADJ cblr-1737 509 11 liquidity liquidity NOUN cblr-1737 509 12 provider provider NOUN cblr-1737 509 13 to to PART cblr-1737 509 14 provide provide VERB cblr-1737 509 15 a a DET cblr-1737 509 16 100 100 NUM cblr-1737 509 17 percent percent NOUN cblr-1737 509 18 guaranty guaranty NOUN cblr-1737 509 19 or or CCONJ cblr-1737 509 20 liquidity liquidity NOUN cblr-1737 509 21 coverage coverage NOUN cblr-1737 509 22 with with ADP cblr-1737 509 23 respect respect NOUN cblr-1737 509 24 to to ADP cblr-1737 509 25 all all DET cblr-1737 509 26 outstanding outstanding ADJ cblr-1737 509 27 tobs.195 tobs.195 PROPN cblr-1737 509 28 once once ADV cblr-1737 509 29 a a DET cblr-1737 509 30 tob tob NOUN cblr-1737 509 31 satisfies satisfy VERB cblr-1737 509 32 the the DET cblr-1737 509 33 qtob qtob NOUN cblr-1737 509 34 requirements requirement NOUN cblr-1737 509 35 , , PUNCT cblr-1737 509 36 then then ADV cblr-1737 509 37 residuals residual NOUN cblr-1737 509 38 would would AUX cblr-1737 509 39 qualify qualify VERB cblr-1737 509 40 as as ADP cblr-1737 509 41 qualified qualified ADJ cblr-1737 509 42 horizontal horizontal ADJ cblr-1737 509 43 residual residual ADJ cblr-1737 509 44 interests interest NOUN cblr-1737 509 45 before before ADP cblr-1737 509 46 a a DET cblr-1737 509 47 tender tender ADJ cblr-1737 509 48 option option NOUN cblr-1737 509 49 termination termination NOUN cblr-1737 509 50 event event NOUN cblr-1737 509 51 ( ( PUNCT cblr-1737 509 52 “ " PUNCT cblr-1737 509 53 tote tote VERB cblr-1737 509 54 ” " PUNCT cblr-1737 509 55 ) ) PUNCT cblr-1737 509 56 and and CCONJ cblr-1737 509 57 as as ADP cblr-1737 509 58 eligible eligible ADJ cblr-1737 509 59 vertical vertical ADJ cblr-1737 509 60 interests interest NOUN cblr-1737 509 61 after after ADP cblr-1737 509 62 a a DET cblr-1737 509 63 tote.196 tote.196 NOUN cblr-1737 509 64 additionally additionally ADV cblr-1737 509 65 , , PUNCT cblr-1737 509 66 a a DET cblr-1737 509 67 sponsor sponsor NOUN cblr-1737 509 68 ’s ’s PART cblr-1737 509 69 direct direct ADJ cblr-1737 509 70 ownership ownership NOUN cblr-1737 509 71 of of ADP cblr-1737 509 72 the the DET cblr-1737 509 73 same same ADJ cblr-1737 509 74 municipal municipal ADJ cblr-1737 509 75 bonds bond NOUN cblr-1737 509 76 held hold VERB cblr-1737 509 77 as as ADP cblr-1737 509 78 collateral collateral NOUN cblr-1737 509 79 by by ADP cblr-1737 509 80 a a DET cblr-1737 509 81 tob tob NOUN cblr-1737 509 82 issuer issuer NOUN cblr-1737 509 83 may may AUX cblr-1737 509 84 count count VERB cblr-1737 509 85 towards towards ADP cblr-1737 509 86 the the DET cblr-1737 509 87 five five NUM cblr-1737 509 88 percent percent NOUN cblr-1737 509 89 risk risk NOUN cblr-1737 509 90 retention retention NOUN cblr-1737 509 91 requirement.197 requirement.197 NOUN cblr-1737 509 92 these these DET cblr-1737 509 93 mechanisms mechanism NOUN cblr-1737 509 94 allow allow VERB cblr-1737 509 95 for for SCONJ cblr-1737 509 96 tobs tob NOUN cblr-1737 509 97 to to PART cblr-1737 509 98 survive survive VERB cblr-1737 509 99 under under ADP cblr-1737 509 100 the the DET cblr-1737 509 101 risk risk NOUN cblr-1737 509 102 retention retention NOUN cblr-1737 509 103 rule rule NOUN cblr-1737 509 104 , , PUNCT cblr-1737 509 105 though though SCONJ cblr-1737 509 106 the the DET cblr-1737 509 107 rule rule NOUN cblr-1737 509 108 still still ADV cblr-1737 509 109 limits limit VERB cblr-1737 509 110 the the DET cblr-1737 509 111 tob tob NOUN cblr-1737 509 112 market market NOUN cblr-1737 509 113 as as ADP cblr-1737 509 114 only only ADJ cblr-1737 509 115 tobs tob NOUN cblr-1737 509 116 that that PRON cblr-1737 509 117 qualify qualify VERB cblr-1737 509 118 as as ADP cblr-1737 509 119 qtobs qtob NOUN cblr-1737 509 120 will will AUX cblr-1737 509 121 still still ADV cblr-1737 509 122 be be AUX cblr-1737 509 123 issuable issuable ADJ cblr-1737 509 124 . . PUNCT cblr-1737 510 1 http://www.sidley.com/news/11-25-2014-sidley-update http://www.sidley.com/news/11-25-2014-sidley-update NOUN cblr-1737 511 1 [ [ X cblr-1737 511 2 http://perma.cc/hl http://perma.cc/hl NOUN cblr-1737 511 3 9s 9s NUM cblr-1737 511 4 - - PUNCT cblr-1737 511 5 jhyf jhyf NOUN cblr-1737 511 6 ] ] X cblr-1737 511 7 . . PUNCT cblr-1737 512 1 194 194 NUM cblr-1737 512 2 see see VERB cblr-1737 512 3 ashurst ashurst PROPN cblr-1737 512 4 llp llp PROPN cblr-1737 512 5 , , PUNCT cblr-1737 512 6 supra supra PROPN cblr-1737 512 7 note note PROPN cblr-1737 512 8 185 185 NUM cblr-1737 512 9 , , PUNCT cblr-1737 512 10 at at ADP cblr-1737 512 11 4 4 NUM cblr-1737 512 12 ( ( PUNCT cblr-1737 512 13 “ " PUNCT cblr-1737 512 14 a a DET cblr-1737 512 15 sponsor sponsor NOUN cblr-1737 512 16 of of ADP cblr-1737 512 17 a a DET cblr-1737 512 18 non‘qualified non‘qualified ADJ cblr-1737 512 19 ’ ' PUNCT cblr-1737 512 20 tob tob NOUN cblr-1737 512 21 program program NOUN cblr-1737 512 22 would would AUX cblr-1737 512 23 very very ADV cblr-1737 512 24 likely likely ADV cblr-1737 512 25 have have VERB cblr-1737 512 26 to to PART cblr-1737 512 27 stop stop VERB cblr-1737 512 28 engaging engage VERB cblr-1737 512 29 in in ADP cblr-1737 512 30 many many ADJ cblr-1737 512 31 transactions transaction NOUN cblr-1737 512 32 because because SCONJ cblr-1737 512 33 it it PRON cblr-1737 512 34 would would AUX cblr-1737 512 35 not not PART cblr-1737 512 36 be be AUX cblr-1737 512 37 in in ADP cblr-1737 512 38 a a DET cblr-1737 512 39 position position NOUN cblr-1737 512 40 to to PART cblr-1737 512 41 comply comply VERB cblr-1737 512 42 with with ADP cblr-1737 512 43 section section NOUN cblr-1737 512 44 15 15 NUM cblr-1737 512 45 g g NOUN cblr-1737 512 46 at at ADV cblr-1737 512 47 all all ADV cblr-1737 512 48 . . PUNCT cblr-1737 512 49 ” " PUNCT cblr-1737 512 50 ) ) PUNCT cblr-1737 512 51 . . PUNCT cblr-1737 513 1 195 195 NUM cblr-1737 513 2 gorman gorman NOUN cblr-1737 513 3 , , PUNCT cblr-1737 513 4 supra supra PROPN cblr-1737 513 5 note note PROPN cblr-1737 513 6 22 22 NUM cblr-1737 513 7 ( ( PUNCT cblr-1737 513 8 emphasis emphasis NOUN cblr-1737 513 9 added add VERB cblr-1737 513 10 ) ) PUNCT cblr-1737 513 11 . . PUNCT cblr-1737 514 1 see see VERB cblr-1737 514 2 also also ADV cblr-1737 514 3 credit credit NOUN cblr-1737 514 4 risk risk NOUN cblr-1737 514 5 retention retention NOUN cblr-1737 514 6 , , PUNCT cblr-1737 514 7 79 79 NUM cblr-1737 514 8 fed feed VERB cblr-1737 514 9 . . PUNCT cblr-1737 515 1 reg reg PROPN cblr-1737 515 2 . . PUNCT cblr-1737 516 1 77,602 77,602 NUM cblr-1737 516 2 , , PUNCT cblr-1737 516 3 77,659–60 77,659–60 PROPN cblr-1737 516 4 ( ( PUNCT cblr-1737 516 5 dec dec PROPN cblr-1737 516 6 . . PROPN cblr-1737 516 7 24 24 NUM cblr-1737 516 8 , , PUNCT cblr-1737 516 9 2014 2014 NUM cblr-1737 516 10 ) ) PUNCT cblr-1737 516 11 ( ( PUNCT cblr-1737 516 12 to to PART cblr-1737 516 13 be be AUX cblr-1737 516 14 codified codify VERB cblr-1737 516 15 at at ADP cblr-1737 516 16 12 12 NUM cblr-1737 516 17 c.f.r c.f.r NOUN cblr-1737 516 18 . . PUNCT cblr-1737 517 1 pts pts PROPN cblr-1737 517 2 . . PROPN cblr-1737 517 3 43 43 NUM cblr-1737 517 4 , , PUNCT cblr-1737 517 5 244 244 NUM cblr-1737 517 6 , , PUNCT cblr-1737 517 7 373 373 NUM cblr-1737 517 8 , , PUNCT cblr-1737 517 9 1234 1234 NUM cblr-1737 517 10 , , PUNCT cblr-1737 517 11 17 17 NUM cblr-1737 517 12 c.f.r c.f.r NOUN cblr-1737 517 13 . . PUNCT cblr-1737 518 1 pt pt PROPN cblr-1737 518 2 . . PROPN cblr-1737 518 3 246 246 NUM cblr-1737 518 4 , , PUNCT cblr-1737 518 5 24 24 NUM cblr-1737 518 6 c.f.r c.f.r NOUN cblr-1737 518 7 . . PUNCT cblr-1737 519 1 pt pt PROPN cblr-1737 519 2 . . PROPN cblr-1737 519 3 267 267 NUM cblr-1737 519 4 ) ) PUNCT cblr-1737 519 5 . . PUNCT cblr-1737 520 1 196 196 NUM cblr-1737 520 2 see see VERB cblr-1737 520 3 sidley sidley PROPN cblr-1737 520 4 austin austin PROPN cblr-1737 520 5 llp llp PROPN cblr-1737 520 6 , , PUNCT cblr-1737 520 7 supra supra PROPN cblr-1737 520 8 note note NOUN cblr-1737 520 9 193 193 NUM cblr-1737 520 10 , , PUNCT cblr-1737 520 11 at at ADP cblr-1737 520 12 26 26 NUM cblr-1737 520 13 . . PUNCT cblr-1737 520 14 197 197 NUM cblr-1737 520 15 see see VERB cblr-1737 520 16 i i PRON cblr-1737 520 17 d. d. PROPN cblr-1737 520 18 at at ADP cblr-1737 520 19 26–27 26–27 PROPN cblr-1737 520 20 . . PUNCT cblr-1737 521 1 miki miki PROPN cblr-1737 521 2 – – PUNCT cblr-1737 521 3 final final ADJ cblr-1737 521 4 no no NOUN cblr-1737 521 5 . . PUNCT cblr-1737 522 1 1:252 1:252 NOUN cblr-1737 522 2 ] ] X cblr-1737 522 3 live live VERB cblr-1737 522 4 and and CCONJ cblr-1737 522 5 let let AUX cblr-1737 522 6 die die VERB cblr-1737 522 7 291 291 NUM cblr-1737 522 8 in in ADP cblr-1737 522 9 sum sum NOUN cblr-1737 522 10 , , PUNCT cblr-1737 522 11 tobs tobs PROPN cblr-1737 522 12 provide provide VERB cblr-1737 522 13 municipalities municipality NOUN cblr-1737 522 14 with with ADP cblr-1737 522 15 access access NOUN cblr-1737 522 16 to to ADP cblr-1737 522 17 a a DET cblr-1737 522 18 diverse diverse ADJ cblr-1737 522 19 investor investor NOUN cblr-1737 522 20 base base NOUN cblr-1737 522 21 and and CCONJ cblr-1737 522 22 a a DET cblr-1737 522 23 more more ADV cblr-1737 522 24 liquid liquid ADJ cblr-1737 522 25 market market NOUN cblr-1737 522 26 , , PUNCT cblr-1737 522 27 and and CCONJ cblr-1737 522 28 the the DET cblr-1737 522 29 risk risk NOUN cblr-1737 522 30 retention retention NOUN cblr-1737 522 31 requirements requirement NOUN cblr-1737 522 32 would would AUX cblr-1737 522 33 significantly significantly ADV cblr-1737 522 34 increase increase VERB cblr-1737 522 35 the the DET cblr-1737 522 36 costs cost NOUN cblr-1737 522 37 of of ADP cblr-1737 522 38 tob tob NOUN cblr-1737 522 39 programs program NOUN cblr-1737 522 40 and and CCONJ cblr-1737 522 41 adversely adversely ADV cblr-1737 522 42 affect affect VERB cblr-1737 522 43 state state NOUN cblr-1737 522 44 and and CCONJ cblr-1737 522 45 local local ADJ cblr-1737 522 46 governments government NOUN cblr-1737 522 47 that that PRON cblr-1737 522 48 indirectly indirectly ADV cblr-1737 522 49 receive receive VERB cblr-1737 522 50 funding funding NOUN cblr-1737 522 51 through through ADP cblr-1737 522 52 these these DET cblr-1737 522 53 programs.198 programs.198 NOUN cblr-1737 522 54 the the DET cblr-1737 522 55 risk risk NOUN cblr-1737 522 56 retention retention NOUN cblr-1737 522 57 provisions provision NOUN cblr-1737 522 58 make make VERB cblr-1737 522 59 sense sense NOUN cblr-1737 522 60 in in ADP cblr-1737 522 61 the the DET cblr-1737 522 62 context context NOUN cblr-1737 522 63 of of ADP cblr-1737 522 64 other other ADJ cblr-1737 522 65 securitized securitized ADJ cblr-1737 522 66 products product NOUN cblr-1737 522 67 where where SCONJ cblr-1737 522 68 there there PRON cblr-1737 522 69 is be VERB cblr-1737 522 70 a a DET cblr-1737 522 71 divergence divergence NOUN cblr-1737 522 72 of of ADP cblr-1737 522 73 interests interest NOUN cblr-1737 522 74 between between ADP cblr-1737 522 75 the the DET cblr-1737 522 76 issuer issuer NOUN cblr-1737 522 77 and and CCONJ cblr-1737 522 78 there there PRON cblr-1737 522 79 are be VERB cblr-1737 522 80 information information NOUN cblr-1737 522 81 gaps gap NOUN cblr-1737 522 82 for for ADP cblr-1737 522 83 investors investor NOUN cblr-1737 522 84 , , PUNCT cblr-1737 522 85 but but CCONJ cblr-1737 522 86 these these DET cblr-1737 522 87 concerns concern NOUN cblr-1737 522 88 do do AUX cblr-1737 522 89 not not PART cblr-1737 522 90 exist exist VERB cblr-1737 522 91 for for ADP cblr-1737 522 92 tobs tob NOUN cblr-1737 522 93 . . PUNCT cblr-1737 523 1 further far ADV cblr-1737 523 2 , , PUNCT cblr-1737 523 3 non non ADJ cblr-1737 523 4 - - NOUN cblr-1737 523 5 exemption exemption NOUN cblr-1737 523 6 will will AUX cblr-1737 523 7 “ " PUNCT cblr-1737 523 8 decrease decrease VERB cblr-1737 523 9 the the DET cblr-1737 523 10 availability availability NOUN cblr-1737 523 11 of of ADP cblr-1737 523 12 tax tax NOUN cblr-1737 523 13 - - PUNCT cblr-1737 523 14 exempt exempt ADJ cblr-1737 523 15 investments investment NOUN cblr-1737 523 16 in in ADP cblr-1737 523 17 the the DET cblr-1737 523 18 market market NOUN cblr-1737 523 19 for for ADP cblr-1737 523 20 money money NOUN cblr-1737 523 21 market market NOUN cblr-1737 523 22 funds fund NOUN cblr-1737 523 23 , , PUNCT cblr-1737 523 24 which which PRON cblr-1737 523 25 are be AUX cblr-1737 523 26 continuing continue VERB cblr-1737 523 27 to to PART cblr-1737 523 28 face face VERB cblr-1737 523 29 limited limited ADJ cblr-1737 523 30 investment investment NOUN cblr-1737 523 31 options option NOUN cblr-1737 523 32 due due ADP cblr-1737 523 33 to to ADP cblr-1737 523 34 constraints constraint NOUN cblr-1737 523 35 imposed impose VERB cblr-1737 523 36 by by ADP cblr-1737 523 37 rule rule NOUN cblr-1737 523 38 2a-7 2a-7 PROPN cblr-1737 523 39 under under ADP cblr-1737 523 40 the the DET cblr-1737 523 41 investment investment NOUN cblr-1737 523 42 company company NOUN cblr-1737 523 43 act act PROPN cblr-1737 523 44 . . PUNCT cblr-1737 523 45 ”199 ”199 PUNCT cblr-1737 523 46 to to PART cblr-1737 523 47 reiterate reiterate VERB cblr-1737 523 48 the the DET cblr-1737 523 49 general general ADJ cblr-1737 523 50 concerns concern NOUN cblr-1737 523 51 regarding regard VERB cblr-1737 523 52 the the DET cblr-1737 523 53 benefits benefit NOUN cblr-1737 523 54 and and CCONJ cblr-1737 523 55 drawbacks drawback NOUN cblr-1737 523 56 of of ADP cblr-1737 523 57 the the DET cblr-1737 523 58 continued continued ADJ cblr-1737 523 59 existence existence NOUN cblr-1737 523 60 of of ADP cblr-1737 523 61 tob tob NOUN cblr-1737 523 62 programs program NOUN cblr-1737 523 63 addressed address VERB cblr-1737 523 64 in in ADP cblr-1737 523 65 the the DET cblr-1737 523 66 previous previous ADJ cblr-1737 523 67 section section NOUN cblr-1737 523 68 , , PUNCT cblr-1737 523 69 tobs tobs PROPN cblr-1737 523 70 worsened worsen VERB cblr-1737 523 71 the the DET cblr-1737 523 72 condition condition NOUN cblr-1737 523 73 of of ADP cblr-1737 523 74 the the DET cblr-1737 523 75 municipal municipal ADJ cblr-1737 523 76 bond bond NOUN cblr-1737 523 77 market market NOUN cblr-1737 523 78 , , PUNCT cblr-1737 523 79 but but CCONJ cblr-1737 523 80 they they PRON cblr-1737 523 81 did do AUX cblr-1737 523 82 not not PART cblr-1737 523 83 alone alone ADV cblr-1737 523 84 cause cause VERB cblr-1737 523 85 the the DET cblr-1737 523 86 yield yield NOUN cblr-1737 523 87 inversion inversion NOUN cblr-1737 523 88 phenomenon.200 phenomenon.200 PRON cblr-1737 523 89 additionally additionally ADV cblr-1737 523 90 , , PUNCT cblr-1737 523 91 tob tob NOUN cblr-1737 523 92 programs program NOUN cblr-1737 523 93 are be AUX cblr-1737 523 94 being be AUX cblr-1737 523 95 run run VERB cblr-1737 523 96 in in ADP cblr-1737 523 97 much much ADV cblr-1737 523 98 safer safe ADJ cblr-1737 523 99 ways way NOUN cblr-1737 523 100 than than SCONJ cblr-1737 523 101 they they PRON cblr-1737 523 102 were be AUX cblr-1737 523 103 before before ADP cblr-1737 523 104 the the DET cblr-1737 523 105 2008 2008 NUM cblr-1737 523 106 financial financial ADJ cblr-1737 523 107 crisis crisis NOUN cblr-1737 523 108 , , PUNCT cblr-1737 523 109 with with ADP cblr-1737 523 110 less less ADJ cblr-1737 523 111 leverage leverage NOUN cblr-1737 523 112 and and CCONJ cblr-1737 523 113 better well ADJ cblr-1737 523 114 collateral.201 collateral.201 NOUN cblr-1737 523 115 v. v. ADP cblr-1737 523 116 proposals proposal NOUN cblr-1737 523 117 for for ADP cblr-1737 523 118 change change NOUN cblr-1737 523 119 current current ADJ cblr-1737 523 120 rulemaking rulemaking NOUN cblr-1737 523 121 relating relate VERB cblr-1737 523 122 to to ADP cblr-1737 523 123 municipal municipal ADJ cblr-1737 523 124 bonds bond NOUN cblr-1737 523 125 — — PUNCT cblr-1737 523 126 the the DET cblr-1737 523 127 lcr lcr NOUN cblr-1737 523 128 , , PUNCT cblr-1737 523 129 the the DET cblr-1737 523 130 volcker volcker NOUN cblr-1737 523 131 rule rule NOUN cblr-1737 523 132 , , PUNCT cblr-1737 523 133 and and CCONJ cblr-1737 523 134 the the DET cblr-1737 523 135 risk risk NOUN cblr-1737 523 136 retention retention NOUN cblr-1737 523 137 rule rule NOUN cblr-1737 523 138 — — PUNCT cblr-1737 523 139 has have AUX cblr-1737 523 140 increased increase VERB cblr-1737 523 141 the the DET cblr-1737 523 142 costs cost NOUN cblr-1737 523 143 of of ADP cblr-1737 523 144 raising raise VERB cblr-1737 523 145 capital capital NOUN cblr-1737 523 146 for for ADP cblr-1737 523 147 municipalities municipality NOUN cblr-1737 523 148 . . PUNCT cblr-1737 524 1 however however ADV cblr-1737 524 2 , , PUNCT cblr-1737 524 3 the the DET cblr-1737 524 4 increased increase VERB cblr-1737 524 5 costs cost NOUN cblr-1737 524 6 do do AUX cblr-1737 524 7 not not PART cblr-1737 524 8 bring bring VERB cblr-1737 524 9 about about ADP cblr-1737 524 10 a a DET cblr-1737 524 11 significant significant ADJ cblr-1737 524 12 improvement improvement NOUN cblr-1737 524 13 in in ADP cblr-1737 524 14 the the DET cblr-1737 524 15 soundness soundness NOUN cblr-1737 524 16 and and CCONJ cblr-1737 524 17 safety safety NOUN cblr-1737 524 18 of of ADP cblr-1737 524 19 the the DET cblr-1737 524 20 financial financial ADJ cblr-1737 524 21 system system NOUN cblr-1737 524 22 . . PUNCT cblr-1737 525 1 with with ADP cblr-1737 525 2 that that PRON cblr-1737 525 3 in in ADP cblr-1737 525 4 mind mind NOUN cblr-1737 525 5 , , PUNCT cblr-1737 525 6 several several ADJ cblr-1737 525 7 recommendations recommendation NOUN cblr-1737 525 8 follow follow VERB cblr-1737 525 9 . . PUNCT cblr-1737 526 1 198 198 NUM cblr-1737 526 2 credit credit NOUN cblr-1737 526 3 risk risk NOUN cblr-1737 526 4 retention retention NOUN cblr-1737 526 5 , , PUNCT cblr-1737 526 6 79 79 NUM cblr-1737 526 7 fed feed VERB cblr-1737 526 8 . . PUNCT cblr-1737 527 1 reg reg PROPN cblr-1737 527 2 . . PUNCT cblr-1737 528 1 at at ADP cblr-1737 528 2 77,660 77,660 NUM cblr-1737 528 3 ( ( PUNCT cblr-1737 528 4 citing cite VERB cblr-1737 528 5 comment comment NOUN cblr-1737 528 6 letters letter NOUN cblr-1737 528 7 received receive VERB cblr-1737 528 8 in in ADP cblr-1737 528 9 response response NOUN cblr-1737 528 10 to to ADP cblr-1737 528 11 the the DET cblr-1737 528 12 proposed propose VERB cblr-1737 528 13 credit credit NOUN cblr-1737 528 14 risk risk NOUN cblr-1737 528 15 retention retention NOUN cblr-1737 528 16 rule rule NOUN cblr-1737 528 17 ) ) PUNCT cblr-1737 528 18 . . PUNCT cblr-1737 529 1 199 199 NUM cblr-1737 530 1 i i NOUN cblr-1737 530 2 d. d. PROPN cblr-1737 530 3 200 200 NUM cblr-1737 530 4 see see VERB cblr-1737 530 5 bergstresser bergstresser NOUN cblr-1737 530 6 , , PUNCT cblr-1737 530 7 cohen cohen PROPN cblr-1737 530 8 , , PUNCT cblr-1737 530 9 and and CCONJ cblr-1737 530 10 shenai shenai PROPN cblr-1737 530 11 , , PUNCT cblr-1737 530 12 supra supra PROPN cblr-1737 530 13 note note NOUN cblr-1737 530 14 60 60 NUM cblr-1737 530 15 , , PUNCT cblr-1737 530 16 at at ADP cblr-1737 530 17 3 3 NUM cblr-1737 530 18 . . PUNCT cblr-1737 530 19 201 201 NUM cblr-1737 530 20 see see VERB cblr-1737 530 21 mcgee mcgee PROPN cblr-1737 530 22 , , PUNCT cblr-1737 530 23 supra supra PROPN cblr-1737 530 24 note note NOUN cblr-1737 530 25 52 52 NUM cblr-1737 530 26 . . PUNCT cblr-1737 531 1 miki miki PROPN cblr-1737 531 2 – – PUNCT cblr-1737 531 3 final final ADJ cblr-1737 531 4 292 292 NUM cblr-1737 531 5 columbia columbia PROPN cblr-1737 531 6 business business NOUN cblr-1737 531 7 law law PROPN cblr-1737 531 8 review review NOUN cblr-1737 531 9 [ [ X cblr-1737 531 10 vol vol NOUN cblr-1737 531 11 . . PUNCT cblr-1737 531 12 2016 2016 NUM cblr-1737 531 13 a. a. NOUN cblr-1737 531 14 classify classify VERB cblr-1737 531 15 investment investment NOUN cblr-1737 531 16 - - PUNCT cblr-1737 531 17 grade grade NOUN cblr-1737 531 18 municipal municipal ADJ cblr-1737 531 19 bonds bond NOUN cblr-1737 531 20 as as ADP cblr-1737 531 21 level level NOUN cblr-1737 531 22 2a 2a NUM cblr-1737 531 23 hqlas hqla NOUN cblr-1737 531 24 with with ADP cblr-1737 531 25 regards regard NOUN cblr-1737 531 26 to to ADP cblr-1737 531 27 the the DET cblr-1737 531 28 lcr lcr NOUN cblr-1737 531 29 and and CCONJ cblr-1737 531 30 the the DET cblr-1737 531 31 corresponding corresponding PROPN cblr-1737 531 32 hqla hqla PROPN cblr-1737 531 33 requirement requirement NOUN cblr-1737 531 34 , , PUNCT cblr-1737 531 35 the the DET cblr-1737 531 36 most most ADV cblr-1737 531 37 liquid liquid ADJ cblr-1737 531 38 municipal municipal ADJ cblr-1737 531 39 bonds bond NOUN cblr-1737 531 40 should should AUX cblr-1737 531 41 be be AUX cblr-1737 531 42 treated treat VERB cblr-1737 531 43 as as ADP cblr-1737 531 44 level level NOUN cblr-1737 531 45 2a 2a NUM cblr-1737 531 46 liquid liquid ADJ cblr-1737 531 47 assets asset NOUN cblr-1737 531 48 . . PUNCT cblr-1737 532 1 this this DET cblr-1737 532 2 treatment treatment NOUN cblr-1737 532 3 is be AUX cblr-1737 532 4 consistent consistent ADJ cblr-1737 532 5 with with ADP cblr-1737 532 6 basel basel PROPN cblr-1737 532 7 iii iii PROPN cblr-1737 532 8 and and CCONJ cblr-1737 532 9 would would AUX cblr-1737 532 10 match match VERB cblr-1737 532 11 h.r h.r PROPN cblr-1737 532 12 . . PROPN cblr-1737 532 13 2209 2209 NUM cblr-1737 532 14 . . PUNCT cblr-1737 533 1 municipal municipal ADJ cblr-1737 533 2 bonds bond NOUN cblr-1737 533 3 compare compare VERB cblr-1737 533 4 favorably favorably ADV cblr-1737 533 5 with with ADP cblr-1737 533 6 two two NUM cblr-1737 533 7 classes class NOUN cblr-1737 533 8 of of ADP cblr-1737 533 9 debt debt NOUN cblr-1737 533 10 included include VERB cblr-1737 533 11 as as ADP cblr-1737 533 12 hqlas hqla NOUN cblr-1737 533 13 : : PUNCT cblr-1737 533 14 investment investment NOUN cblr-1737 533 15 - - PUNCT cblr-1737 533 16 grade grade NOUN cblr-1737 533 17 corporate corporate ADJ cblr-1737 533 18 bonds bond NOUN cblr-1737 533 19 and and CCONJ cblr-1737 533 20 gses gse NOUN cblr-1737 533 21 . . PUNCT cblr-1737 534 1 municipal municipal ADJ cblr-1737 534 2 bonds bond NOUN cblr-1737 534 3 are be AUX cblr-1737 534 4 highly highly ADV cblr-1737 534 5 liquid liquid ADJ cblr-1737 534 6 , , PUNCT cblr-1737 534 7 as as SCONJ cblr-1737 534 8 they they PRON cblr-1737 534 9 are be AUX cblr-1737 534 10 convertible convertible ADJ cblr-1737 534 11 into into ADP cblr-1737 534 12 cash cash NOUN cblr-1737 534 13 with with ADP cblr-1737 534 14 little little ADJ cblr-1737 534 15 or or CCONJ cblr-1737 534 16 no no PRON cblr-1737 534 17 loss loss NOUN cblr-1737 534 18 of of ADP cblr-1737 534 19 value value NOUN cblr-1737 534 20 during during ADP cblr-1737 534 21 a a DET cblr-1737 534 22 period period NOUN cblr-1737 534 23 of of ADP cblr-1737 534 24 liquidity liquidity NOUN cblr-1737 534 25 stress.202 stress.202 PROPN cblr-1737 534 26 as as SCONJ cblr-1737 534 27 noted note VERB cblr-1737 534 28 earlier early ADV cblr-1737 534 29 , , PUNCT cblr-1737 534 30 municipal municipal ADJ cblr-1737 534 31 bonds bond NOUN cblr-1737 534 32 compare compare VERB cblr-1737 534 33 favorably favorably ADV cblr-1737 534 34 with with ADP cblr-1737 534 35 corporate corporate ADJ cblr-1737 534 36 debt debt NOUN cblr-1737 534 37 in in ADP cblr-1737 534 38 terms term NOUN cblr-1737 534 39 of of ADP cblr-1737 534 40 volatility volatility NOUN cblr-1737 534 41 , , PUNCT cblr-1737 534 42 trading trading NOUN cblr-1737 534 43 volume volume NOUN cblr-1737 534 44 and and CCONJ cblr-1737 534 45 ability ability NOUN cblr-1737 534 46 to to PART cblr-1737 534 47 ascertain ascertain VERB cblr-1737 534 48 prices.203 prices.203 NOUN cblr-1737 534 49 additionally additionally ADV cblr-1737 534 50 , , PUNCT cblr-1737 534 51 legislative legislative ADJ cblr-1737 534 52 history history NOUN cblr-1737 534 53 shows show VERB cblr-1737 534 54 that that SCONJ cblr-1737 534 55 municipal municipal ADJ cblr-1737 534 56 bonds bond NOUN cblr-1737 534 57 are be AUX cblr-1737 534 58 treated treat VERB cblr-1737 534 59 similarly similarly ADV cblr-1737 534 60 to to ADP cblr-1737 534 61 gses.204 gses.204 PROPN cblr-1737 534 62 furthermore furthermore ADV cblr-1737 534 63 , , PUNCT cblr-1737 534 64 the the DET cblr-1737 534 65 world world NOUN cblr-1737 534 66 ’s ’s PART cblr-1737 534 67 supply supply NOUN cblr-1737 534 68 of of ADP cblr-1737 534 69 “ " PUNCT cblr-1737 534 70 safe safe ADJ cblr-1737 534 71 ” " PUNCT cblr-1737 534 72 assets asset NOUN cblr-1737 534 73 is be AUX cblr-1737 534 74 increasingly increasingly ADV cblr-1737 534 75 limited limited ADJ cblr-1737 534 76 , , PUNCT cblr-1737 534 77 as as SCONJ cblr-1737 534 78 the the DET cblr-1737 534 79 stock stock NOUN cblr-1737 534 80 of of ADP cblr-1737 534 81 “ " PUNCT cblr-1737 534 82 safe safe ADJ cblr-1737 534 83 ” " PUNCT cblr-1737 534 84 assets asset NOUN cblr-1737 534 85 shrank shrink VERB cblr-1737 534 86 by by ADP cblr-1737 534 87 almost almost ADV cblr-1737 534 88 half half NOUN cblr-1737 534 89 from from ADP cblr-1737 534 90 2007 2007 NUM cblr-1737 534 91 to to ADP cblr-1737 534 92 2012 2012 NUM cblr-1737 534 93 , , PUNCT cblr-1737 534 94 even even ADV cblr-1737 534 95 as as SCONJ cblr-1737 534 96 demand demand NOUN cblr-1737 534 97 increased.205 increased.205 NOUN cblr-1737 534 98 given give VERB cblr-1737 534 99 this this DET cblr-1737 534 100 shrinking shrink VERB cblr-1737 534 101 pool pool NOUN cblr-1737 534 102 of of ADP cblr-1737 534 103 safe safe ADJ cblr-1737 534 104 assets asset NOUN cblr-1737 534 105 , , PUNCT cblr-1737 534 106 it it PRON cblr-1737 534 107 will will AUX cblr-1737 534 108 become become VERB cblr-1737 534 109 even even ADV cblr-1737 534 110 harder hard ADJ cblr-1737 534 111 and and CCONJ cblr-1737 534 112 more more ADV cblr-1737 534 113 expensive expensive ADJ cblr-1737 534 114 for for SCONJ cblr-1737 534 115 banks bank NOUN cblr-1737 534 116 to to PART cblr-1737 534 117 obtain obtain VERB cblr-1737 534 118 hqla hqla ADJ cblr-1737 534 119 - - PUNCT cblr-1737 534 120 eligible eligible ADJ cblr-1737 534 121 capital capital NOUN cblr-1737 534 122 , , PUNCT cblr-1737 534 123 which which PRON cblr-1737 534 124 suggests suggest VERB cblr-1737 534 125 it it PRON cblr-1737 534 126 may may AUX cblr-1737 534 127 make make VERB cblr-1737 534 128 sense sense NOUN cblr-1737 534 129 to to PART cblr-1737 534 130 make make VERB cblr-1737 534 131 municipal municipal ADJ cblr-1737 534 132 bonds bond NOUN cblr-1737 534 133 hqla hqla ADJ cblr-1737 534 134 - - PUNCT cblr-1737 534 135 eligible eligible ADJ cblr-1737 534 136 . . PUNCT cblr-1737 535 1 some some PRON cblr-1737 535 2 argue argue VERB cblr-1737 535 3 the the DET cblr-1737 535 4 hqla hqla PROPN cblr-1737 535 5 exclusion exclusion NOUN cblr-1737 535 6 will will AUX cblr-1737 535 7 have have VERB cblr-1737 535 8 a a DET cblr-1737 535 9 minimal minimal ADJ cblr-1737 535 10 influence influence NOUN cblr-1737 535 11 , , PUNCT cblr-1737 535 12 since since SCONJ cblr-1737 535 13 most most ADJ cblr-1737 535 14 banks bank NOUN cblr-1737 535 15 have have AUX cblr-1737 535 16 anticipated anticipate VERB cblr-1737 535 17 that that SCONJ cblr-1737 535 18 municipal municipal ADJ cblr-1737 535 19 bonds bond NOUN cblr-1737 535 20 would would AUX cblr-1737 535 21 not not PART cblr-1737 535 22 qualify qualify VERB cblr-1737 535 23 for for ADP cblr-1737 535 24 hqla hqla PROPN cblr-1737 535 25 status status NOUN cblr-1737 535 26 ; ; PUNCT cblr-1737 535 27 thus thus ADV cblr-1737 535 28 , , PUNCT cblr-1737 535 29 most most ADJ cblr-1737 535 30 banks bank NOUN cblr-1737 535 31 have have AUX cblr-1737 535 32 not not PART cblr-1737 535 33 been be AUX cblr-1737 535 34 holding hold VERB cblr-1737 535 35 municipal municipal ADJ cblr-1737 535 36 bonds bond NOUN cblr-1737 535 37 with with ADP cblr-1737 535 38 liquidity liquidity NOUN cblr-1737 535 39 in in ADP cblr-1737 535 40 mind mind NOUN cblr-1737 535 41 , , PUNCT cblr-1737 535 42 but but CCONJ cblr-1737 535 43 rather rather ADV cblr-1737 535 44 for for ADP cblr-1737 535 45 a a DET cblr-1737 535 46 profit profit NOUN cblr-1737 535 47 motive.206 motive.206 NOUN cblr-1737 535 48 many many ADJ cblr-1737 535 49 big big ADJ cblr-1737 535 50 banks bank NOUN cblr-1737 535 51 were be AUX cblr-1737 535 52 able able ADJ cblr-1737 535 53 to to PART cblr-1737 535 54 meet meet VERB cblr-1737 535 55 the the DET cblr-1737 535 56 lcr lcr NOUN cblr-1737 535 57 requirements requirement NOUN cblr-1737 535 58 in in ADP cblr-1737 535 59 september september PROPN cblr-1737 535 60 2014 2014 NUM cblr-1737 535 61 202 202 NUM cblr-1737 535 62 sec sec PROPN cblr-1737 535 63 . . PROPN cblr-1737 535 64 indus indus PROPN cblr-1737 535 65 . . PUNCT cblr-1737 535 66 & & CCONJ cblr-1737 535 67 fin fin PROPN cblr-1737 535 68 . . PUNCT cblr-1737 536 1 mkts mkts NOUN cblr-1737 536 2 . . PUNCT cblr-1737 537 1 ass’n ass’n PROPN cblr-1737 537 2 , , PUNCT cblr-1737 537 3 supra supra PROPN cblr-1737 537 4 note note NOUN cblr-1737 537 5 51 51 NUM cblr-1737 537 6 , , PUNCT cblr-1737 537 7 at at ADP cblr-1737 537 8 3 3 NUM cblr-1737 537 9 . . NOUN cblr-1737 537 10 203 203 NUM cblr-1737 537 11 see see VERB cblr-1737 537 12 supra supra PROPN cblr-1737 537 13 notes note NOUN cblr-1737 537 14 124–33 124–33 PROPN cblr-1737 537 15 and and CCONJ cblr-1737 537 16 accompanying accompany VERB cblr-1737 537 17 text text NOUN cblr-1737 537 18 . . PUNCT cblr-1737 538 1 204 204 NUM cblr-1737 538 2 see see VERB cblr-1737 538 3 supra supra PROPN cblr-1737 538 4 note note PROPN cblr-1737 538 5 134 134 NUM cblr-1737 538 6 and and CCONJ cblr-1737 538 7 accompanying accompany VERB cblr-1737 538 8 text text NOUN cblr-1737 538 9 . . PUNCT cblr-1737 539 1 205 205 NUM cblr-1737 539 2 see see VERB cblr-1737 539 3 credit credit NOUN cblr-1737 539 4 suisse suisse PROPN cblr-1737 539 5 , , PUNCT cblr-1737 539 6 2012 2012 NUM cblr-1737 539 7 global global ADJ cblr-1737 539 8 outlook outlook NOUN cblr-1737 539 9 : : PUNCT cblr-1737 539 10 piecing piece VERB cblr-1737 539 11 together together ADV cblr-1737 539 12 or or CCONJ cblr-1737 539 13 falling fall VERB cblr-1737 539 14 to to ADP cblr-1737 539 15 pieces piece NOUN cblr-1737 539 16 ? ? PUNCT cblr-1737 540 1 143 143 NUM cblr-1737 540 2 ( ( PUNCT cblr-1737 540 3 dec dec PROPN cblr-1737 540 4 . . PROPN cblr-1737 540 5 1 1 NUM cblr-1737 540 6 , , PUNCT cblr-1737 540 7 2011 2011 NUM cblr-1737 540 8 ) ) PUNCT cblr-1737 540 9 , , PUNCT cblr-1737 540 10 https://doc.research-andanalytics.csfb.com/docview?language=eng&format=pdf&source_id=em https://doc.research-andanalytics.csfb.com/docview?language=eng&format=pdf&source_id=em PROPN cblr-1737 540 11 & & CCONJ cblr-1737 540 12 document_id=932631241&serialid document_id=932631241&serialid PROPN cblr-1737 540 13 = = PROPN cblr-1737 540 14 jm9q0yxanjeurwyoxen6rjl9nvrt jm9q0yxanjeurwyoxen6rjl9nvrt PROPN cblr-1737 540 15 tgkmmfrorynfrmi%3d tgkmmfrorynfrmi%3d NOUN cblr-1737 541 1 [ [ X cblr-1737 542 1 https://perma.cc/exe5-2e5l https://perma.cc/exe5-2e5l X cblr-1737 542 2 ] ] X cblr-1737 542 3 . . PUNCT cblr-1737 543 1 206 206 NUM cblr-1737 543 2 see see VERB cblr-1737 543 3 jacobsen jacobsen PROPN cblr-1737 543 4 , , PUNCT cblr-1737 543 5 supra supra PROPN cblr-1737 543 6 note note PROPN cblr-1737 543 7 138 138 NUM cblr-1737 543 8 . . PUNCT cblr-1737 544 1 miki miki PROPN cblr-1737 544 2 – – PUNCT cblr-1737 544 3 final final ADJ cblr-1737 544 4 no no NOUN cblr-1737 544 5 . . PUNCT cblr-1737 545 1 1:252 1:252 NOUN cblr-1737 545 2 ] ] X cblr-1737 545 3 live live VERB cblr-1737 545 4 and and CCONJ cblr-1737 545 5 let let AUX cblr-1737 545 6 die die VERB cblr-1737 545 7 293 293 NUM cblr-1737 545 8 despite despite SCONJ cblr-1737 545 9 the the DET cblr-1737 545 10 treatment treatment NOUN cblr-1737 545 11 of of ADP cblr-1737 545 12 municipal municipal ADJ cblr-1737 545 13 bonds.207 bonds.207 NOUN cblr-1737 545 14 further far ADV cblr-1737 545 15 , , PUNCT cblr-1737 545 16 many many ADJ cblr-1737 545 17 banks bank NOUN cblr-1737 545 18 have have AUX cblr-1737 545 19 already already ADV cblr-1737 545 20 posted post VERB cblr-1737 545 21 enough enough ADJ cblr-1737 545 22 collateral collateral NOUN cblr-1737 545 23 to to PART cblr-1737 545 24 continue continue VERB cblr-1737 545 25 to to PART cblr-1737 545 26 hold hold VERB cblr-1737 545 27 their their PRON cblr-1737 545 28 municipal municipal ADJ cblr-1737 545 29 investments.208 investments.208 NOUN cblr-1737 545 30 finally finally ADV cblr-1737 545 31 , , PUNCT cblr-1737 545 32 bank bank PROPN cblr-1737 545 33 of of ADP cblr-1737 545 34 america america PROPN cblr-1737 545 35 merrill merrill PROPN cblr-1737 545 36 lynch lynch PROPN cblr-1737 545 37 contends contend VERB cblr-1737 545 38 that that SCONJ cblr-1737 545 39 only only ADV cblr-1737 545 40 roughly roughly ADV cblr-1737 545 41 half half NOUN cblr-1737 545 42 of of ADP cblr-1737 545 43 the the DET cblr-1737 545 44 municipal municipal ADJ cblr-1737 545 45 bonds bond NOUN cblr-1737 545 46 held hold VERB cblr-1737 545 47 by by ADP cblr-1737 545 48 u.s u.s PROPN cblr-1737 545 49 . . PROPN cblr-1737 545 50 banks bank NOUN cblr-1737 545 51 are be AUX cblr-1737 545 52 held hold VERB cblr-1737 545 53 by by ADP cblr-1737 545 54 banks bank NOUN cblr-1737 545 55 large large ADJ cblr-1737 545 56 enough enough ADV cblr-1737 545 57 to to PART cblr-1737 545 58 be be AUX cblr-1737 545 59 subject subject ADJ cblr-1737 545 60 to to ADP cblr-1737 545 61 the the DET cblr-1737 545 62 hqla hqla PROPN cblr-1737 545 63 regulations.209 regulations.209 NOUN cblr-1737 545 64 however however ADV cblr-1737 545 65 , , PUNCT cblr-1737 545 66 the the DET cblr-1737 545 67 announcement announcement NOUN cblr-1737 545 68 in in ADP cblr-1737 545 69 september september PROPN cblr-1737 545 70 that that SCONJ cblr-1737 545 71 municipal municipal ADJ cblr-1737 545 72 bonds bond NOUN cblr-1737 545 73 would would AUX cblr-1737 545 74 not not PART cblr-1737 545 75 count count VERB cblr-1737 545 76 towards towards ADP cblr-1737 545 77 the the DET cblr-1737 545 78 hqla hqla PROPN cblr-1737 545 79 requirement requirement NOUN cblr-1737 545 80 for for ADP cblr-1737 545 81 the the DET cblr-1737 545 82 time time NOUN cblr-1737 545 83 being be AUX cblr-1737 545 84 has have AUX cblr-1737 545 85 influenced influence VERB cblr-1737 545 86 the the DET cblr-1737 545 87 market.210 market.210 NOUN cblr-1737 545 88 in in ADP cblr-1737 545 89 the the DET cblr-1737 545 90 first first ADJ cblr-1737 545 91 nine nine NUM cblr-1737 545 92 months month NOUN cblr-1737 545 93 of of ADP cblr-1737 545 94 2014 2014 NUM cblr-1737 545 95 , , PUNCT cblr-1737 545 96 municipal municipal ADJ cblr-1737 545 97 bond bond NOUN cblr-1737 545 98 daily daily ADJ cblr-1737 545 99 trading trading NOUN cblr-1737 545 100 volume volume NOUN cblr-1737 545 101 dropped drop VERB cblr-1737 545 102 from from ADP cblr-1737 545 103 $ $ SYM cblr-1737 545 104 4 4 NUM cblr-1737 545 105 billion billion NUM cblr-1737 545 106 to to PART cblr-1737 545 107 $ $ SYM cblr-1737 545 108 3 3 NUM cblr-1737 545 109 billion.211 billion.211 NOUN cblr-1737 545 110 additionally additionally ADV cblr-1737 545 111 , , PUNCT cblr-1737 545 112 not not PART cblr-1737 545 113 including include VERB cblr-1737 545 114 municipal municipal ADJ cblr-1737 545 115 bonds bond NOUN cblr-1737 545 116 as as SCONJ cblr-1737 545 117 hqla hqla PROPN cblr-1737 545 118 may may AUX cblr-1737 545 119 not not PART cblr-1737 545 120 drive drive VERB cblr-1737 545 121 day day NOUN cblr-1737 545 122 - - PUNCT cblr-1737 545 123 today today NOUN cblr-1737 545 124 investment investment NOUN cblr-1737 545 125 decisions decision NOUN cblr-1737 545 126 , , PUNCT cblr-1737 545 127 but but CCONJ cblr-1737 545 128 it it PRON cblr-1737 545 129 could could AUX cblr-1737 545 130 affect affect VERB cblr-1737 545 131 long long ADJ cblr-1737 545 132 - - PUNCT cblr-1737 545 133 term term NOUN cblr-1737 545 134 planning planning NOUN cblr-1737 545 135 as as SCONJ cblr-1737 545 136 banks bank NOUN cblr-1737 545 137 allocate allocate VERB cblr-1737 545 138 capital capital NOUN cblr-1737 545 139 away away ADV cblr-1737 545 140 from from ADP cblr-1737 545 141 municipal municipal ADJ cblr-1737 545 142 bonds bond NOUN cblr-1737 545 143 , , PUNCT cblr-1737 545 144 and and CCONJ cblr-1737 545 145 it it PRON cblr-1737 545 146 may may AUX cblr-1737 545 147 compel compel VERB cblr-1737 545 148 banks bank NOUN cblr-1737 545 149 to to PART cblr-1737 545 150 sell sell VERB cblr-1737 545 151 off off ADP cblr-1737 545 152 municipal municipal ADJ cblr-1737 545 153 bonds bond NOUN cblr-1737 545 154 in in ADP cblr-1737 545 155 times time NOUN cblr-1737 545 156 of of ADP cblr-1737 545 157 market market NOUN cblr-1737 545 158 volatility volatility NOUN cblr-1737 545 159 , , PUNCT cblr-1737 545 160 when when SCONJ cblr-1737 545 161 issuers issuer NOUN cblr-1737 545 162 would would AUX cblr-1737 545 163 most most ADV cblr-1737 545 164 need need VERB cblr-1737 545 165 support support NOUN cblr-1737 545 166 from from ADP cblr-1737 545 167 banks.212 banks.212 NOUN cblr-1737 545 168 a a DET cblr-1737 545 169 financial financial ADJ cblr-1737 545 170 crisis crisis NOUN cblr-1737 545 171 like like ADP cblr-1737 545 172 the the DET cblr-1737 545 173 one one NUM cblr-1737 545 174 in in ADP cblr-1737 545 175 2008 2008 NUM cblr-1737 545 176 may may AUX cblr-1737 545 177 be be AUX cblr-1737 545 178 unlikely unlikely ADJ cblr-1737 545 179 to to PART cblr-1737 545 180 occur occur VERB cblr-1737 545 181 soon,213 soon,213 NOUN cblr-1737 545 182 but but CCONJ cblr-1737 545 183 other other ADJ cblr-1737 545 184 liquidity liquidity NOUN cblr-1737 545 185 events event NOUN cblr-1737 545 186 could could AUX cblr-1737 545 187 force force VERB cblr-1737 545 188 banks bank NOUN cblr-1737 545 189 out out ADP cblr-1737 545 190 of of ADP cblr-1737 545 191 the the DET cblr-1737 545 192 municipal municipal ADJ cblr-1737 545 193 bond bond NOUN cblr-1737 545 194 market market NOUN cblr-1737 545 195 . . PUNCT cblr-1737 546 1 for for ADP cblr-1737 546 2 instance instance NOUN cblr-1737 546 3 , , PUNCT cblr-1737 546 4 in in ADP cblr-1737 546 5 2013 2013 NUM cblr-1737 546 6 , , PUNCT cblr-1737 546 7 following follow VERB cblr-1737 546 8 the the DET cblr-1737 546 9 announcement announcement NOUN cblr-1737 546 10 by by ADP cblr-1737 546 11 ben ben PROPN cblr-1737 546 12 bernanke bernanke PROPN cblr-1737 546 13 , , PUNCT cblr-1737 546 14 then then ADV cblr-1737 546 15 chairman chairman NOUN cblr-1737 546 16 of of ADP cblr-1737 546 17 the the DET cblr-1737 546 18 federal federal PROPN cblr-1737 546 19 reserve reserve PROPN cblr-1737 546 20 , , PUNCT cblr-1737 546 21 that that SCONJ cblr-1737 546 22 the the DET cblr-1737 546 23 federal federal PROPN cblr-1737 546 24 reserve reserve PROPN cblr-1737 546 25 would would AUX cblr-1737 546 26 consider consider VERB cblr-1737 546 27 tapering taper VERB cblr-1737 546 28 its its PRON cblr-1737 546 29 quantitative quantitative ADJ cblr-1737 546 30 207 207 NUM cblr-1737 546 31 see see VERB cblr-1737 546 32 tracy tracy PROPN cblr-1737 546 33 , , PUNCT cblr-1737 546 34 supra supra PROPN cblr-1737 546 35 note note NOUN cblr-1737 546 36 13 13 NUM cblr-1737 546 37 ( ( PUNCT cblr-1737 546 38 “ " PUNCT cblr-1737 546 39 regulators regulator NOUN cblr-1737 546 40 say say VERB cblr-1737 546 41 banks bank NOUN cblr-1737 546 42 are be AUX cblr-1737 546 43 already already ADV cblr-1737 546 44 well well ADV cblr-1737 546 45 on on ADP cblr-1737 546 46 their their PRON cblr-1737 546 47 way way NOUN cblr-1737 546 48 to to ADP cblr-1737 546 49 meeting meet VERB cblr-1737 546 50 the the DET cblr-1737 546 51 rules rule NOUN cblr-1737 546 52 . . PUNCT cblr-1737 546 53 ” " PUNCT cblr-1737 546 54 ) ) PUNCT cblr-1737 546 55 . . PUNCT cblr-1737 547 1 208 208 NUM cblr-1737 547 2 see see VERB cblr-1737 547 3 topic topic NOUN cblr-1737 547 4 of of ADP cblr-1737 547 5 the the DET cblr-1737 547 6 week week NOUN cblr-1737 547 7 : : PUNCT cblr-1737 547 8 banks bank NOUN cblr-1737 547 9 as as ADP cblr-1737 547 10 municipal municipal ADJ cblr-1737 547 11 advisors advisor NOUN cblr-1737 547 12 , , PUNCT cblr-1737 547 13 municipal municipal ADJ cblr-1737 547 14 issuer issuer NOUN cblr-1737 547 15 brief brief NOUN cblr-1737 547 16 ( ( PUNCT cblr-1737 547 17 mun mun PROPN cblr-1737 547 18 . . PROPN cblr-1737 547 19 mkt mkt PROPN cblr-1737 547 20 . . PUNCT cblr-1737 547 21 advisors advisor NOUN cblr-1737 547 22 ) ) PUNCT cblr-1737 547 23 , , PUNCT cblr-1737 547 24 sept sept PROPN cblr-1737 547 25 . . PROPN cblr-1737 547 26 22 22 NUM cblr-1737 547 27 , , PUNCT cblr-1737 547 28 2014 2014 NUM cblr-1737 547 29 , , PUNCT cblr-1737 547 30 at at ADP cblr-1737 547 31 2 2 NUM cblr-1737 547 32 [ [ SYM cblr-1737 547 33 hereinafter hereinafter NOUN cblr-1737 547 34 mma mma PROPN cblr-1737 547 35 september september PROPN cblr-1737 547 36 ] ] PUNCT cblr-1737 547 37 . . PUNCT cblr-1737 548 1 209 209 NUM cblr-1737 548 2 see see VERB cblr-1737 548 3 michael michael PROPN cblr-1737 548 4 aneiro aneiro PROPN cblr-1737 548 5 , , PUNCT cblr-1737 548 6 bofa bofa PROPN cblr-1737 548 7 sees see VERB cblr-1737 548 8 limited limited ADJ cblr-1737 548 9 harm harm NOUN cblr-1737 548 10 to to ADP cblr-1737 548 11 munis muni NOUN cblr-1737 548 12 from from ADP cblr-1737 548 13 new new ADJ cblr-1737 548 14 bank bank NOUN cblr-1737 548 15 liquidity liquidity NOUN cblr-1737 548 16 rule rule NOUN cblr-1737 548 17 , , PUNCT cblr-1737 548 18 barron barron PROPN cblr-1737 548 19 ’s ’s PART cblr-1737 548 20 : : PUNCT cblr-1737 548 21 income income NOUN cblr-1737 548 22 investing investing NOUN cblr-1737 548 23 blog blog NOUN cblr-1737 548 24 ( ( PUNCT cblr-1737 548 25 sept sept PROPN cblr-1737 548 26 . . PROPN cblr-1737 548 27 8 8 NUM cblr-1737 548 28 , , PUNCT cblr-1737 548 29 2014 2014 NUM cblr-1737 548 30 , , PUNCT cblr-1737 548 31 5:37 5:37 NUM cblr-1737 548 32 pm pm NOUN cblr-1737 548 33 ) ) PUNCT cblr-1737 548 34 , , PUNCT cblr-1737 549 1 http://blogs.barrons.com/incomeinvesting/2014/09/08/bofa-seeslimited-harm-to-munis-from-new-bank-liquidity-rule http://blogs.barrons.com/incomeinvesting/2014/09/08/bofa-seeslimited-harm-to-munis-from-new-bank-liquidity-rule PROPN cblr-1737 549 2 [ [ X cblr-1737 549 3 http://perma.cc/3h http://perma.cc/3h X cblr-1737 549 4 cb cb PROPN cblr-1737 549 5 - - PROPN cblr-1737 549 6 e932 e932 PROPN cblr-1737 549 7 ] ] PUNCT cblr-1737 549 8 . . PUNCT cblr-1737 549 9 210 210 NUM cblr-1737 549 10 see see VERB cblr-1737 549 11 colvin colvin NOUN cblr-1737 549 12 , , PUNCT cblr-1737 549 13 supra supra PROPN cblr-1737 549 14 note note NOUN cblr-1737 549 15 139 139 NUM cblr-1737 549 16 . . PUNCT cblr-1737 550 1 see see VERB cblr-1737 550 2 also also ADV cblr-1737 550 3 topic topic NOUN cblr-1737 550 4 of of ADP cblr-1737 550 5 the the DET cblr-1737 550 6 week week NOUN cblr-1737 550 7 , , PUNCT cblr-1737 550 8 municipal municipal ADJ cblr-1737 550 9 issuer issuer NOUN cblr-1737 550 10 brief brief NOUN cblr-1737 550 11 ( ( PUNCT cblr-1737 550 12 mun mun PROPN cblr-1737 550 13 . . PROPN cblr-1737 550 14 mkt mkt PROPN cblr-1737 550 15 . . PUNCT cblr-1737 550 16 advisors advisor NOUN cblr-1737 550 17 ) ) PUNCT cblr-1737 550 18 , , PUNCT cblr-1737 550 19 june june PROPN cblr-1737 550 20 2 2 NUM cblr-1737 550 21 , , PUNCT cblr-1737 550 22 2014 2014 NUM cblr-1737 550 23 , , PUNCT cblr-1737 550 24 at at ADP cblr-1737 550 25 3 3 NUM cblr-1737 550 26 [ [ X cblr-1737 550 27 hereinafter hereinafter NOUN cblr-1737 550 28 mma mma PROPN cblr-1737 550 29 june june PROPN cblr-1737 550 30 ] ] PUNCT cblr-1737 550 31 ( ( PUNCT cblr-1737 550 32 assessing assess VERB cblr-1737 550 33 potential potential ADJ cblr-1737 550 34 market market NOUN cblr-1737 550 35 impacts impact NOUN cblr-1737 550 36 of of ADP cblr-1737 550 37 the the DET cblr-1737 550 38 hqla hqla PROPN cblr-1737 550 39 requirement requirement NOUN cblr-1737 550 40 ) ) PUNCT cblr-1737 550 41 211 211 NUM cblr-1737 550 42 colvin colvin NOUN cblr-1737 550 43 , , PUNCT cblr-1737 550 44 supra supra PROPN cblr-1737 550 45 note note NOUN cblr-1737 550 46 139 139 NUM cblr-1737 550 47 , , PUNCT cblr-1737 550 48 at at ADP cblr-1737 550 49 2 2 NUM cblr-1737 550 50 . . X cblr-1737 550 51 212 212 NUM cblr-1737 550 52 see see VERB cblr-1737 550 53 mma mma PROPN cblr-1737 550 54 june june PROPN cblr-1737 550 55 , , PUNCT cblr-1737 550 56 supra supra PROPN cblr-1737 550 57 note note PROPN cblr-1737 550 58 210 210 NUM cblr-1737 550 59 . . PUNCT cblr-1737 551 1 213 213 NUM cblr-1737 551 2 see see VERB cblr-1737 551 3 i i PROPN cblr-1737 551 4 d. d. PROPN cblr-1737 551 5 ( ( PUNCT cblr-1737 551 6 “ " PUNCT cblr-1737 551 7 mma mma PROPN cblr-1737 551 8 does do AUX cblr-1737 551 9 not not PART cblr-1737 551 10 believe believe VERB cblr-1737 551 11 we we PRON cblr-1737 551 12 will will AUX cblr-1737 551 13 face face VERB cblr-1737 551 14 another another DET cblr-1737 551 15 2008 2008 NUM cblr-1737 551 16 - - PUNCT cblr-1737 551 17 era era NOUN cblr-1737 551 18 crisis crisis NOUN cblr-1737 551 19 in in ADP cblr-1737 551 20 the the DET cblr-1737 551 21 near near ADJ cblr-1737 551 22 term term NOUN cblr-1737 551 23 , , PUNCT cblr-1737 551 24 but but CCONJ cblr-1737 551 25 the the DET cblr-1737 551 26 market market NOUN cblr-1737 551 27 is be AUX cblr-1737 551 28 currently currently ADV cblr-1737 551 29 deprived deprive VERB cblr-1737 551 30 of of ADP cblr-1737 551 31 significant significant ADJ cblr-1737 551 32 dealer dealer NOUN cblr-1737 551 33 support support NOUN cblr-1737 551 34 so so ADV cblr-1737 551 35 losing lose VERB cblr-1737 551 36 an an DET cblr-1737 551 37 element element NOUN cblr-1737 551 38 such such ADJ cblr-1737 551 39 as as ADP cblr-1737 551 40 the the DET cblr-1737 551 41 bank bank NOUN cblr-1737 551 42 support support NOUN cblr-1737 551 43 would would AUX cblr-1737 551 44 be be AUX cblr-1737 551 45 unwelcomed unwelcomed ADJ cblr-1737 551 46 . . PUNCT cblr-1737 551 47 ” " PUNCT cblr-1737 551 48 ) ) PUNCT cblr-1737 551 49 miki miki ADV cblr-1737 551 50 – – PUNCT cblr-1737 551 51 final final ADJ cblr-1737 551 52 294 294 NUM cblr-1737 551 53 columbia columbia PROPN cblr-1737 551 54 business business NOUN cblr-1737 551 55 law law PROPN cblr-1737 551 56 review review NOUN cblr-1737 551 57 [ [ X cblr-1737 551 58 vol vol NOUN cblr-1737 551 59 . . NOUN cblr-1737 551 60 2016 2016 NUM cblr-1737 551 61 easing ease VERB cblr-1737 551 62 program program NOUN cblr-1737 551 63 , , PUNCT cblr-1737 551 64 bond bond NOUN cblr-1737 551 65 markets market NOUN cblr-1737 551 66 froze.214 froze.214 ADV cblr-1737 551 67 finally finally ADV cblr-1737 551 68 , , PUNCT cblr-1737 551 69 in in ADP cblr-1737 551 70 the the DET cblr-1737 551 71 past past NOUN cblr-1737 551 72 , , PUNCT cblr-1737 551 73 banks bank NOUN cblr-1737 551 74 have have AUX cblr-1737 551 75 acted act VERB cblr-1737 551 76 as as ADP cblr-1737 551 77 the the DET cblr-1737 551 78 “ " PUNCT cblr-1737 551 79 buyers buyer NOUN cblr-1737 551 80 of of ADP cblr-1737 551 81 last last ADJ cblr-1737 551 82 resort resort NOUN cblr-1737 551 83 ” " PUNCT cblr-1737 551 84 during during ADP cblr-1737 551 85 times time NOUN cblr-1737 551 86 of of ADP cblr-1737 551 87 crisis crisis NOUN cblr-1737 551 88 , , PUNCT cblr-1737 551 89 such such ADJ cblr-1737 551 90 as as ADP cblr-1737 551 91 when when SCONJ cblr-1737 551 92 municipal municipal ADJ cblr-1737 551 93 bond bond NOUN cblr-1737 551 94 funds fund NOUN cblr-1737 551 95 had have AUX cblr-1737 551 96 to to PART cblr-1737 551 97 sell sell VERB cblr-1737 551 98 bonds bond NOUN cblr-1737 551 99 at at ADP cblr-1737 551 100 distressed distressed ADJ cblr-1737 551 101 prices price NOUN cblr-1737 551 102 to to PART cblr-1737 551 103 meet meet VERB cblr-1737 551 104 payment payment NOUN cblr-1737 551 105 obligations.215 obligations.215 NOUN cblr-1737 551 106 as as SCONJ cblr-1737 551 107 banks bank NOUN cblr-1737 551 108 have have AUX cblr-1737 551 109 been be AUX cblr-1737 551 110 forced force VERB cblr-1737 551 111 to to PART cblr-1737 551 112 shrink shrink VERB cblr-1737 551 113 their their PRON cblr-1737 551 114 balance balance NOUN cblr-1737 551 115 sheets sheet NOUN cblr-1737 551 116 , , PUNCT cblr-1737 551 117 they they PRON cblr-1737 551 118 may may AUX cblr-1737 551 119 be be AUX cblr-1737 551 120 even even ADV cblr-1737 551 121 less less ADV cblr-1737 551 122 inclined inclined ADJ cblr-1737 551 123 to to PART cblr-1737 551 124 act act VERB cblr-1737 551 125 as as ADP cblr-1737 551 126 the the DET cblr-1737 551 127 “ " PUNCT cblr-1737 551 128 buyer buyer NOUN cblr-1737 551 129 of of ADP cblr-1737 551 130 last last ADJ cblr-1737 551 131 resort resort NOUN cblr-1737 551 132 ” " PUNCT cblr-1737 551 133 if if SCONJ cblr-1737 551 134 municipal municipal ADJ cblr-1737 551 135 bonds bond NOUN cblr-1737 551 136 are be AUX cblr-1737 551 137 not not PART cblr-1737 551 138 hqla hqla ADJ cblr-1737 551 139 - - PUNCT cblr-1737 551 140 eligible eligible ADJ cblr-1737 551 141 . . PUNCT cblr-1737 552 1 one one NUM cblr-1737 552 2 concern concern NOUN cblr-1737 552 3 regards regard VERB cblr-1737 552 4 which which PRON cblr-1737 552 5 municipal municipal ADJ cblr-1737 552 6 bonds bond NOUN cblr-1737 552 7 should should AUX cblr-1737 552 8 be be AUX cblr-1737 552 9 incorporated incorporate VERB cblr-1737 552 10 as as ADP cblr-1737 552 11 hqlas hqla NOUN cblr-1737 552 12 , , PUNCT cblr-1737 552 13 as as SCONJ cblr-1737 552 14 regulations regulation NOUN cblr-1737 552 15 would would AUX cblr-1737 552 16 essentially essentially ADV cblr-1737 552 17 pick pick VERB cblr-1737 552 18 “ " PUNCT cblr-1737 552 19 winners winner NOUN cblr-1737 552 20 ” " PUNCT cblr-1737 552 21 and and CCONJ cblr-1737 552 22 “ " PUNCT cblr-1737 552 23 losers loser NOUN cblr-1737 552 24 ” " PUNCT cblr-1737 552 25 from from ADP cblr-1737 552 26 the the DET cblr-1737 552 27 municipal municipal ADJ cblr-1737 552 28 bond bond NOUN cblr-1737 552 29 market.216 market.216 VERB cblr-1737 552 30 the the DET cblr-1737 552 31 standard standard NOUN cblr-1737 552 32 outlined outline VERB cblr-1737 552 33 in in ADP cblr-1737 552 34 12 12 NUM cblr-1737 552 35 c.f.r c.f.r NOUN cblr-1737 552 36 . . PUNCT cblr-1737 553 1 § § PROPN cblr-1737 553 2 1.2 1.2 NUM cblr-1737 553 3 for for ADP cblr-1737 553 4 assessing assess VERB cblr-1737 553 5 whether whether SCONJ cblr-1737 553 6 corporate corporate ADJ cblr-1737 553 7 bonds bond NOUN cblr-1737 553 8 are be AUX cblr-1737 553 9 investment investment NOUN cblr-1737 553 10 grade grade NOUN cblr-1737 553 11 may may AUX cblr-1737 553 12 be be AUX cblr-1737 553 13 a a DET cblr-1737 553 14 logical logical ADJ cblr-1737 553 15 starting starting NOUN cblr-1737 553 16 place place NOUN cblr-1737 553 17 for for ADP cblr-1737 553 18 assessing assess VERB cblr-1737 553 19 municipal municipal ADJ cblr-1737 553 20 bonds,217 bonds,217 NOUN cblr-1737 553 21 since since SCONJ cblr-1737 553 22 credit credit NOUN cblr-1737 553 23 agencies agency NOUN cblr-1737 553 24 ’ ' PUNCT cblr-1737 553 25 ratings rating NOUN cblr-1737 553 26 can can AUX cblr-1737 553 27 not not PART cblr-1737 553 28 be be AUX cblr-1737 553 29 used use VERB cblr-1737 553 30 to to PART cblr-1737 553 31 make make VERB cblr-1737 553 32 determinations determination NOUN cblr-1737 553 33 of of ADP cblr-1737 553 34 investment investment NOUN cblr-1737 553 35 grade grade NOUN cblr-1737 553 36 status.218 status.218 NOUN cblr-1737 553 37 one one NUM cblr-1737 553 38 fear fear NOUN cblr-1737 553 39 is be AUX cblr-1737 553 40 that that SCONJ cblr-1737 553 41 the the DET cblr-1737 553 42 inability inability NOUN cblr-1737 553 43 to to PART cblr-1737 553 44 use use VERB cblr-1737 553 45 ratings rating NOUN cblr-1737 553 46 may may AUX cblr-1737 553 47 force force VERB cblr-1737 553 48 regulators regulator NOUN cblr-1737 553 49 to to PART cblr-1737 553 50 decide decide VERB cblr-1737 553 51 whether whether SCONJ cblr-1737 553 52 something something PRON cblr-1737 553 53 is be AUX cblr-1737 553 54 appropriate appropriate ADJ cblr-1737 553 55 for for ADP cblr-1737 553 56 inclusion inclusion NOUN cblr-1737 553 57 as as ADP cblr-1737 553 58 hqla hqla PROPN cblr-1737 553 59 based base VERB cblr-1737 553 60 on on ADP cblr-1737 553 61 factors factor NOUN cblr-1737 553 62 such such ADJ cblr-1737 553 63 as as ADP cblr-1737 553 64 the the DET cblr-1737 553 65 size size NOUN cblr-1737 553 66 of of ADP cblr-1737 553 67 the the DET cblr-1737 553 68 municipality,219 municipality,219 NOUN cblr-1737 553 69 meaning mean VERB cblr-1737 553 70 smaller small ADJ cblr-1737 553 71 municipal municipal ADJ cblr-1737 553 72 issuers issuer NOUN cblr-1737 553 73 whose whose DET cblr-1737 553 74 bonds bond NOUN cblr-1737 553 75 do do AUX cblr-1737 553 76 not not PART cblr-1737 553 77 trade trade VERB cblr-1737 553 78 as as ADV cblr-1737 553 79 widely widely ADV cblr-1737 553 80 are be AUX cblr-1737 553 81 not not PART cblr-1737 553 82 likely likely ADJ cblr-1737 553 83 to to PART cblr-1737 553 84 have have VERB cblr-1737 553 85 their their PRON cblr-1737 553 86 securities security NOUN cblr-1737 553 87 classified classify VERB cblr-1737 553 88 as as ADP cblr-1737 553 89 hqla.220 hqla.220 PROPN cblr-1737 553 90 senator senator NOUN cblr-1737 553 91 schumer schumer PROPN cblr-1737 553 92 has have AUX cblr-1737 553 93 received receive VERB cblr-1737 553 94 some some DET cblr-1737 553 95 criticism criticism NOUN cblr-1737 553 96 for for ADP cblr-1737 553 97 lobbying lobby VERB cblr-1737 553 98 for for ADP cblr-1737 553 99 the the DET cblr-1737 553 100 classification classification NOUN cblr-1737 553 101 of of ADP cblr-1737 553 102 municipal municipal ADJ cblr-1737 553 103 bonds bond NOUN cblr-1737 553 104 as as ADP cblr-1737 553 105 hqla hqla PROPN cblr-1737 553 106 because because SCONJ cblr-1737 553 107 his his PRON cblr-1737 553 108 constituency constituency NOUN cblr-1737 553 109 , , PUNCT cblr-1737 553 110 new new PROPN cblr-1737 553 111 york york PROPN cblr-1737 553 112 city city PROPN cblr-1737 553 113 , , PUNCT cblr-1737 553 114 is be AUX cblr-1737 553 115 a a DET cblr-1737 553 116 relatively relatively ADV cblr-1737 553 117 respected respected ADJ cblr-1737 553 118 issuer issuer NOUN cblr-1737 553 119 the the DET cblr-1737 553 120 bonds bond NOUN cblr-1737 553 121 of of ADP cblr-1737 553 122 which which PRON cblr-1737 553 123 214 214 NUM cblr-1737 553 124 see see NOUN cblr-1737 553 125 nicholos nicholos PROPN cblr-1737 553 126 venditti venditti PROPN cblr-1737 553 127 , , PUNCT cblr-1737 553 128 the the DET cblr-1737 553 129 hidden hidden ADJ cblr-1737 553 130 risk risk NOUN cblr-1737 553 131 in in ADP cblr-1737 553 132 the the DET cblr-1737 553 133 municipal municipal ADJ cblr-1737 553 134 market market NOUN cblr-1737 553 135 , , PUNCT cblr-1737 553 136 thornburg thornburg PROPN cblr-1737 553 137 inv inv NOUN cblr-1737 553 138 . . PUNCT cblr-1737 554 1 mgmt mgmt PROPN cblr-1737 554 2 . . PROPN cblr-1737 554 3 , , PUNCT cblr-1737 554 4 1 1 NUM cblr-1737 554 5 ( ( PUNCT cblr-1737 554 6 sept sept PROPN cblr-1737 554 7 . . PROPN cblr-1737 554 8 2014 2014 NUM cblr-1737 554 9 ) ) PUNCT cblr-1737 554 10 , , PUNCT cblr-1737 554 11 http://www.thornburg.com/ http://www.thornburg.com/ NOUN cblr-1737 554 12 pdf pdf NOUN cblr-1737 554 13 / / SYM cblr-1737 554 14 separate separate ADJ cblr-1737 554 15 - - PUNCT cblr-1737 554 16 accounts account NOUN cblr-1737 554 17 / / SYM cblr-1737 554 18 th3168_hiddenrisk_article.pdf th3168_hiddenrisk_article.pdf PROPN cblr-1737 555 1 [ [ X cblr-1737 555 2 http://perma.cc/yx http://perma.cc/yx X cblr-1737 555 3 93 93 NUM cblr-1737 555 4 - - SYM cblr-1737 555 5 cp4f cp4f NOUN cblr-1737 555 6 ] ] PUNCT cblr-1737 555 7 . . PUNCT cblr-1737 556 1 215 215 NUM cblr-1737 556 2 see see VERB cblr-1737 556 3 i i PRON cblr-1737 556 4 d. d. PROPN cblr-1737 556 5 216 216 NUM cblr-1737 556 6 mma mma PROPN cblr-1737 556 7 september september PROPN cblr-1737 556 8 , , PUNCT cblr-1737 556 9 supra supra PROPN cblr-1737 556 10 note note NOUN cblr-1737 556 11 208 208 NUM cblr-1737 556 12 . . PUNCT cblr-1737 556 13 217 217 NUM cblr-1737 556 14 12 12 NUM cblr-1737 556 15 c.f.r c.f.r NOUN cblr-1737 556 16 . . PUNCT cblr-1737 557 1 § § PROPN cblr-1737 557 2 1.2(d 1.2(d NUM cblr-1737 557 3 ) ) PUNCT cblr-1737 557 4 ( ( PUNCT cblr-1737 557 5 2014 2014 NUM cblr-1737 557 6 ) ) PUNCT cblr-1737 557 7 ( ( PUNCT cblr-1737 557 8 “ " PUNCT cblr-1737 557 9 investment investment NOUN cblr-1737 557 10 grade grade NOUN cblr-1737 557 11 means mean VERB cblr-1737 557 12 the the DET cblr-1737 557 13 issuer issuer NOUN cblr-1737 557 14 of of ADP cblr-1737 557 15 a a DET cblr-1737 557 16 security security NOUN cblr-1737 557 17 has have VERB cblr-1737 557 18 an an DET cblr-1737 557 19 adequate adequate ADJ cblr-1737 557 20 capacity capacity NOUN cblr-1737 557 21 to to PART cblr-1737 557 22 meet meet VERB cblr-1737 557 23 financial financial ADJ cblr-1737 557 24 commitments commitment NOUN cblr-1737 557 25 under under ADP cblr-1737 557 26 the the DET cblr-1737 557 27 security security NOUN cblr-1737 557 28 for for ADP cblr-1737 557 29 the the DET cblr-1737 557 30 projected project VERB cblr-1737 557 31 life life NOUN cblr-1737 557 32 of of ADP cblr-1737 557 33 the the DET cblr-1737 557 34 asset asset NOUN cblr-1737 557 35 or or CCONJ cblr-1737 557 36 exposure exposure NOUN cblr-1737 557 37 . . PUNCT cblr-1737 558 1 an an DET cblr-1737 558 2 issuer issuer NOUN cblr-1737 558 3 has have VERB cblr-1737 558 4 an an DET cblr-1737 558 5 adequate adequate ADJ cblr-1737 558 6 capacity capacity NOUN cblr-1737 558 7 to to PART cblr-1737 558 8 meet meet VERB cblr-1737 558 9 financial financial ADJ cblr-1737 558 10 commitments commitment NOUN cblr-1737 558 11 if if SCONJ cblr-1737 558 12 the the DET cblr-1737 558 13 risk risk NOUN cblr-1737 558 14 of of ADP cblr-1737 558 15 default default NOUN cblr-1737 558 16 by by ADP cblr-1737 558 17 the the DET cblr-1737 558 18 obligor obligor NOUN cblr-1737 558 19 is be AUX cblr-1737 558 20 low low ADJ cblr-1737 558 21 and and CCONJ cblr-1737 558 22 the the DET cblr-1737 558 23 full full ADJ cblr-1737 558 24 and and CCONJ cblr-1737 558 25 timely timely ADJ cblr-1737 558 26 repayment repayment NOUN cblr-1737 558 27 of of ADP cblr-1737 558 28 principal principal NOUN cblr-1737 558 29 and and CCONJ cblr-1737 558 30 interest interest NOUN cblr-1737 558 31 is be AUX cblr-1737 558 32 expected expect VERB cblr-1737 558 33 . . PUNCT cblr-1737 558 34 ” " PUNCT cblr-1737 558 35 ) ) PUNCT cblr-1737 558 36 . . PUNCT cblr-1737 559 1 218 218 NUM cblr-1737 559 2 see see VERB cblr-1737 559 3 citigroup citigroup PROPN cblr-1737 559 4 global global ADJ cblr-1737 559 5 mkts mkts NOUN cblr-1737 559 6 . . PROPN cblr-1737 559 7 , , PUNCT cblr-1737 559 8 inc inc PROPN cblr-1737 559 9 . . PROPN cblr-1737 559 10 , , PUNCT cblr-1737 559 11 supra supra PROPN cblr-1737 559 12 note note PROPN cblr-1737 559 13 128 128 NUM cblr-1737 559 14 , , PUNCT cblr-1737 559 15 at at ADP cblr-1737 559 16 16 16 NUM cblr-1737 559 17 . . PUNCT cblr-1737 560 1 219 219 NUM cblr-1737 560 2 see see VERB cblr-1737 560 3 mma mma PROPN cblr-1737 560 4 september september PROPN cblr-1737 560 5 , , PUNCT cblr-1737 560 6 supra supra PROPN cblr-1737 560 7 note note NOUN cblr-1737 560 8 208 208 NUM cblr-1737 560 9 . . NOUN cblr-1737 560 10 220 220 NUM cblr-1737 560 11 see see VERB cblr-1737 560 12 i i PRON cblr-1737 560 13 d. d. PROPN cblr-1737 560 14 miki miki PROPN cblr-1737 560 15 – – PUNCT cblr-1737 560 16 final final ADJ cblr-1737 560 17 no no NOUN cblr-1737 560 18 . . PUNCT cblr-1737 561 1 1:252 1:252 NOUN cblr-1737 561 2 ] ] X cblr-1737 561 3 live live VERB cblr-1737 561 4 and and CCONJ cblr-1737 561 5 let let VERB cblr-1737 561 6 die die VERB cblr-1737 561 7 295 295 NUM cblr-1737 561 8 are be AUX cblr-1737 561 9 very very ADV cblr-1737 561 10 likely likely ADJ cblr-1737 561 11 to to PART cblr-1737 561 12 qualify qualify VERB cblr-1737 561 13 as as ADP cblr-1737 561 14 hqla.221 hqla.221 NOUN cblr-1737 561 15 thus thus ADV cblr-1737 561 16 , , PUNCT cblr-1737 561 17 there there PRON cblr-1737 561 18 is be VERB cblr-1737 561 19 the the DET cblr-1737 561 20 potential potential NOUN cblr-1737 561 21 that that SCONJ cblr-1737 561 22 funding funding NOUN cblr-1737 561 23 costs cost NOUN cblr-1737 561 24 for for ADP cblr-1737 561 25 smaller small ADJ cblr-1737 561 26 municipalities municipality NOUN cblr-1737 561 27 , , PUNCT cblr-1737 561 28 those those PRON cblr-1737 561 29 that that PRON cblr-1737 561 30 do do AUX cblr-1737 561 31 not not PART cblr-1737 561 32 have have VERB cblr-1737 561 33 as as ADV cblr-1737 561 34 much much ADJ cblr-1737 561 35 access access NOUN cblr-1737 561 36 to to ADP cblr-1737 561 37 funding funding NOUN cblr-1737 561 38 in in ADP cblr-1737 561 39 the the DET cblr-1737 561 40 first first ADJ cblr-1737 561 41 place place NOUN cblr-1737 561 42 , , PUNCT cblr-1737 561 43 will will AUX cblr-1737 561 44 rise rise VERB cblr-1737 561 45 disproportionately disproportionately ADV cblr-1737 561 46 compared compare VERB cblr-1737 561 47 to to ADP cblr-1737 561 48 the the DET cblr-1737 561 49 rest rest NOUN cblr-1737 561 50 of of ADP cblr-1737 561 51 the the DET cblr-1737 561 52 municipal municipal ADJ cblr-1737 561 53 market market NOUN cblr-1737 561 54 . . PUNCT cblr-1737 562 1 these these DET cblr-1737 562 2 effects effect NOUN cblr-1737 562 3 might might AUX cblr-1737 562 4 be be AUX cblr-1737 562 5 mitigated mitigate VERB cblr-1737 562 6 , , PUNCT cblr-1737 562 7 however however ADV cblr-1737 562 8 , , PUNCT cblr-1737 562 9 by by ADP cblr-1737 562 10 the the DET cblr-1737 562 11 fact fact NOUN cblr-1737 562 12 that that SCONJ cblr-1737 562 13 local local ADJ cblr-1737 562 14 issuers issuer NOUN cblr-1737 562 15 may may AUX cblr-1737 562 16 borrow borrow VERB cblr-1737 562 17 from from ADP cblr-1737 562 18 community community NOUN cblr-1737 562 19 and and CCONJ cblr-1737 562 20 regional regional ADJ cblr-1737 562 21 banks bank NOUN cblr-1737 562 22 unaffected unaffected ADJ cblr-1737 562 23 by by ADP cblr-1737 562 24 the the DET cblr-1737 562 25 rules rule NOUN cblr-1737 562 26 , , PUNCT cblr-1737 562 27 whereas whereas SCONJ cblr-1737 562 28 larger large ADJ cblr-1737 562 29 banks bank NOUN cblr-1737 562 30 that that PRON cblr-1737 562 31 are be AUX cblr-1737 562 32 subject subject ADJ cblr-1737 562 33 to to ADP cblr-1737 562 34 the the DET cblr-1737 562 35 hqla hqla PROPN cblr-1737 562 36 might might AUX cblr-1737 562 37 already already ADV cblr-1737 562 38 be be AUX cblr-1737 562 39 investing invest VERB cblr-1737 562 40 in in ADP cblr-1737 562 41 larger large ADJ cblr-1737 562 42 issues issue NOUN cblr-1737 562 43 of of ADP cblr-1737 562 44 municipal municipal ADJ cblr-1737 562 45 bonds.222 bonds.222 PROPN cblr-1737 562 46 thus thus ADV cblr-1737 562 47 , , PUNCT cblr-1737 562 48 the the DET cblr-1737 562 49 choosing choosing NOUN cblr-1737 562 50 of of ADP cblr-1737 562 51 “ " PUNCT cblr-1737 562 52 winners winner NOUN cblr-1737 562 53 ” " PUNCT cblr-1737 562 54 and and CCONJ cblr-1737 562 55 “ " PUNCT cblr-1737 562 56 losers loser NOUN cblr-1737 562 57 ” " PUNCT cblr-1737 562 58 should should AUX cblr-1737 562 59 not not PART cblr-1737 562 60 have have VERB cblr-1737 562 61 a a DET cblr-1737 562 62 bifurcating bifurcate VERB cblr-1737 562 63 effect effect NOUN cblr-1737 562 64 on on ADP cblr-1737 562 65 the the DET cblr-1737 562 66 municipal municipal ADJ cblr-1737 562 67 bond bond NOUN cblr-1737 562 68 market market NOUN cblr-1737 562 69 . . PUNCT cblr-1737 563 1 overall overall ADV cblr-1737 563 2 , , PUNCT cblr-1737 563 3 the the DET cblr-1737 563 4 effect effect NOUN cblr-1737 563 5 of of ADP cblr-1737 563 6 the the DET cblr-1737 563 7 exclusion exclusion NOUN cblr-1737 563 8 of of ADP cblr-1737 563 9 municipal municipal ADJ cblr-1737 563 10 bonds bond NOUN cblr-1737 563 11 , , PUNCT cblr-1737 563 12 particularly particularly ADV cblr-1737 563 13 in in ADP cblr-1737 563 14 the the DET cblr-1737 563 15 short short ADJ cblr-1737 563 16 - - PUNCT cblr-1737 563 17 term term NOUN cblr-1737 563 18 , , PUNCT cblr-1737 563 19 may may AUX cblr-1737 563 20 be be AUX cblr-1737 563 21 limited limit VERB cblr-1737 563 22 , , PUNCT cblr-1737 563 23 but but CCONJ cblr-1737 563 24 there there PRON cblr-1737 563 25 are be VERB cblr-1737 563 26 signs sign NOUN cblr-1737 563 27 that that SCONJ cblr-1737 563 28 there there PRON cblr-1737 563 29 may may AUX cblr-1737 563 30 be be AUX cblr-1737 563 31 undesirable undesirable ADJ cblr-1737 563 32 long long ADJ cblr-1737 563 33 - - PUNCT cblr-1737 563 34 term term NOUN cblr-1737 563 35 effects effect NOUN cblr-1737 563 36 . . PUNCT cblr-1737 564 1 the the DET cblr-1737 564 2 exclusion exclusion NOUN cblr-1737 564 3 also also ADV cblr-1737 564 4 does do AUX cblr-1737 564 5 not not PART cblr-1737 564 6 make make VERB cblr-1737 564 7 sense sense NOUN cblr-1737 564 8 when when SCONJ cblr-1737 564 9 considering consider VERB cblr-1737 564 10 what what PRON cblr-1737 564 11 other other ADJ cblr-1737 564 12 asset asset NOUN cblr-1737 564 13 classes class NOUN cblr-1737 564 14 are be AUX cblr-1737 564 15 hqla hqla ADJ cblr-1737 564 16 - - PUNCT cblr-1737 564 17 eligible eligible ADJ cblr-1737 564 18 , , PUNCT cblr-1737 564 19 such such ADJ cblr-1737 564 20 as as ADP cblr-1737 564 21 corporate corporate ADJ cblr-1737 564 22 bonds bond NOUN cblr-1737 564 23 , , PUNCT cblr-1737 564 24 which which PRON cblr-1737 564 25 are be AUX cblr-1737 564 26 riskier risky ADJ cblr-1737 564 27 and and CCONJ cblr-1737 564 28 are be AUX cblr-1737 564 29 not not PART cblr-1737 564 30 any any PRON cblr-1737 564 31 more more ADV cblr-1737 564 32 liquid liquid ADJ cblr-1737 564 33 than than ADP cblr-1737 564 34 municipal municipal ADJ cblr-1737 564 35 bonds.223 bonds.223 NOUN cblr-1737 564 36 the the DET cblr-1737 564 37 definition definition NOUN cblr-1737 564 38 for for ADP cblr-1737 564 39 “ " PUNCT cblr-1737 564 40 investment investment NOUN cblr-1737 564 41 grade grade NOUN cblr-1737 564 42 ” " PUNCT cblr-1737 564 43 outlined outline VERB cblr-1737 564 44 in in ADP cblr-1737 564 45 12 12 NUM cblr-1737 564 46 c.f.r c.f.r NOUN cblr-1737 564 47 . . PUNCT cblr-1737 565 1 § § PROPN cblr-1737 565 2 1.2 1.2 NUM cblr-1737 565 3 should should AUX cblr-1737 565 4 be be AUX cblr-1737 565 5 used use VERB cblr-1737 565 6 to to PART cblr-1737 565 7 determine determine VERB cblr-1737 565 8 which which PRON cblr-1737 565 9 municipal municipal ADJ cblr-1737 565 10 bonds bond NOUN cblr-1737 565 11 are be AUX cblr-1737 565 12 fit fit ADJ cblr-1737 565 13 for for ADP cblr-1737 565 14 inclusion inclusion NOUN cblr-1737 565 15 as as ADP cblr-1737 565 16 hqlas hqla NOUN cblr-1737 565 17 , , PUNCT cblr-1737 565 18 and and CCONJ cblr-1737 565 19 those those PRON cblr-1737 565 20 that that PRON cblr-1737 565 21 meet meet VERB cblr-1737 565 22 the the DET cblr-1737 565 23 criteria criterion NOUN cblr-1737 565 24 should should AUX cblr-1737 565 25 be be AUX cblr-1737 565 26 deemed deem VERB cblr-1737 565 27 level level NOUN cblr-1737 565 28 2a 2a NUM cblr-1737 565 29 liquid liquid ADJ cblr-1737 565 30 assets asset NOUN cblr-1737 565 31 , , PUNCT cblr-1737 565 32 consistent consistent ADJ cblr-1737 565 33 with with ADP cblr-1737 565 34 the the DET cblr-1737 565 35 proposed propose VERB cblr-1737 565 36 policy policy NOUN cblr-1737 565 37 of of ADP cblr-1737 565 38 h.r h.r PROPN cblr-1737 565 39 . . PROPN cblr-1737 565 40 2209.224 2209.224 PROPN cblr-1737 565 41 b. b. PROPN cblr-1737 565 42 exempt exempt ADJ cblr-1737 565 43 tobs tob NOUN cblr-1737 565 44 from from ADP cblr-1737 565 45 the the DET cblr-1737 565 46 volcker volcker NOUN cblr-1737 565 47 rule rule NOUN cblr-1737 565 48 “ " PUNCT cblr-1737 565 49 covered cover VERB cblr-1737 565 50 funds fund NOUN cblr-1737 565 51 ” " PUNCT cblr-1737 565 52 definition definition NOUN cblr-1737 565 53 as as SCONJ cblr-1737 565 54 analyzed analyze VERB cblr-1737 565 55 earlier early ADV cblr-1737 565 56 , , PUNCT cblr-1737 565 57 good good ADJ cblr-1737 565 58 reasons reason NOUN cblr-1737 565 59 exist exist VERB cblr-1737 565 60 to to PART cblr-1737 565 61 exempt exempt VERB cblr-1737 565 62 tobs tob NOUN cblr-1737 565 63 from from ADP cblr-1737 565 64 the the DET cblr-1737 565 65 volcker volcker NOUN cblr-1737 565 66 rule rule NOUN cblr-1737 565 67 prohibitions prohibition NOUN cblr-1737 565 68 on on ADP cblr-1737 565 69 investments investment NOUN cblr-1737 565 70 in in ADP cblr-1737 565 71 “ " PUNCT cblr-1737 565 72 covered covered ADJ cblr-1737 565 73 funds fund NOUN cblr-1737 565 74 . . PUNCT cblr-1737 565 75 ” " PUNCT cblr-1737 566 1 while while SCONJ cblr-1737 566 2 tobs tob NOUN cblr-1737 566 3 did do AUX cblr-1737 566 4 help help VERB cblr-1737 566 5 to to PART cblr-1737 566 6 exacerbate exacerbate VERB cblr-1737 566 7 the the DET cblr-1737 566 8 financial financial ADJ cblr-1737 566 9 crisis crisis NOUN cblr-1737 566 10 and and CCONJ cblr-1737 566 11 accelerate accelerate VERB cblr-1737 566 12 the the DET cblr-1737 566 13 destabilization destabilization NOUN cblr-1737 566 14 of of ADP cblr-1737 566 15 the the DET cblr-1737 566 16 municipal municipal ADJ cblr-1737 566 17 bond bond NOUN cblr-1737 566 18 market market NOUN cblr-1737 566 19 , , PUNCT cblr-1737 566 20 tobs tobs PROPN cblr-1737 566 21 were be AUX cblr-1737 566 22 not not PART cblr-1737 566 23 the the DET cblr-1737 566 24 instruments instrument NOUN cblr-1737 566 25 primarily primarily ADV cblr-1737 566 26 responsible responsible ADJ cblr-1737 566 27 for for ADP cblr-1737 566 28 the the DET cblr-1737 566 29 “ " PUNCT cblr-1737 566 30 yield yield NOUN cblr-1737 566 31 inversion inversion NOUN cblr-1737 566 32 ” " PUNCT cblr-1737 566 33 phenomenon phenomenon NOUN cblr-1737 566 34 , , PUNCT cblr-1737 566 35 and and CCONJ cblr-1737 566 36 tob tob VERB cblr-1737 566 37 programs program NOUN cblr-1737 566 38 are be AUX cblr-1737 566 39 generally generally ADV cblr-1737 566 40 being be AUX cblr-1737 566 41 run run VERB cblr-1737 566 42 with with ADP cblr-1737 566 43 lower low ADJ cblr-1737 566 44 221 221 NUM cblr-1737 566 45 see see VERB cblr-1737 566 46 the the DET cblr-1737 566 47 muni muni ADJ cblr-1737 566 48 bond bond NOUN cblr-1737 566 49 lobby lobby NOUN cblr-1737 566 50 , , PUNCT cblr-1737 566 51 supra supra PROPN cblr-1737 566 52 note note NOUN cblr-1737 566 53 34 34 NUM cblr-1737 566 54 . . NOUN cblr-1737 566 55 222 222 NUM cblr-1737 566 56 see see VERB cblr-1737 566 57 mma mma PROPN cblr-1737 566 58 september september PROPN cblr-1737 566 59 , , PUNCT cblr-1737 566 60 supra supra PROPN cblr-1737 566 61 note note NOUN cblr-1737 566 62 208 208 NUM cblr-1737 566 63 . . PUNCT cblr-1737 566 64 223 223 NUM cblr-1737 566 65 see see VERB cblr-1737 566 66 jacobsen jacobsen PROPN cblr-1737 566 67 , , PUNCT cblr-1737 566 68 supra supra PROPN cblr-1737 566 69 note note PROPN cblr-1737 566 70 138 138 NUM cblr-1737 566 71 . . PUNCT cblr-1737 567 1 224 224 NUM cblr-1737 567 2 see see VERB cblr-1737 567 3 h.r h.r PROPN cblr-1737 567 4 . . PROPN cblr-1737 567 5 2209 2209 NUM cblr-1737 567 6 , , PUNCT cblr-1737 567 7 114th 114th PROPN cblr-1737 567 8 cong cong NOUN cblr-1737 567 9 . . PUNCT cblr-1737 568 1 ( ( PUNCT cblr-1737 568 2 2015 2015 NUM cblr-1737 568 3 ) ) PUNCT cblr-1737 568 4 . . PUNCT cblr-1737 569 1 miki miki PROPN cblr-1737 569 2 – – PUNCT cblr-1737 569 3 final final ADJ cblr-1737 569 4 296 296 NUM cblr-1737 569 5 columbia columbia PROPN cblr-1737 569 6 business business NOUN cblr-1737 569 7 law law NOUN cblr-1737 569 8 review review NOUN cblr-1737 570 1 [ [ X cblr-1737 570 2 vol vol NOUN cblr-1737 570 3 . . NOUN cblr-1737 570 4 2016 2016 NUM cblr-1737 570 5 leverage leverage NOUN cblr-1737 570 6 and and CCONJ cblr-1737 570 7 stronger strong ADJ cblr-1737 570 8 collateral collateral NOUN cblr-1737 570 9 in in ADP cblr-1737 570 10 the the DET cblr-1737 570 11 post post NOUN cblr-1737 570 12 - - NOUN cblr-1737 570 13 crisis crisis NOUN cblr-1737 570 14 years.225 years.225 NOUN cblr-1737 570 15 tobs tob NOUN cblr-1737 570 16 are be AUX cblr-1737 570 17 essentially essentially ADV cblr-1737 570 18 a a DET cblr-1737 570 19 form form NOUN cblr-1737 570 20 of of ADP cblr-1737 570 21 short short ADJ cblr-1737 570 22 - - PUNCT cblr-1737 570 23 term term NOUN cblr-1737 570 24 financing financing NOUN cblr-1737 570 25 in in ADP cblr-1737 570 26 the the DET cblr-1737 570 27 municipal municipal ADJ cblr-1737 570 28 bond bond NOUN cblr-1737 570 29 market market NOUN cblr-1737 570 30 , , PUNCT cblr-1737 570 31 and and CCONJ cblr-1737 570 32 they they PRON cblr-1737 570 33 are be AUX cblr-1737 570 34 actually actually ADV cblr-1737 570 35 safer safe ADJ cblr-1737 570 36 than than ADP cblr-1737 570 37 the the DET cblr-1737 570 38 municipal municipal ADJ cblr-1737 570 39 bonds bond NOUN cblr-1737 570 40 themselves.226 themselves.226 VERB cblr-1737 570 41 while while SCONJ cblr-1737 570 42 it it PRON cblr-1737 570 43 is be AUX cblr-1737 570 44 true true ADJ cblr-1737 570 45 that that SCONJ cblr-1737 570 46 the the DET cblr-1737 570 47 tob tob NOUN cblr-1737 570 48 market market NOUN cblr-1737 570 49 is be AUX cblr-1737 570 50 much much ADV cblr-1737 570 51 smaller small ADJ cblr-1737 570 52 than than ADP cblr-1737 570 53 the the DET cblr-1737 570 54 underlying underlie VERB cblr-1737 570 55 municipal municipal ADJ cblr-1737 570 56 bond bond NOUN cblr-1737 570 57 market market NOUN cblr-1737 570 58 , , PUNCT cblr-1737 570 59 killing kill VERB cblr-1737 570 60 the the DET cblr-1737 570 61 market market NOUN cblr-1737 570 62 for for ADP cblr-1737 570 63 tobs tob NOUN cblr-1737 570 64 would would AUX cblr-1737 570 65 raise raise VERB cblr-1737 570 66 the the DET cblr-1737 570 67 costs cost NOUN cblr-1737 570 68 of of ADP cblr-1737 570 69 capital capital NOUN cblr-1737 570 70 for for ADP cblr-1737 570 71 municipalities municipality NOUN cblr-1737 570 72 by by ADP cblr-1737 570 73 taking take VERB cblr-1737 570 74 away away ADV cblr-1737 570 75 a a DET cblr-1737 570 76 source source NOUN cblr-1737 570 77 of of ADP cblr-1737 570 78 demand demand NOUN cblr-1737 570 79 for for ADP cblr-1737 570 80 municipal municipal ADJ cblr-1737 570 81 bonds.227 bonds.227 PROPN cblr-1737 570 82 eliminating eliminate VERB cblr-1737 570 83 the the DET cblr-1737 570 84 tob tob NOUN cblr-1737 570 85 market market NOUN cblr-1737 570 86 would would AUX cblr-1737 570 87 also also ADV cblr-1737 570 88 have have VERB cblr-1737 570 89 negative negative ADJ cblr-1737 570 90 ripple ripple ADJ cblr-1737 570 91 effects effect NOUN cblr-1737 570 92 on on ADP cblr-1737 570 93 money money NOUN cblr-1737 570 94 market market NOUN cblr-1737 570 95 mutual mutual ADJ cblr-1737 570 96 funds fund NOUN cblr-1737 570 97 , , PUNCT cblr-1737 570 98 which which PRON cblr-1737 570 99 would would AUX cblr-1737 570 100 be be AUX cblr-1737 570 101 deprived deprive VERB cblr-1737 570 102 of of ADP cblr-1737 570 103 a a DET cblr-1737 570 104 source source NOUN cblr-1737 570 105 of of ADP cblr-1737 570 106 safe safe ADJ cblr-1737 570 107 , , PUNCT cblr-1737 570 108 shortterm shortterm PROPN cblr-1737 570 109 capital.228 capital.228 PROPN cblr-1737 570 110 while while SCONJ cblr-1737 570 111 it it PRON cblr-1737 570 112 is be AUX cblr-1737 570 113 understandable understandable ADJ cblr-1737 570 114 that that SCONJ cblr-1737 570 115 rule rule NOUN cblr-1737 570 116 - - PUNCT cblr-1737 570 117 makers maker NOUN cblr-1737 570 118 want want VERB cblr-1737 570 119 to to PART cblr-1737 570 120 simplify simplify VERB cblr-1737 570 121 dodd dodd PROPN cblr-1737 570 122 - - PUNCT cblr-1737 570 123 frank frank PROPN cblr-1737 570 124 when when SCONJ cblr-1737 570 125 possible possible ADJ cblr-1737 570 126 , , PUNCT cblr-1737 570 127 there there PRON cblr-1737 570 128 is be VERB cblr-1737 570 129 good good ADJ cblr-1737 570 130 reason reason NOUN cblr-1737 570 131 to to PART cblr-1737 570 132 separate separate VERB cblr-1737 570 133 how how SCONJ cblr-1737 570 134 tob tob NOUN cblr-1737 570 135 trusts trust NOUN cblr-1737 570 136 and and CCONJ cblr-1737 570 137 other other ADJ cblr-1737 570 138 entities entity NOUN cblr-1737 570 139 such such ADJ cblr-1737 570 140 as as ADP cblr-1737 570 141 hedge hedge NOUN cblr-1737 570 142 funds fund NOUN cblr-1737 570 143 are be AUX cblr-1737 570 144 treated treat VERB cblr-1737 570 145 under under ADP cblr-1737 570 146 the the DET cblr-1737 570 147 volcker volcker NOUN cblr-1737 570 148 rule rule NOUN cblr-1737 570 149 . . PUNCT cblr-1737 571 1 regulators regulator NOUN cblr-1737 571 2 have have AUX cblr-1737 571 3 relied rely VERB cblr-1737 571 4 on on ADP cblr-1737 571 5 the the DET cblr-1737 571 6 fact fact NOUN cblr-1737 571 7 that that SCONJ cblr-1737 571 8 tobs tob NOUN cblr-1737 571 9 utilize utilize VERB cblr-1737 571 10 the the DET cblr-1737 571 11 same same ADJ cblr-1737 571 12 exemption exemption NOUN cblr-1737 571 13 within within ADP cblr-1737 571 14 the the DET cblr-1737 571 15 investment investment NOUN cblr-1737 571 16 company company NOUN cblr-1737 571 17 act act VERB cblr-1737 571 18 as as SCONJ cblr-1737 571 19 these these DET cblr-1737 571 20 other other ADJ cblr-1737 571 21 vehicles,229 vehicles,229 NOUN cblr-1737 571 22 section section NOUN cblr-1737 571 23 3(c)(1 3(c)(1 NUM cblr-1737 571 24 ) ) PUNCT cblr-1737 571 25 or or CCONJ cblr-1737 571 26 3(c)(7 3(c)(7 NUM cblr-1737 571 27 ) ) PUNCT cblr-1737 571 28 of of ADP cblr-1737 571 29 the the DET cblr-1737 571 30 investment investment NOUN cblr-1737 571 31 company company NOUN cblr-1737 571 32 act.230 act.230 ADP cblr-1737 571 33 these these DET cblr-1737 571 34 exclusions exclusion NOUN cblr-1737 571 35 allow allow VERB cblr-1737 571 36 for for ADP cblr-1737 571 37 exemptions exemption NOUN cblr-1737 571 38 from from ADP cblr-1737 571 39 certain certain ADJ cblr-1737 571 40 registration registration NOUN cblr-1737 571 41 requirements requirement NOUN cblr-1737 571 42 for for ADP cblr-1737 571 43 many many ADJ cblr-1737 571 44 securitization securitization NOUN cblr-1737 571 45 entities entity NOUN cblr-1737 571 46 , , PUNCT cblr-1737 571 47 including include VERB cblr-1737 571 48 hedge hedge NOUN cblr-1737 571 49 funds fund NOUN cblr-1737 571 50 and and CCONJ cblr-1737 571 51 private private ADJ cblr-1737 571 52 equity equity NOUN cblr-1737 571 53 funds fund NOUN cblr-1737 571 54 , , PUNCT cblr-1737 571 55 which which PRON cblr-1737 571 56 congress congress PROPN cblr-1737 571 57 intended intend VERB cblr-1737 571 58 to to PART cblr-1737 571 59 be be AUX cblr-1737 571 60 subject subject ADJ cblr-1737 571 61 to to ADP cblr-1737 571 62 volcker volcker PROPN cblr-1737 571 63 rule rule PROPN cblr-1737 571 64 prohibitions.231 prohibitions.231 PROPN cblr-1737 571 65 however however ADV cblr-1737 571 66 , , PUNCT cblr-1737 571 67 legislative legislative ADJ cblr-1737 571 68 history history NOUN cblr-1737 571 69 and and CCONJ cblr-1737 571 70 other other ADJ cblr-1737 571 71 provisions provision NOUN cblr-1737 571 72 in in ADP cblr-1737 571 73 dodd dodd PROPN cblr-1737 571 74 - - PUNCT cblr-1737 571 75 frank frank PROPN cblr-1737 571 76 suggest suggest VERB cblr-1737 571 77 that that SCONJ cblr-1737 571 78 a a DET cblr-1737 571 79 more more ADV cblr-1737 571 80 nuanced nuanced ADJ cblr-1737 571 81 distinction distinction NOUN cblr-1737 571 82 is be AUX cblr-1737 571 83 possible possible ADJ cblr-1737 571 84 between between ADP cblr-1737 571 85 the the DET cblr-1737 571 86 types type NOUN cblr-1737 571 87 of of ADP cblr-1737 571 88 activities activity NOUN cblr-1737 571 89 that that PRON cblr-1737 571 90 are be AUX cblr-1737 571 91 safe safe ADJ cblr-1737 571 92 and and CCONJ cblr-1737 571 93 those those PRON cblr-1737 571 94 that that PRON cblr-1737 571 95 the the DET cblr-1737 571 96 volcker volcker NOUN cblr-1737 571 97 rule rule NOUN cblr-1737 571 98 sought seek VERB cblr-1737 571 99 to to PART cblr-1737 571 100 correct.232 correct.232 VERB cblr-1737 571 101 the the DET cblr-1737 571 102 distinction distinction NOUN cblr-1737 571 103 between between ADP cblr-1737 571 104 securitization securitization NOUN cblr-1737 571 105 entities entity NOUN cblr-1737 571 106 and and CCONJ cblr-1737 571 107 true true ADJ cblr-1737 571 108 “ " PUNCT cblr-1737 571 109 hedge hedge ADJ cblr-1737 571 110 funds fund NOUN cblr-1737 571 111 ” " PUNCT cblr-1737 571 112 appears appear VERB cblr-1737 571 113 elsewhere elsewhere ADV cblr-1737 571 114 in in ADP cblr-1737 571 115 dodd dodd PROPN cblr-1737 571 116 - - PUNCT cblr-1737 571 117 frank frank PROPN cblr-1737 571 118 . . PUNCT cblr-1737 572 1 section section NOUN cblr-1737 572 2 402 402 NUM cblr-1737 572 3 of of ADP cblr-1737 572 4 the the DET cblr-1737 572 5 225 225 NUM cblr-1737 572 6 see see NOUN cblr-1737 572 7 supra supra PROPN cblr-1737 572 8 notes note NOUN cblr-1737 572 9 176–77 176–77 PROPN cblr-1737 572 10 and and CCONJ cblr-1737 572 11 accompanying accompany VERB cblr-1737 572 12 text text NOUN cblr-1737 572 13 . . PUNCT cblr-1737 573 1 226 226 NUM cblr-1737 573 2 see see VERB cblr-1737 573 3 hearing hearing NOUN cblr-1737 573 4 , , PUNCT cblr-1737 573 5 supra supra PROPN cblr-1737 573 6 note note NOUN cblr-1737 573 7 95 95 NUM cblr-1737 573 8 , , PUNCT cblr-1737 573 9 at at ADP cblr-1737 573 10 73 73 NUM cblr-1737 573 11 ( ( PUNCT cblr-1737 573 12 statement statement NOUN cblr-1737 573 13 of of ADP cblr-1737 573 14 kenneth kenneth PROPN cblr-1737 573 15 gibbs gibbs PROPN cblr-1737 573 16 ) ) PUNCT cblr-1737 573 17 . . PUNCT cblr-1737 574 1 227 227 NUM cblr-1737 574 2 see see VERB cblr-1737 574 3 i i PRON cblr-1737 574 4 d. d. PROPN cblr-1737 574 5 228 228 NUM cblr-1737 574 6 see see VERB cblr-1737 574 7 cadwalader cadwalader NOUN cblr-1737 574 8 , , PUNCT cblr-1737 574 9 wickersham wickersham PROPN cblr-1737 574 10 & & CCONJ cblr-1737 574 11 taft taft PROPN cblr-1737 574 12 llp llp PROPN cblr-1737 574 13 , , PUNCT cblr-1737 574 14 supra supra PROPN cblr-1737 574 15 note note PROPN cblr-1737 574 16 59 59 NUM cblr-1737 574 17 . . PUNCT cblr-1737 574 18 229 229 NUM cblr-1737 574 19 see see VERB cblr-1737 574 20 15 15 NUM cblr-1737 574 21 u.s.c u.s.c ADJ cblr-1737 574 22 . . PUNCT cblr-1737 575 1 § § PROPN cblr-1737 575 2 80a-3(c)(1 80a-3(c)(1 NOUN cblr-1737 575 3 ) ) PUNCT cblr-1737 575 4 , , PUNCT cblr-1737 575 5 ( ( PUNCT cblr-1737 575 6 c)(7 c)(7 X cblr-1737 575 7 ) ) PUNCT cblr-1737 575 8 ( ( PUNCT cblr-1737 575 9 2012 2012 NUM cblr-1737 575 10 ) ) PUNCT cblr-1737 575 11 . . PUNCT cblr-1737 576 1 230 230 NUM cblr-1737 576 2 see see VERB cblr-1737 576 3 sullivan sullivan PROPN cblr-1737 576 4 & & CCONJ cblr-1737 576 5 cromwell cromwell PROPN cblr-1737 576 6 , , PUNCT cblr-1737 576 7 supra supra PROPN cblr-1737 576 8 note note PROPN cblr-1737 576 9 100 100 NUM cblr-1737 576 10 , , PUNCT cblr-1737 576 11 at at ADP cblr-1737 576 12 62 62 NUM cblr-1737 576 13 ( ( PUNCT cblr-1737 576 14 “ " PUNCT cblr-1737 576 15 although although SCONJ cblr-1737 576 16 [ [ X cblr-1737 576 17 the the DET cblr-1737 576 18 volcker volcker NOUN cblr-1737 576 19 rule rule NOUN cblr-1737 576 20 ’s ’s PART cblr-1737 576 21 “ " PUNCT cblr-1737 576 22 covered covered ADJ cblr-1737 576 23 fund fund NOUN cblr-1737 576 24 ” " PUNCT cblr-1737 576 25 ] ] PUNCT cblr-1737 576 26 definition definition NOUN cblr-1737 576 27 does do AUX cblr-1737 576 28 capture capture VERB cblr-1737 576 29 many many ADJ cblr-1737 576 30 hedge hedge NOUN cblr-1737 576 31 funds fund NOUN cblr-1737 576 32 and and CCONJ cblr-1737 576 33 private private ADJ cblr-1737 576 34 equity equity NOUN cblr-1737 576 35 funds fund NOUN cblr-1737 576 36 , , PUNCT cblr-1737 576 37 it it PRON cblr-1737 576 38 also also ADV cblr-1737 576 39 captures capture VERB cblr-1737 576 40 many many ADJ cblr-1737 576 41 other other ADJ cblr-1737 576 42 kinds kind NOUN cblr-1737 576 43 of of ADP cblr-1737 576 44 commonly commonly ADV cblr-1737 576 45 used use VERB cblr-1737 576 46 vehicles vehicle NOUN cblr-1737 576 47 . . PUNCT cblr-1737 576 48 . . PUNCT cblr-1737 576 49 . . PUNCT cblr-1737 576 50 . . PUNCT cblr-1737 576 51 ” " PUNCT cblr-1737 576 52 ) ) PUNCT cblr-1737 576 53 . . PUNCT cblr-1737 577 1 231 231 NUM cblr-1737 577 2 see see NOUN cblr-1737 577 3 am be AUX cblr-1737 577 4 . . PUNCT cblr-1737 578 1 securitization securitization NOUN cblr-1737 578 2 forum forum PROPN cblr-1737 578 3 , , PUNCT cblr-1737 578 4 supra supra PROPN cblr-1737 578 5 note note PROPN cblr-1737 578 6 53 53 NUM cblr-1737 578 7 , , PUNCT cblr-1737 578 8 at at ADP cblr-1737 578 9 3 3 NUM cblr-1737 578 10 . . X cblr-1737 578 11 232 232 NUM cblr-1737 578 12 see see VERB cblr-1737 578 13 i i PRON cblr-1737 578 14 d. d. PROPN cblr-1737 578 15 at at ADP cblr-1737 578 16 7–10 7–10 PROPN cblr-1737 578 17 . . PUNCT cblr-1737 579 1 miki miki PROPN cblr-1737 579 2 – – PUNCT cblr-1737 579 3 final final ADJ cblr-1737 579 4 no no NOUN cblr-1737 579 5 . . PUNCT cblr-1737 580 1 1:252 1:252 NOUN cblr-1737 580 2 ] ] X cblr-1737 580 3 live live VERB cblr-1737 580 4 and and CCONJ cblr-1737 580 5 let let VERB cblr-1737 580 6 die die VERB cblr-1737 580 7 297 297 NUM cblr-1737 580 8 dodd dodd PROPN cblr-1737 580 9 - - PUNCT cblr-1737 580 10 frank frank PROPN cblr-1737 580 11 act act PROPN cblr-1737 580 12 distinguishes distinguish VERB cblr-1737 580 13 among among ADP cblr-1737 580 14 “ " PUNCT cblr-1737 580 15 securitized securitized ADJ cblr-1737 580 16 asset asset NOUN cblr-1737 580 17 funds fund NOUN cblr-1737 580 18 , , PUNCT cblr-1737 580 19 ” " PUNCT cblr-1737 580 20 true true ADJ cblr-1737 580 21 “ " PUNCT cblr-1737 580 22 hedge hedge NOUN cblr-1737 580 23 funds fund NOUN cblr-1737 580 24 , , PUNCT cblr-1737 580 25 ” " PUNCT cblr-1737 580 26 and and CCONJ cblr-1737 580 27 “ " PUNCT cblr-1737 580 28 private private ADJ cblr-1737 580 29 equity equity NOUN cblr-1737 580 30 funds fund NOUN cblr-1737 580 31 , , PUNCT cblr-1737 580 32 ” " PUNCT cblr-1737 580 33 which which PRON cblr-1737 580 34 demonstrates demonstrate VERB cblr-1737 580 35 that that SCONJ cblr-1737 580 36 appropriate appropriate ADJ cblr-1737 580 37 definitions definition NOUN cblr-1737 580 38 of of ADP cblr-1737 580 39 these these DET cblr-1737 580 40 terms term NOUN cblr-1737 580 41 are be AUX cblr-1737 580 42 possible possible ADJ cblr-1737 580 43 based base VERB cblr-1737 580 44 on on ADP cblr-1737 580 45 substantive substantive ADJ cblr-1737 580 46 distinctions distinction NOUN cblr-1737 580 47 rather rather ADV cblr-1737 580 48 than than ADP cblr-1737 580 49 a a DET cblr-1737 580 50 common common ADJ cblr-1737 580 51 investment investment NOUN cblr-1737 580 52 company company NOUN cblr-1737 580 53 act act VERB cblr-1737 580 54 exemption.233 exemption.233 VERB cblr-1737 580 55 in in ADP cblr-1737 580 56 the the DET cblr-1737 580 57 absence absence NOUN cblr-1737 580 58 of of ADP cblr-1737 580 59 an an DET cblr-1737 580 60 exemption exemption NOUN cblr-1737 580 61 for for ADP cblr-1737 580 62 tobs tob NOUN cblr-1737 580 63 , , PUNCT cblr-1737 580 64 there there PRON cblr-1737 580 65 is be VERB cblr-1737 580 66 the the DET cblr-1737 580 67 possibility possibility NOUN cblr-1737 580 68 that that SCONJ cblr-1737 580 69 the the DET cblr-1737 580 70 joint joint ADJ cblr-1737 580 71 venture venture NOUN cblr-1737 580 72 tob tob PROPN cblr-1737 580 73 and and CCONJ cblr-1737 580 74 the the DET cblr-1737 580 75 third third ADJ cblr-1737 580 76 - - PUNCT cblr-1737 580 77 party party NOUN cblr-1737 580 78 tob tob NOUN cblr-1737 580 79 could could AUX cblr-1737 580 80 step step VERB cblr-1737 580 81 in in ADV cblr-1737 580 82 to to PART cblr-1737 580 83 fill fill VERB cblr-1737 580 84 the the DET cblr-1737 580 85 void void NOUN cblr-1737 580 86 . . PUNCT cblr-1737 581 1 as as SCONJ cblr-1737 581 2 argued argue VERB cblr-1737 581 3 above above ADV cblr-1737 581 4 , , PUNCT cblr-1737 581 5 the the DET cblr-1737 581 6 language language NOUN cblr-1737 581 7 of of ADP cblr-1737 581 8 the the DET cblr-1737 581 9 regulations regulation NOUN cblr-1737 581 10 supports support VERB cblr-1737 581 11 the the DET cblr-1737 581 12 exemption exemption NOUN cblr-1737 581 13 of of ADP cblr-1737 581 14 tobs tobs PROPN cblr-1737 581 15 . . PUNCT cblr-1737 582 1 the the DET cblr-1737 582 2 requirement requirement NOUN cblr-1737 582 3 under under ADP cblr-1737 582 4 the the DET cblr-1737 582 5 investment investment NOUN cblr-1737 582 6 company company NOUN cblr-1737 582 7 act act VERB cblr-1737 582 8 that that SCONJ cblr-1737 582 9 the the DET cblr-1737 582 10 joint joint ADJ cblr-1737 582 11 venture venture NOUN cblr-1737 582 12 be be AUX cblr-1737 582 13 capped cap VERB cblr-1737 582 14 at at ADP cblr-1737 582 15 ten ten NUM cblr-1737 582 16 parties party NOUN cblr-1737 582 17 would would AUX cblr-1737 582 18 not not PART cblr-1737 582 19 allow allow VERB cblr-1737 582 20 for for SCONJ cblr-1737 582 21 banks bank NOUN cblr-1737 582 22 to to PART cblr-1737 582 23 split split VERB cblr-1737 582 24 the the DET cblr-1737 582 25 residual residual ADJ cblr-1737 582 26 into into ADP cblr-1737 582 27 many many ADJ cblr-1737 582 28 smaller small ADJ cblr-1737 582 29 internal internal ADJ cblr-1737 582 30 funds fund NOUN cblr-1737 582 31 , , PUNCT cblr-1737 582 32 a a DET cblr-1737 582 33 common common ADJ cblr-1737 582 34 practice practice NOUN cblr-1737 582 35 , , PUNCT cblr-1737 582 36 but but CCONJ cblr-1737 582 37 would would AUX cblr-1737 582 38 still still ADV cblr-1737 582 39 allow allow VERB cblr-1737 582 40 the the DET cblr-1737 582 41 tob tob NOUN cblr-1737 582 42 structure structure NOUN cblr-1737 582 43 to to ADP cblr-1737 582 44 exist.234 exist.234 NOUN cblr-1737 582 45 given give VERB cblr-1737 582 46 the the DET cblr-1737 582 47 ten ten NUM cblr-1737 582 48 - - PUNCT cblr-1737 582 49 party party NOUN cblr-1737 582 50 cap cap NOUN cblr-1737 582 51 imposed impose VERB cblr-1737 582 52 upon upon SCONJ cblr-1737 582 53 joint joint ADJ cblr-1737 582 54 ventures venture NOUN cblr-1737 582 55 for for ADP cblr-1737 582 56 tobs tob NOUN cblr-1737 582 57 , , PUNCT cblr-1737 582 58 it it PRON cblr-1737 582 59 would would AUX cblr-1737 582 60 be be AUX cblr-1737 582 61 preferable preferable ADJ cblr-1737 582 62 if if SCONJ cblr-1737 582 63 tobs tob NOUN cblr-1737 582 64 were be AUX cblr-1737 582 65 granted grant VERB cblr-1737 582 66 an an DET cblr-1737 582 67 exemption exemption NOUN cblr-1737 582 68 from from ADP cblr-1737 582 69 the the DET cblr-1737 582 70 volcker volcker NOUN cblr-1737 582 71 rule rule NOUN cblr-1737 582 72 regulations regulation NOUN cblr-1737 582 73 . . PUNCT cblr-1737 583 1 while while SCONJ cblr-1737 583 2 the the DET cblr-1737 583 3 third third ADJ cblr-1737 583 4 - - PUNCT cblr-1737 583 5 party party NOUN cblr-1737 583 6 tob tob NOUN cblr-1737 583 7 structure structure NOUN cblr-1737 583 8 does do AUX cblr-1737 583 9 not not PART cblr-1737 583 10 carry carry VERB cblr-1737 583 11 the the DET cblr-1737 583 12 same same ADJ cblr-1737 583 13 kind kind NOUN cblr-1737 583 14 of of ADP cblr-1737 583 15 risks risk NOUN cblr-1737 583 16 that that SCONJ cblr-1737 583 17 the the DET cblr-1737 583 18 joint joint ADJ cblr-1737 583 19 venture venture NOUN cblr-1737 583 20 structure structure NOUN cblr-1737 583 21 does do VERB cblr-1737 583 22 , , PUNCT cblr-1737 583 23 it it PRON cblr-1737 583 24 is be AUX cblr-1737 583 25 a a DET cblr-1737 583 26 solution solution NOUN cblr-1737 583 27 that that PRON cblr-1737 583 28 is be AUX cblr-1737 583 29 unworkable unworkable ADJ cblr-1737 583 30 for for ADP cblr-1737 583 31 banks bank NOUN cblr-1737 583 32 . . PUNCT cblr-1737 584 1 banks bank NOUN cblr-1737 584 2 will will AUX cblr-1737 584 3 have have VERB cblr-1737 584 4 to to PART cblr-1737 584 5 hand hand VERB cblr-1737 584 6 over over ADP cblr-1737 584 7 functions function NOUN cblr-1737 584 8 essential essential ADJ cblr-1737 584 9 to to ADP cblr-1737 584 10 running run VERB cblr-1737 584 11 tobs tob NOUN cblr-1737 584 12 to to ADP cblr-1737 584 13 residual residual ADJ cblr-1737 584 14 holders holder NOUN cblr-1737 584 15 , , PUNCT cblr-1737 584 16 and and CCONJ cblr-1737 584 17 it it PRON cblr-1737 584 18 is be AUX cblr-1737 584 19 not not PART cblr-1737 584 20 necessary necessary ADJ cblr-1737 584 21 to to PART cblr-1737 584 22 relegate relegate VERB cblr-1737 584 23 banks bank NOUN cblr-1737 584 24 to to PART cblr-1737 584 25 merely merely ADV cblr-1737 584 26 providing provide VERB cblr-1737 584 27 support support NOUN cblr-1737 584 28 roles role NOUN cblr-1737 584 29 in in ADP cblr-1737 584 30 a a DET cblr-1737 584 31 business business NOUN cblr-1737 584 32 that that PRON cblr-1737 584 33 does do AUX cblr-1737 584 34 not not PART cblr-1737 584 35 pose pose VERB cblr-1737 584 36 systematic systematic ADJ cblr-1737 584 37 risks risk NOUN cblr-1737 584 38 to to ADP cblr-1737 584 39 the the DET cblr-1737 584 40 financial financial ADJ cblr-1737 584 41 system system NOUN cblr-1737 584 42 . . PUNCT cblr-1737 585 1 given give VERB cblr-1737 585 2 how how SCONJ cblr-1737 585 3 crucial crucial ADJ cblr-1737 585 4 the the DET cblr-1737 585 5 tob tob NOUN cblr-1737 585 6 market market NOUN cblr-1737 585 7 has have AUX cblr-1737 585 8 been––through been––through ADP cblr-1737 585 9 increasing increase VERB cblr-1737 585 10 demand demand NOUN cblr-1737 585 11 for for ADP cblr-1737 585 12 longer long ADV cblr-1737 585 13 - - PUNCT cblr-1737 585 14 dated date VERB cblr-1737 585 15 municipal municipal ADJ cblr-1737 585 16 bonds bond NOUN cblr-1737 585 17 , , PUNCT cblr-1737 585 18 exerting exert VERB cblr-1737 585 19 downward downward ADJ cblr-1737 585 20 pressure pressure NOUN cblr-1737 585 21 on on ADP cblr-1737 585 22 the the DET cblr-1737 585 23 long long ADJ cblr-1737 585 24 end end NOUN cblr-1737 585 25 of of ADP cblr-1737 585 26 the the DET cblr-1737 585 27 municipal municipal ADJ cblr-1737 585 28 yield yield NOUN cblr-1737 585 29 curve curve NOUN cblr-1737 585 30 , , PUNCT cblr-1737 585 31 and and CCONJ cblr-1737 585 32 lowering lower VERB cblr-1737 585 33 borrowing borrowing NOUN cblr-1737 585 34 costs cost NOUN cblr-1737 585 35 for for ADP cblr-1737 585 36 state state NOUN cblr-1737 585 37 and and CCONJ cblr-1737 585 38 local local ADJ cblr-1737 585 39 governments––it governments––it PROPN cblr-1737 585 40 is be AUX cblr-1737 585 41 likely likely ADJ cblr-1737 585 42 that that SCONJ cblr-1737 585 43 the the DET cblr-1737 585 44 tob tob NOUN cblr-1737 585 45 market market NOUN cblr-1737 585 46 will will AUX cblr-1737 585 47 continue continue VERB cblr-1737 585 48 under under ADP cblr-1737 585 49 either either CCONJ cblr-1737 585 50 the the DET cblr-1737 585 51 thirdparty thirdparty NOUN cblr-1737 585 52 or or CCONJ cblr-1737 585 53 joint joint ADJ cblr-1737 585 54 venture venture NOUN cblr-1737 585 55 structure.235 structure.235 NOUN cblr-1737 585 56 however however ADV cblr-1737 585 57 , , PUNCT cblr-1737 585 58 the the DET cblr-1737 585 59 regulations regulation NOUN cblr-1737 585 60 unnecessarily unnecessarily ADV cblr-1737 585 61 force force VERB cblr-1737 585 62 a a DET cblr-1737 585 63 restructuring restructuring NOUN cblr-1737 585 64 of of ADP cblr-1737 585 65 tob tob NOUN cblr-1737 585 66 programs program NOUN cblr-1737 585 67 . . PUNCT cblr-1737 586 1 c. c. PROPN cblr-1737 586 2 exempt exempt ADJ cblr-1737 586 3 tobs tob NOUN cblr-1737 586 4 from from ADP cblr-1737 586 5 the the DET cblr-1737 586 6 risk risk NOUN cblr-1737 586 7 retention retention NOUN cblr-1737 586 8 rule rule NOUN cblr-1737 586 9 exempting exempt VERB cblr-1737 586 10 tobs tob NOUN cblr-1737 586 11 entirely entirely ADV cblr-1737 586 12 from from ADP cblr-1737 586 13 the the DET cblr-1737 586 14 risk risk NOUN cblr-1737 586 15 retention retention NOUN cblr-1737 586 16 rule rule NOUN cblr-1737 586 17 makes make VERB cblr-1737 586 18 the the DET cblr-1737 586 19 most most ADJ cblr-1737 586 20 sense sense NOUN cblr-1737 586 21 , , PUNCT cblr-1737 586 22 though though SCONJ cblr-1737 586 23 at at ADP cblr-1737 586 24 the the DET cblr-1737 586 25 very very ADV cblr-1737 586 26 least least ADJ cblr-1737 586 27 , , PUNCT cblr-1737 586 28 there there PRON cblr-1737 586 29 are be VERB cblr-1737 586 30 further further ADJ cblr-1737 586 31 modifications modification NOUN cblr-1737 586 32 that that PRON cblr-1737 586 33 could could AUX cblr-1737 586 34 be be AUX cblr-1737 586 35 made make VERB cblr-1737 586 36 to to PART cblr-1737 586 37 better well ADV cblr-1737 586 38 reflect reflect VERB cblr-1737 586 39 the the DET cblr-1737 586 40 233 233 NUM cblr-1737 586 41 see see VERB cblr-1737 586 42 i i PRON cblr-1737 586 43 d. d. PROPN cblr-1737 586 44 at at ADP cblr-1737 586 45 9–10 9–10 PROPN cblr-1737 586 46 . . PUNCT cblr-1737 587 1 234 234 NUM cblr-1737 587 2 see see NOUN cblr-1737 587 3 glazier glazier NOUN cblr-1737 587 4 , , PUNCT cblr-1737 587 5 supra supra PROPN cblr-1737 587 6 note note NOUN cblr-1737 587 7 169 169 NUM cblr-1737 587 8 . . NOUN cblr-1737 587 9 235 235 NUM cblr-1737 587 10 see see VERB cblr-1737 587 11 mcgee mcgee PROPN cblr-1737 587 12 , , PUNCT cblr-1737 587 13 supra supra PROPN cblr-1737 587 14 note note NOUN cblr-1737 587 15 52 52 NUM cblr-1737 587 16 . . PUNCT cblr-1737 588 1 miki miki PROPN cblr-1737 588 2 – – PUNCT cblr-1737 588 3 final final ADJ cblr-1737 588 4 298 298 NUM cblr-1737 588 5 columbia columbia PROPN cblr-1737 588 6 business business NOUN cblr-1737 588 7 law law PROPN cblr-1737 588 8 review review NOUN cblr-1737 588 9 [ [ X cblr-1737 588 10 vol vol NOUN cblr-1737 588 11 . . NOUN cblr-1737 588 12 2016 2016 NUM cblr-1737 588 13 risk risk NOUN cblr-1737 588 14 profile profile NOUN cblr-1737 588 15 of of ADP cblr-1737 588 16 tobs tobs PROPN cblr-1737 588 17 and and CCONJ cblr-1737 588 18 current current ADJ cblr-1737 588 19 market market NOUN cblr-1737 588 20 practices practice NOUN cblr-1737 588 21 . . PUNCT cblr-1737 589 1 tobs tobs PROPN cblr-1737 589 2 are be AUX cblr-1737 589 3 not not PART cblr-1737 589 4 the the DET cblr-1737 589 5 type type NOUN cblr-1737 589 6 of of ADP cblr-1737 589 7 synthetic synthetic ADJ cblr-1737 589 8 derivative derivative ADJ cblr-1737 589 9 instruments instrument NOUN cblr-1737 589 10 that that PRON cblr-1737 589 11 the the DET cblr-1737 589 12 risk risk NOUN cblr-1737 589 13 retention retention NOUN cblr-1737 589 14 rule rule NOUN cblr-1737 589 15 was be AUX cblr-1737 589 16 aimed aim VERB cblr-1737 589 17 at at ADP cblr-1737 589 18 regulating regulate VERB cblr-1737 589 19 . . PUNCT cblr-1737 590 1 one one NUM cblr-1737 590 2 change change NOUN cblr-1737 590 3 that that PRON cblr-1737 590 4 could could AUX cblr-1737 590 5 have have AUX cblr-1737 590 6 mitigated mitigate VERB cblr-1737 590 7 some some PRON cblr-1737 590 8 of of ADP cblr-1737 590 9 the the DET cblr-1737 590 10 negative negative ADJ cblr-1737 590 11 consequences consequence NOUN cblr-1737 590 12 of of ADP cblr-1737 590 13 the the DET cblr-1737 590 14 risk risk NOUN cblr-1737 590 15 retention retention NOUN cblr-1737 590 16 rule rule NOUN cblr-1737 590 17 , , PUNCT cblr-1737 590 18 particularly particularly ADV cblr-1737 590 19 with with ADP cblr-1737 590 20 respect respect NOUN cblr-1737 590 21 to to ADP cblr-1737 590 22 minimizing minimize VERB cblr-1737 590 23 the the DET cblr-1737 590 24 cost cost NOUN cblr-1737 590 25 of of ADP cblr-1737 590 26 raising raise VERB cblr-1737 590 27 capital capital NOUN cblr-1737 590 28 for for ADP cblr-1737 590 29 municipalities municipality NOUN cblr-1737 590 30 and and CCONJ cblr-1737 590 31 maintaining maintain VERB cblr-1737 590 32 high high ADJ cblr-1737 590 33 levels level NOUN cblr-1737 590 34 of of ADP cblr-1737 590 35 innovation innovation NOUN cblr-1737 590 36 in in ADP cblr-1737 590 37 the the DET cblr-1737 590 38 tob tob NOUN cblr-1737 590 39 market market NOUN cblr-1737 590 40 , , PUNCT cblr-1737 590 41 relates relate VERB cblr-1737 590 42 to to ADP cblr-1737 590 43 the the DET cblr-1737 590 44 type type NOUN cblr-1737 590 45 of of ADP cblr-1737 590 46 underlying underlie VERB cblr-1737 590 47 assets asset NOUN cblr-1737 590 48 composing compose VERB cblr-1737 590 49 tobs.236 tobs.236 NUM cblr-1737 590 50 comment comment NOUN cblr-1737 590 51 letters letter NOUN cblr-1737 590 52 on on ADP cblr-1737 590 53 proposed propose VERB cblr-1737 590 54 tob tob NOUN cblr-1737 590 55 rulemaking rulemaking NOUN cblr-1737 590 56 have have AUX cblr-1737 590 57 suggested suggest VERB cblr-1737 590 58 expanding expand VERB cblr-1737 590 59 the the DET cblr-1737 590 60 scope scope NOUN cblr-1737 590 61 of of ADP cblr-1737 590 62 qtob qtob ADJ cblr-1737 590 63 - - PUNCT cblr-1737 590 64 eligible eligible ADJ cblr-1737 590 65 tobs tob NOUN cblr-1737 590 66 to to ADP cblr-1737 590 67 those those PRON cblr-1737 590 68 that that PRON cblr-1737 590 69 have have VERB cblr-1737 590 70 municipal municipal ADJ cblr-1737 590 71 bonds bond NOUN cblr-1737 590 72 from from ADP cblr-1737 590 73 more more ADJ cblr-1737 590 74 than than ADP cblr-1737 590 75 one one NUM cblr-1737 590 76 issuer issuer NOUN cblr-1737 590 77 , , PUNCT cblr-1737 590 78 or or CCONJ cblr-1737 590 79 expanding expand VERB cblr-1737 590 80 the the DET cblr-1737 590 81 scope scope NOUN cblr-1737 590 82 of of ADP cblr-1737 590 83 eligible eligible ADJ cblr-1737 590 84 underlying underlie VERB cblr-1737 590 85 securities security NOUN cblr-1737 590 86 to to ADP cblr-1737 590 87 taxable taxable ADJ cblr-1737 590 88 municipal municipal ADJ cblr-1737 590 89 bonds bond NOUN cblr-1737 590 90 and and CCONJ cblr-1737 590 91 preferred preferred ADJ cblr-1737 590 92 shares share NOUN cblr-1737 590 93 of of ADP cblr-1737 590 94 registered register VERB cblr-1737 590 95 closed closed ADJ cblr-1737 590 96 - - PUNCT cblr-1737 590 97 end end NOUN cblr-1737 590 98 investment investment NOUN cblr-1737 590 99 funds fund NOUN cblr-1737 590 100 that that PRON cblr-1737 590 101 primarily primarily ADV cblr-1737 590 102 invest invest VERB cblr-1737 590 103 in in ADP cblr-1737 590 104 municipal municipal ADJ cblr-1737 590 105 bonds.237 bonds.237 ADJ cblr-1737 590 106 supporters supporter NOUN cblr-1737 590 107 of of ADP cblr-1737 590 108 expansion expansion NOUN cblr-1737 590 109 contend contend VERB cblr-1737 590 110 that that SCONJ cblr-1737 590 111 the the DET cblr-1737 590 112 moral moral ADJ cblr-1737 590 113 hazard hazard NOUN cblr-1737 590 114 problem problem NOUN cblr-1737 590 115 is be AUX cblr-1737 590 116 addressed address VERB cblr-1737 590 117 because because SCONJ cblr-1737 590 118 the the DET cblr-1737 590 119 credit credit NOUN cblr-1737 590 120 profiles profile NOUN cblr-1737 590 121 are be AUX cblr-1737 590 122 similar similar ADJ cblr-1737 590 123 to to ADP cblr-1737 590 124 municipal municipal ADJ cblr-1737 590 125 bonds bond NOUN cblr-1737 590 126 and and CCONJ cblr-1737 590 127 market market NOUN cblr-1737 590 128 participants participant NOUN cblr-1737 590 129 view view VERB cblr-1737 590 130 these these DET cblr-1737 590 131 assets asset NOUN cblr-1737 590 132 as as ADP cblr-1737 590 133 a a DET cblr-1737 590 134 part part NOUN cblr-1737 590 135 of of ADP cblr-1737 590 136 the the DET cblr-1737 590 137 tob tob PROPN cblr-1737 590 138 universe.238 universe.238 NOUN cblr-1737 590 139 to to ADP cblr-1737 590 140 counter counter PROPN cblr-1737 590 141 , , PUNCT cblr-1737 590 142 regulators regulator NOUN cblr-1737 590 143 suggest suggest VERB cblr-1737 590 144 that that SCONJ cblr-1737 590 145 expanding expand VERB cblr-1737 590 146 the the DET cblr-1737 590 147 rules rule NOUN cblr-1737 590 148 would would AUX cblr-1737 590 149 lead lead VERB cblr-1737 590 150 to to ADP cblr-1737 590 151 issuers issuer NOUN cblr-1737 590 152 gaming game VERB cblr-1737 590 153 the the DET cblr-1737 590 154 risk risk NOUN cblr-1737 590 155 retention retention NOUN cblr-1737 590 156 rule rule NOUN cblr-1737 590 157 by by ADP cblr-1737 590 158 cramming cram VERB cblr-1737 590 159 assets asset NOUN cblr-1737 590 160 into into ADP cblr-1737 590 161 tobs tob NOUN cblr-1737 590 162 that that PRON cblr-1737 590 163 are be AUX cblr-1737 590 164 not not PART cblr-1737 590 165 fit fit ADJ cblr-1737 590 166 for for ADP cblr-1737 590 167 them.239 them.239 PRON cblr-1737 590 168 further far ADV cblr-1737 590 169 , , PUNCT cblr-1737 590 170 the the DET cblr-1737 590 171 majority majority NOUN cblr-1737 590 172 of of ADP cblr-1737 590 173 tobs tob NOUN cblr-1737 590 174 on on ADP cblr-1737 590 175 the the DET cblr-1737 590 176 market market NOUN cblr-1737 590 177 only only ADV cblr-1737 590 178 have have VERB cblr-1737 590 179 municipal municipal ADJ cblr-1737 590 180 bonds bond NOUN cblr-1737 590 181 from from ADP cblr-1737 590 182 the the DET cblr-1737 590 183 same same ADJ cblr-1737 590 184 issuer issuer NOUN cblr-1737 590 185 as as ADP cblr-1737 590 186 its its PRON cblr-1737 590 187 underlying underlie VERB cblr-1737 590 188 asset.240 asset.240 NOUN cblr-1737 590 189 recognizing recognize VERB cblr-1737 590 190 that that SCONJ cblr-1737 590 191 there there PRON cblr-1737 590 192 are be VERB cblr-1737 590 193 concerns concern NOUN cblr-1737 590 194 with with ADP cblr-1737 590 195 issuers issuer NOUN cblr-1737 590 196 potentially potentially ADV cblr-1737 590 197 “ " PUNCT cblr-1737 590 198 gaming game VERB cblr-1737 590 199 ” " PUNCT cblr-1737 590 200 the the DET cblr-1737 590 201 risk risk NOUN cblr-1737 590 202 retention retention NOUN cblr-1737 590 203 rule rule NOUN cblr-1737 590 204 , , PUNCT cblr-1737 590 205 there there PRON cblr-1737 590 206 are be VERB cblr-1737 590 207 still still ADV cblr-1737 590 208 some some DET cblr-1737 590 209 good good ADJ cblr-1737 590 210 reasons reason NOUN cblr-1737 590 211 to to PART cblr-1737 590 212 allow allow VERB cblr-1737 590 213 for for ADP cblr-1737 590 214 a a DET cblr-1737 590 215 more more ADV cblr-1737 590 216 diverse diverse ADJ cblr-1737 590 217 set set NOUN cblr-1737 590 218 of of ADP cblr-1737 590 219 underlying underlie VERB cblr-1737 590 220 assets asset NOUN cblr-1737 590 221 to to PART cblr-1737 590 222 qualify qualify VERB cblr-1737 590 223 as as ADP cblr-1737 590 224 qtobs qtob NOUN cblr-1737 590 225 . . PUNCT cblr-1737 591 1 first first ADV cblr-1737 591 2 , , PUNCT cblr-1737 591 3 only only ADV cblr-1737 591 4 allowing allow VERB cblr-1737 591 5 tobs tob NOUN cblr-1737 591 6 that that PRON cblr-1737 591 7 have have VERB cblr-1737 591 8 a a DET cblr-1737 591 9 single single ADJ cblr-1737 591 10 issuer issuer NOUN cblr-1737 591 11 could could AUX cblr-1737 591 12 hurt hurt VERB cblr-1737 591 13 smaller small ADJ cblr-1737 591 14 municipalities municipality NOUN cblr-1737 591 15 , , PUNCT cblr-1737 591 16 which which PRON cblr-1737 591 17 do do AUX cblr-1737 591 18 not not PART cblr-1737 591 19 issue issue VERB cblr-1737 591 20 enough enough ADJ cblr-1737 591 21 municipal municipal ADJ cblr-1737 591 22 bonds bond NOUN cblr-1737 591 23 on on ADP cblr-1737 591 24 their their PRON cblr-1737 591 25 own own ADJ cblr-1737 591 26 to to PART cblr-1737 591 27 create create VERB cblr-1737 591 28 a a DET cblr-1737 591 29 tob tob NOUN cblr-1737 591 30 . . PUNCT cblr-1737 592 1 furthermore furthermore ADV cblr-1737 592 2 , , PUNCT cblr-1737 592 3 not not PART cblr-1737 592 4 allowing allow VERB cblr-1737 592 5 taxable taxable ADJ cblr-1737 592 6 municipal municipal ADJ cblr-1737 592 7 bonds bond NOUN cblr-1737 592 8 and and CCONJ cblr-1737 592 9 closed closed ADJ cblr-1737 592 10 - - PUNCT cblr-1737 592 11 end end NOUN cblr-1737 592 12 investment investment NOUN cblr-1737 592 13 funds fund NOUN cblr-1737 592 14 236 236 NUM cblr-1737 592 15 see see VERB cblr-1737 592 16 generally generally ADV cblr-1737 592 17 ashurst ashurst ADV cblr-1737 592 18 llp llp PROPN cblr-1737 592 19 , , PUNCT cblr-1737 592 20 supra supra PROPN cblr-1737 592 21 note note NOUN cblr-1737 592 22 185 185 NUM cblr-1737 592 23 . . PUNCT cblr-1737 593 1 237 237 NUM cblr-1737 593 2 see see VERB cblr-1737 593 3 i i PRON cblr-1737 593 4 d. d. PROPN cblr-1737 593 5 at at ADP cblr-1737 593 6 4 4 NUM cblr-1737 593 7 . . PUNCT cblr-1737 593 8 238 238 NUM cblr-1737 593 9 see see VERB cblr-1737 593 10 i i PRON cblr-1737 593 11 d. d. PROPN cblr-1737 593 12 at at ADP cblr-1737 593 13 4–5 4–5 PROPN cblr-1737 593 14 . . PROPN cblr-1737 593 15 239 239 NUM cblr-1737 593 16 see see VERB cblr-1737 593 17 credit credit NOUN cblr-1737 593 18 risk risk NOUN cblr-1737 593 19 retention retention NOUN cblr-1737 593 20 , , PUNCT cblr-1737 593 21 final final ADJ cblr-1737 593 22 rule rule NOUN cblr-1737 593 23 , , PUNCT cblr-1737 593 24 79 79 NUM cblr-1737 593 25 fed feed VERB cblr-1737 593 26 . . PUNCT cblr-1737 594 1 reg reg PROPN cblr-1737 594 2 . . PUNCT cblr-1737 595 1 77,602 77,602 NUM cblr-1737 595 2 , , PUNCT cblr-1737 595 3 77,662 77,662 NUM cblr-1737 595 4 ( ( PUNCT cblr-1737 595 5 dec dec PROPN cblr-1737 595 6 . . PROPN cblr-1737 595 7 24 24 NUM cblr-1737 595 8 , , PUNCT cblr-1737 595 9 2014 2014 NUM cblr-1737 595 10 ) ) PUNCT cblr-1737 595 11 ( ( PUNCT cblr-1737 595 12 to to PART cblr-1737 595 13 be be AUX cblr-1737 595 14 codified codify VERB cblr-1737 595 15 at at ADP cblr-1737 595 16 12 12 NUM cblr-1737 595 17 c.f.r c.f.r NOUN cblr-1737 595 18 . . PUNCT cblr-1737 596 1 pts pts PROPN cblr-1737 596 2 . . PROPN cblr-1737 596 3 43 43 NUM cblr-1737 596 4 , , PUNCT cblr-1737 596 5 244 244 NUM cblr-1737 596 6 , , PUNCT cblr-1737 596 7 373 373 NUM cblr-1737 596 8 , , PUNCT cblr-1737 596 9 1234 1234 NUM cblr-1737 596 10 , , PUNCT cblr-1737 596 11 17 17 NUM cblr-1737 596 12 c.f.r c.f.r NOUN cblr-1737 596 13 . . PUNCT cblr-1737 597 1 pt pt PROPN cblr-1737 597 2 . . PROPN cblr-1737 597 3 246 246 NUM cblr-1737 597 4 , , PUNCT cblr-1737 597 5 24 24 NUM cblr-1737 597 6 c.f.r c.f.r NOUN cblr-1737 597 7 . . PUNCT cblr-1737 598 1 pt pt PROPN cblr-1737 598 2 . . PROPN cblr-1737 598 3 267 267 NUM cblr-1737 598 4 ) ) PUNCT cblr-1737 598 5 . . PUNCT cblr-1737 599 1 240 240 NUM cblr-1737 599 2 see see VERB cblr-1737 599 3 ashurst ashurst PROPN cblr-1737 599 4 llp llp PROPN cblr-1737 599 5 , , PUNCT cblr-1737 599 6 supra supra PROPN cblr-1737 599 7 note note PROPN cblr-1737 599 8 185 185 NUM cblr-1737 599 9 , , PUNCT cblr-1737 599 10 at at ADP cblr-1737 599 11 4–5 4–5 PROPN cblr-1737 599 12 . . PUNCT cblr-1737 599 13 miki miki PROPN cblr-1737 599 14 – – PUNCT cblr-1737 599 15 final final ADJ cblr-1737 599 16 no no NOUN cblr-1737 599 17 . . PUNCT cblr-1737 600 1 1:252 1:252 NOUN cblr-1737 600 2 ] ] X cblr-1737 600 3 live live VERB cblr-1737 600 4 and and CCONJ cblr-1737 600 5 let let VERB cblr-1737 600 6 die die VERB cblr-1737 600 7 299 299 NUM cblr-1737 600 8 would would AUX cblr-1737 600 9 increase increase VERB cblr-1737 600 10 funding funding NOUN cblr-1737 600 11 costs cost NOUN cblr-1737 600 12 for for ADP cblr-1737 600 13 municipalities municipality NOUN cblr-1737 600 14 by by ADP cblr-1737 600 15 restricting restrict VERB cblr-1737 600 16 the the DET cblr-1737 600 17 creation creation NOUN cblr-1737 600 18 of of ADP cblr-1737 600 19 innovative innovative ADJ cblr-1737 600 20 products product NOUN cblr-1737 600 21 that that PRON cblr-1737 600 22 are be AUX cblr-1737 600 23 more more ADV cblr-1737 600 24 in in ADP cblr-1737 600 25 line line NOUN cblr-1737 600 26 with with ADP cblr-1737 600 27 the the DET cblr-1737 600 28 realities reality NOUN cblr-1737 600 29 of of ADP cblr-1737 600 30 the the DET cblr-1737 600 31 market market NOUN cblr-1737 600 32 . . PUNCT cblr-1737 601 1 for for ADP cblr-1737 601 2 example example NOUN cblr-1737 601 3 , , PUNCT cblr-1737 601 4 build build VERB cblr-1737 601 5 america america PROPN cblr-1737 601 6 bonds bond NOUN cblr-1737 601 7 , , PUNCT cblr-1737 601 8 a a DET cblr-1737 601 9 type type NOUN cblr-1737 601 10 of of ADP cblr-1737 601 11 bond bond NOUN cblr-1737 601 12 that that PRON cblr-1737 601 13 has have AUX cblr-1737 601 14 been be AUX cblr-1737 601 15 packaged package VERB cblr-1737 601 16 in in ADP cblr-1737 601 17 a a DET cblr-1737 601 18 tob tob NOUN cblr-1737 601 19 , , PUNCT cblr-1737 601 20 are be AUX cblr-1737 601 21 taxable taxable ADJ cblr-1737 601 22 bond bond NOUN cblr-1737 601 23 issuances issuance NOUN cblr-1737 601 24 where where SCONJ cblr-1737 601 25 the the DET cblr-1737 601 26 federal federal ADJ cblr-1737 601 27 government government NOUN cblr-1737 601 28 reimburses reimburse VERB cblr-1737 601 29 thirty thirty NUM cblr-1737 601 30 - - PUNCT cblr-1737 601 31 five five NUM cblr-1737 601 32 percent percent NOUN cblr-1737 601 33 of of ADP cblr-1737 601 34 the the DET cblr-1737 601 35 interest interest NOUN cblr-1737 601 36 paid pay VERB cblr-1737 601 37 , , PUNCT cblr-1737 601 38 making make VERB cblr-1737 601 39 it it PRON cblr-1737 601 40 a a DET cblr-1737 601 41 cost cost NOUN cblr-1737 601 42 - - PUNCT cblr-1737 601 43 effective effective ADJ cblr-1737 601 44 way way NOUN cblr-1737 601 45 of of ADP cblr-1737 601 46 raising raise VERB cblr-1737 601 47 money money NOUN cblr-1737 601 48 for for ADP cblr-1737 601 49 municipalities.241 municipalities.241 PROPN cblr-1737 601 50 besides besides SCONJ cblr-1737 601 51 the the DET cblr-1737 601 52 tax tax NOUN cblr-1737 601 53 treatment treatment NOUN cblr-1737 601 54 , , PUNCT cblr-1737 601 55 taxable taxable ADJ cblr-1737 601 56 tobs tob NOUN cblr-1737 601 57 are be AUX cblr-1737 601 58 identical identical ADJ cblr-1737 601 59 in in ADP cblr-1737 601 60 structure structure NOUN cblr-1737 601 61 to to ADP cblr-1737 601 62 traditional traditional ADJ cblr-1737 601 63 tobs tob NOUN cblr-1737 601 64 , , PUNCT cblr-1737 601 65 and and CCONJ cblr-1737 601 66 therefore therefore ADV cblr-1737 601 67 do do AUX cblr-1737 601 68 not not PART cblr-1737 601 69 present present VERB cblr-1737 601 70 novel novel ADJ cblr-1737 601 71 risks risk NOUN cblr-1737 601 72 compared compare VERB cblr-1737 601 73 to to ADP cblr-1737 601 74 traditional traditional ADJ cblr-1737 601 75 tobs tob NOUN cblr-1737 601 76 , , PUNCT cblr-1737 601 77 assuming assume VERB cblr-1737 601 78 that that SCONJ cblr-1737 601 79 the the DET cblr-1737 601 80 bond bond NOUN cblr-1737 601 81 or or CCONJ cblr-1737 601 82 bonds bond NOUN cblr-1737 601 83 being be AUX cblr-1737 601 84 securitized securitize VERB cblr-1737 601 85 are be AUX cblr-1737 601 86 of of ADP cblr-1737 601 87 high high ADJ cblr-1737 601 88 quality.242 quality.242 NOUN cblr-1737 601 89 taxable taxable ADJ cblr-1737 601 90 tobs tob NOUN cblr-1737 601 91 linked link VERB cblr-1737 601 92 to to PART cblr-1737 601 93 build build VERB cblr-1737 601 94 america america PROPN cblr-1737 601 95 bonds bond NOUN cblr-1737 601 96 were be AUX cblr-1737 601 97 introduced introduce VERB cblr-1737 601 98 in in ADP cblr-1737 601 99 2010 2010 NUM cblr-1737 601 100 , , PUNCT cblr-1737 601 101 healthy healthy ADJ cblr-1737 601 102 demand demand NOUN cblr-1737 601 103 for for ADP cblr-1737 601 104 the the DET cblr-1737 601 105 product product NOUN cblr-1737 601 106 resulted result VERB cblr-1737 601 107 , , PUNCT cblr-1737 601 108 and and CCONJ cblr-1737 601 109 the the DET cblr-1737 601 110 tob tob NOUN cblr-1737 601 111 stepped step VERB cblr-1737 601 112 into into ADP cblr-1737 601 113 a a DET cblr-1737 601 114 void void NOUN cblr-1737 601 115 where where SCONJ cblr-1737 601 116 there there PRON cblr-1737 601 117 was be VERB cblr-1737 601 118 not not PART cblr-1737 601 119 an an DET cblr-1737 601 120 active active ADJ cblr-1737 601 121 repurchase repurchase NOUN cblr-1737 601 122 market market NOUN cblr-1737 601 123 for for ADP cblr-1737 601 124 taxable taxable ADJ cblr-1737 601 125 municipal municipal ADJ cblr-1737 601 126 bonds.243 bonds.243 NOUN cblr-1737 601 127 however however ADV cblr-1737 601 128 , , PUNCT cblr-1737 601 129 under under ADP cblr-1737 601 130 the the DET cblr-1737 601 131 risk risk NOUN cblr-1737 601 132 retention retention NOUN cblr-1737 601 133 provisions provision NOUN cblr-1737 601 134 , , PUNCT cblr-1737 601 135 these these DET cblr-1737 601 136 types type NOUN cblr-1737 601 137 of of ADP cblr-1737 601 138 tobs tobs PROPN cblr-1737 601 139 could could AUX cblr-1737 601 140 no no ADV cblr-1737 601 141 longer long ADV cblr-1737 601 142 exist exist VERB cblr-1737 601 143 . . PUNCT cblr-1737 602 1 the the DET cblr-1737 602 2 tob tob PROPN cblr-1737 602 3 market market NOUN cblr-1737 602 4 , , PUNCT cblr-1737 602 5 estimated estimate VERB cblr-1737 602 6 at at ADP cblr-1737 602 7 a a DET cblr-1737 602 8 relatively relatively ADV cblr-1737 602 9 small small ADJ cblr-1737 602 10 $ $ SYM cblr-1737 602 11 75 75 NUM cblr-1737 602 12 billion billion NUM cblr-1737 602 13 in in ADP cblr-1737 602 14 2012 2012 NUM cblr-1737 602 15 , , PUNCT cblr-1737 602 16 was be AUX cblr-1737 602 17 $ $ SYM cblr-1737 602 18 175 175 NUM cblr-1737 602 19 billion billion NUM cblr-1737 602 20 in in ADP cblr-1737 602 21 size size NOUN cblr-1737 602 22 at at ADP cblr-1737 602 23 its its PRON cblr-1737 602 24 peak peak NOUN cblr-1737 602 25 , , PUNCT cblr-1737 602 26 so so ADV cblr-1737 602 27 the the DET cblr-1737 602 28 tob tob NOUN cblr-1737 602 29 market market NOUN cblr-1737 602 30 could could AUX cblr-1737 602 31 easily easily ADV cblr-1737 602 32 become become VERB cblr-1737 602 33 more more ADV cblr-1737 602 34 significant significant ADJ cblr-1737 602 35 depending depend VERB cblr-1737 602 36 upon upon SCONJ cblr-1737 602 37 market market NOUN cblr-1737 602 38 conditions.244 conditions.244 NOUN cblr-1737 603 1 it it PRON cblr-1737 603 2 is be AUX cblr-1737 603 3 submitted submit VERB cblr-1737 603 4 , , PUNCT cblr-1737 603 5 however however ADV cblr-1737 603 6 , , PUNCT cblr-1737 603 7 that that SCONJ cblr-1737 603 8 the the DET cblr-1737 603 9 most most ADV cblr-1737 603 10 sensible sensible ADJ cblr-1737 603 11 choice choice NOUN cblr-1737 603 12 would would AUX cblr-1737 603 13 be be AUX cblr-1737 603 14 to to PART cblr-1737 603 15 exempt exempt VERB cblr-1737 603 16 tobs tob NOUN cblr-1737 603 17 from from ADP cblr-1737 603 18 the the DET cblr-1737 603 19 risk risk NOUN cblr-1737 603 20 retention retention NOUN cblr-1737 603 21 rule rule NOUN cblr-1737 603 22 entirely entirely ADV cblr-1737 603 23 . . PUNCT cblr-1737 604 1 tobs tobs PROPN cblr-1737 604 2 did do AUX cblr-1737 604 3 not not PART cblr-1737 604 4 trigger trigger VERB cblr-1737 604 5 the the DET cblr-1737 604 6 financial financial ADJ cblr-1737 604 7 crisis crisis NOUN cblr-1737 604 8 that that PRON cblr-1737 604 9 led lead VERB cblr-1737 604 10 to to ADP cblr-1737 604 11 the the DET cblr-1737 604 12 enactment enactment NOUN cblr-1737 604 13 of of ADP cblr-1737 604 14 section section NOUN cblr-1737 604 15 15 15 NUM cblr-1737 604 16 g g NOUN cblr-1737 604 17 in in ADP cblr-1737 604 18 the the DET cblr-1737 604 19 first first ADJ cblr-1737 604 20 place,245 place,245 PROPN cblr-1737 604 21 and and CCONJ cblr-1737 604 22 tobs tob NOUN cblr-1737 604 23 are be AUX cblr-1737 604 24 fundamentally fundamentally ADV cblr-1737 604 25 different different ADJ cblr-1737 604 26 from from ADP cblr-1737 604 27 products product NOUN cblr-1737 604 28 traditionally traditionally ADV cblr-1737 604 29 designated designate VERB cblr-1737 604 30 as as ADP cblr-1737 604 31 abss.246 abss.246 PROPN cblr-1737 604 32 the the DET cblr-1737 604 33 ability ability NOUN cblr-1737 604 34 of of ADP cblr-1737 604 35 an an DET cblr-1737 604 36 issuer issuer NOUN cblr-1737 604 37 of of ADP cblr-1737 604 38 abss abss NOUN cblr-1737 604 39 to to PART cblr-1737 604 40 enforce enforce VERB cblr-1737 604 41 its its PRON cblr-1737 604 42 security security NOUN cblr-1737 604 43 interest interest NOUN cblr-1737 604 44 in in ADP cblr-1737 604 45 the the DET cblr-1737 604 46 underlying underlie VERB cblr-1737 604 47 assets asset NOUN cblr-1737 604 48 may may AUX cblr-1737 604 49 be be AUX cblr-1737 604 50 limited limit VERB cblr-1737 604 51 , , PUNCT cblr-1737 604 52 which which PRON cblr-1737 604 53 is be AUX cblr-1737 604 54 not not PART cblr-1737 604 55 the the DET cblr-1737 604 56 case case NOUN cblr-1737 604 57 with with ADP cblr-1737 604 58 tobs.247 tobs.247 NOUN cblr-1737 604 59 the the DET cblr-1737 604 60 underlying underlie VERB cblr-1737 604 61 241 241 NUM cblr-1737 604 62 see see VERB cblr-1737 604 63 meehan meehan NOUN cblr-1737 604 64 , , PUNCT cblr-1737 604 65 supra supra PROPN cblr-1737 604 66 note note NOUN cblr-1737 604 67 48 48 NUM cblr-1737 604 68 , , PUNCT cblr-1737 604 69 at at ADP cblr-1737 604 70 4 4 NUM cblr-1737 604 71 ; ; PUNCT cblr-1737 604 72 patrick patrick PROPN cblr-1737 604 73 mcgee mcgee PROPN cblr-1737 604 74 , , PUNCT cblr-1737 604 75 taxable taxable ADJ cblr-1737 604 76 tobs tob NOUN cblr-1737 604 77 take take VERB cblr-1737 604 78 the the DET cblr-1737 604 79 stage stage NOUN cblr-1737 604 80 : : PUNCT cblr-1737 604 81 shorter short ADJ cblr-1737 604 82 maturities maturity NOUN cblr-1737 604 83 , , PUNCT cblr-1737 604 84 bab bab PROPN cblr-1737 604 85 advantages advantage NOUN cblr-1737 604 86 , , PUNCT cblr-1737 604 87 the the DET cblr-1737 604 88 bond bond NOUN cblr-1737 604 89 buyer buyer NOUN cblr-1737 604 90 , , PUNCT cblr-1737 604 91 july july PROPN cblr-1737 604 92 12 12 NUM cblr-1737 604 93 , , PUNCT cblr-1737 604 94 2010 2010 NUM cblr-1737 604 95 , , PUNCT cblr-1737 604 96 at at ADP cblr-1737 604 97 1 1 NUM cblr-1737 604 98 . . NOUN cblr-1737 604 99 242 242 NUM cblr-1737 604 100 see see VERB cblr-1737 604 101 mcgee mcgee PROPN cblr-1737 604 102 , , PUNCT cblr-1737 604 103 supra supra PROPN cblr-1737 604 104 note note PROPN cblr-1737 604 105 241 241 NUM cblr-1737 604 106 , , PUNCT cblr-1737 604 107 at at ADP cblr-1737 604 108 26 26 NUM cblr-1737 604 109 . . PUNCT cblr-1737 605 1 243 243 NUM cblr-1737 605 2 see see VERB cblr-1737 605 3 i i PRON cblr-1737 605 4 d. d. PROPN cblr-1737 605 5 at at ADP cblr-1737 605 6 1 1 NUM cblr-1737 605 7 , , PUNCT cblr-1737 605 8 27 27 NUM cblr-1737 605 9 . . PUNCT cblr-1737 606 1 244 244 NUM cblr-1737 606 2 see see VERB cblr-1737 606 3 citibank citibank NOUN cblr-1737 606 4 glob glob PROPN cblr-1737 606 5 . . PUNCT cblr-1737 607 1 mkts mkts PROPN cblr-1737 607 2 . . PUNCT cblr-1737 608 1 inc inc PROPN cblr-1737 608 2 . . PROPN cblr-1737 608 3 , , PUNCT cblr-1737 608 4 supra supra PROPN cblr-1737 608 5 note note NOUN cblr-1737 608 6 4 4 NUM cblr-1737 608 7 , , PUNCT cblr-1737 608 8 at at ADP cblr-1737 608 9 14 14 NUM cblr-1737 608 10 . . PUNCT cblr-1737 608 11 245 245 NUM cblr-1737 608 12 gorman gorman NOUN cblr-1737 608 13 , , PUNCT cblr-1737 608 14 supra supra PROPN cblr-1737 608 15 note note NOUN cblr-1737 608 16 22 22 NUM cblr-1737 608 17 . . PUNCT cblr-1737 609 1 246 246 NUM cblr-1737 609 2 see see VERB cblr-1737 609 3 invesco invesco PROPN cblr-1737 609 4 , , PUNCT cblr-1737 609 5 comment comment NOUN cblr-1737 609 6 letter letter NOUN cblr-1737 609 7 on on ADP cblr-1737 609 8 proposed propose VERB cblr-1737 609 9 rule rule NOUN cblr-1737 609 10 on on ADP cblr-1737 609 11 credit credit NOUN cblr-1737 609 12 risk risk NOUN cblr-1737 609 13 retention retention NOUN cblr-1737 609 14 3 3 NUM cblr-1737 609 15 ( ( PUNCT cblr-1737 609 16 oct oct PROPN cblr-1737 609 17 . . PROPN cblr-1737 609 18 30 30 NUM cblr-1737 609 19 , , PUNCT cblr-1737 609 20 2013 2013 NUM cblr-1737 609 21 ) ) PUNCT cblr-1737 609 22 , , PUNCT cblr-1737 609 23 https://www.sec.gov/comments/s7-14-11/s714 https://www.sec.gov/comments/s7-14-11/s714 PROPN cblr-1737 609 24 11-415.pdf 11-415.pdf NUM cblr-1737 609 25 [ [ X cblr-1737 609 26 https://perma.cc/g7j6-g6en https://perma.cc/g7j6-g6en NOUN cblr-1737 609 27 ] ] X cblr-1737 609 28 . . PUNCT cblr-1737 610 1 247 247 NUM cblr-1737 610 2 i i PRON cblr-1737 610 3 d. d. PROPN cblr-1737 610 4 miki miki PROPN cblr-1737 610 5 – – PUNCT cblr-1737 610 6 final final ADJ cblr-1737 610 7 300 300 NUM cblr-1737 610 8 columbia columbia PROPN cblr-1737 610 9 business business NOUN cblr-1737 610 10 law law PROPN cblr-1737 610 11 review review NOUN cblr-1737 610 12 [ [ X cblr-1737 610 13 vol vol NOUN cblr-1737 610 14 . . NOUN cblr-1737 610 15 2016 2016 NUM cblr-1737 610 16 bonds bond NOUN cblr-1737 610 17 in in ADP cblr-1737 610 18 a a DET cblr-1737 610 19 tob tob NOUN cblr-1737 610 20 “ " PUNCT cblr-1737 610 21 generally generally ADV cblr-1737 610 22 are be AUX cblr-1737 610 23 from from ADP cblr-1737 610 24 one one NUM cblr-1737 610 25 original original ADJ cblr-1737 610 26 issuance issuance NOUN cblr-1737 610 27 and and CCONJ cblr-1737 610 28 have have VERB cblr-1737 610 29 the the DET cblr-1737 610 30 same same ADJ cblr-1737 610 31 issuer issuer NOUN cblr-1737 610 32 and and CCONJ cblr-1737 610 33 borrower borrower NOUN cblr-1737 610 34 / / SYM cblr-1737 610 35 obligor obligor NOUN cblr-1737 610 36 ” " PUNCT cblr-1737 610 37 ; ; PUNCT cblr-1737 610 38 investors investor NOUN cblr-1737 610 39 analyze analyze VERB cblr-1737 610 40 the the DET cblr-1737 610 41 credit credit NOUN cblr-1737 610 42 risk risk NOUN cblr-1737 610 43 of of ADP cblr-1737 610 44 the the DET cblr-1737 610 45 underlying underlie VERB cblr-1737 610 46 borrower borrower NOUN cblr-1737 610 47 as as SCONJ cblr-1737 610 48 they they PRON cblr-1737 610 49 would would AUX cblr-1737 610 50 for for ADP cblr-1737 610 51 any any DET cblr-1737 610 52 other other ADJ cblr-1737 610 53 municipal municipal ADJ cblr-1737 610 54 investment.248 investment.248 NOUN cblr-1737 610 55 moreover moreover ADV cblr-1737 610 56 , , PUNCT cblr-1737 610 57 “ " PUNCT cblr-1737 610 58 tobs tob NOUN cblr-1737 610 59 typically typically ADV cblr-1737 610 60 are be AUX cblr-1737 610 61 backed back VERB cblr-1737 610 62 by by ADP cblr-1737 610 63 a a DET cblr-1737 610 64 liquidity liquidity NOUN cblr-1737 610 65 facility facility NOUN cblr-1737 610 66 provided provide VERB cblr-1737 610 67 by by ADP cblr-1737 610 68 a a DET cblr-1737 610 69 highly highly ADV cblr-1737 610 70 rated rate VERB cblr-1737 610 71 financial financial ADJ cblr-1737 610 72 institution institution NOUN cblr-1737 610 73 , , PUNCT cblr-1737 610 74 ” " PUNCT cblr-1737 610 75 and and CCONJ cblr-1737 610 76 there there PRON cblr-1737 610 77 is be VERB cblr-1737 610 78 liquidity liquidity NOUN cblr-1737 610 79 that that PRON cblr-1737 610 80 is be AUX cblr-1737 610 81 not not PART cblr-1737 610 82 found find VERB cblr-1737 610 83 with with ADP cblr-1737 610 84 typical typical ADJ cblr-1737 610 85 structured structured ADJ cblr-1737 610 86 finance finance NOUN cblr-1737 610 87 products product NOUN cblr-1737 610 88 that that PRON cblr-1737 610 89 are be AUX cblr-1737 610 90 the the DET cblr-1737 610 91 subject subject NOUN cblr-1737 610 92 of of ADP cblr-1737 610 93 the the DET cblr-1737 610 94 risk risk NOUN cblr-1737 610 95 retention retention NOUN cblr-1737 610 96 rule.249 rule.249 NOUN cblr-1737 610 97 subjecting subject VERB cblr-1737 610 98 tobs tob NOUN cblr-1737 610 99 to to ADP cblr-1737 610 100 the the DET cblr-1737 610 101 risk risk NOUN cblr-1737 610 102 retention retention NOUN cblr-1737 610 103 rule rule NOUN cblr-1737 610 104 seems seem VERB cblr-1737 610 105 particularly particularly ADV cblr-1737 610 106 inconsistent inconsistent ADJ cblr-1737 610 107 considering consider VERB cblr-1737 610 108 the the DET cblr-1737 610 109 treatment treatment NOUN cblr-1737 610 110 of of ADP cblr-1737 610 111 qualified qualified ADJ cblr-1737 610 112 residential residential ADJ cblr-1737 610 113 mortgages mortgage NOUN cblr-1737 610 114 ( ( PUNCT cblr-1737 610 115 “ " PUNCT cblr-1737 610 116 qrms qrm NOUN cblr-1737 610 117 ” " PUNCT cblr-1737 610 118 ) ) PUNCT cblr-1737 610 119 embedded embed VERB cblr-1737 610 120 in in ADP cblr-1737 610 121 the the DET cblr-1737 610 122 rule.250 rule.250 NOUN cblr-1737 610 123 essentially essentially ADV cblr-1737 610 124 , , PUNCT cblr-1737 610 125 there there PRON cblr-1737 610 126 is be VERB cblr-1737 610 127 an an DET cblr-1737 610 128 exemption exemption NOUN cblr-1737 610 129 for for ADP cblr-1737 610 130 mortgages mortgage NOUN cblr-1737 610 131 that that PRON cblr-1737 610 132 are be AUX cblr-1737 610 133 of of ADP cblr-1737 610 134 highest high ADJ cblr-1737 610 135 quality.251 quality.251 NOUN cblr-1737 610 136 in in ADP cblr-1737 610 137 the the DET cblr-1737 610 138 final final ADJ cblr-1737 610 139 rules rule NOUN cblr-1737 610 140 , , PUNCT cblr-1737 610 141 some some PRON cblr-1737 610 142 of of ADP cblr-1737 610 143 the the DET cblr-1737 610 144 toughest tough ADJ cblr-1737 610 145 qualifications qualification NOUN cblr-1737 610 146 to to PART cblr-1737 610 147 obtain obtain VERB cblr-1737 610 148 the the DET cblr-1737 610 149 qrm qrm PROPN cblr-1737 610 150 exemption exemption NOUN cblr-1737 610 151 , , PUNCT cblr-1737 610 152 including include VERB cblr-1737 610 153 a a DET cblr-1737 610 154 requirement requirement NOUN cblr-1737 610 155 that that SCONJ cblr-1737 610 156 a a DET cblr-1737 610 157 residential residential ADJ cblr-1737 610 158 mortgage mortgage NOUN cblr-1737 610 159 have have AUX cblr-1737 610 160 at at ADV cblr-1737 610 161 least least ADJ cblr-1737 610 162 a a DET cblr-1737 610 163 twenty twenty NUM cblr-1737 610 164 - - PUNCT cblr-1737 610 165 percent percent NOUN cblr-1737 610 166 down down ADP cblr-1737 610 167 payment payment NOUN cblr-1737 610 168 , , PUNCT cblr-1737 610 169 were be AUX cblr-1737 610 170 abandoned.252 abandoned.252 ADP cblr-1737 610 171 this this PRON cblr-1737 610 172 is be AUX cblr-1737 610 173 on on ADP cblr-1737 610 174 top top NOUN cblr-1737 610 175 of of ADP cblr-1737 610 176 the the DET cblr-1737 610 177 exemption exemption NOUN cblr-1737 610 178 for for ADP cblr-1737 610 179 “ " PUNCT cblr-1737 610 180 community community NOUN cblr-1737 610 181 - - PUNCT cblr-1737 610 182 focused focus VERB cblr-1737 610 183 ” " PUNCT cblr-1737 610 184 mortgages mortgage NOUN cblr-1737 610 185 and and CCONJ cblr-1737 610 186 the the DET cblr-1737 610 187 exemption exemption NOUN cblr-1737 610 188 that that PRON cblr-1737 610 189 already already ADV cblr-1737 610 190 existed exist VERB cblr-1737 610 191 for for ADP cblr-1737 610 192 mortgages mortgage NOUN cblr-1737 610 193 issued issue VERB cblr-1737 610 194 by by ADP cblr-1737 610 195 gses gse NOUN cblr-1737 610 196 ( ( PUNCT cblr-1737 610 197 i.e. i.e. X cblr-1737 610 198 , , PUNCT cblr-1737 610 199 fannie fannie PROPN cblr-1737 610 200 mae mae PROPN cblr-1737 610 201 , , PUNCT cblr-1737 610 202 freddie freddie PROPN cblr-1737 610 203 mac mac PROPN cblr-1737 610 204 , , PUNCT cblr-1737 610 205 and and CCONJ cblr-1737 610 206 ginnie ginnie PROPN cblr-1737 610 207 mae).253 mae).253 PROPN cblr-1737 610 208 it it PRON cblr-1737 610 209 is be AUX cblr-1737 610 210 inconsistent inconsistent ADJ cblr-1737 610 211 that that SCONJ cblr-1737 610 212 a a DET cblr-1737 610 213 transparent transparent ADJ cblr-1737 610 214 investment investment NOUN cblr-1737 610 215 vehicle vehicle NOUN cblr-1737 610 216 with with ADP cblr-1737 610 217 highly highly ADV cblr-1737 610 218 rated rate VERB cblr-1737 610 219 securities security NOUN cblr-1737 610 220 underlying underlie VERB cblr-1737 610 221 it it PRON cblr-1737 610 222 , , PUNCT cblr-1737 610 223 such such ADJ cblr-1737 610 224 as as ADP cblr-1737 610 225 tobs tob NOUN cblr-1737 610 226 , , PUNCT cblr-1737 610 227 would would AUX cblr-1737 610 228 be be AUX cblr-1737 610 229 subject subject ADJ cblr-1737 610 230 to to ADP cblr-1737 610 231 more more ADV cblr-1737 610 232 stringent stringent ADJ cblr-1737 610 233 risk risk NOUN cblr-1737 610 234 retention retention NOUN cblr-1737 610 235 requirements requirement NOUN cblr-1737 610 236 than than ADP cblr-1737 610 237 mortgages mortgage NOUN cblr-1737 610 238 that that PRON cblr-1737 610 239 have have VERB cblr-1737 610 240 no no DET cblr-1737 610 241 down down ADJ cblr-1737 610 242 payments payment NOUN cblr-1737 610 243 . . PUNCT cblr-1737 611 1 248 248 NUM cblr-1737 612 1 i i PRON cblr-1737 612 2 d. d. PROPN cblr-1737 612 3 249 249 NUM cblr-1737 613 1 i i PRON cblr-1737 613 2 d. d. PROPN cblr-1737 613 3 250 250 NUM cblr-1737 613 4 see see VERB cblr-1737 613 5 floyd floyd PROPN cblr-1737 613 6 norris norris PROPN cblr-1737 613 7 , , PUNCT cblr-1737 613 8 banks bank NOUN cblr-1737 613 9 again again ADV cblr-1737 613 10 avoid avoid VERB cblr-1737 613 11 having have VERB cblr-1737 613 12 any any DET cblr-1737 613 13 skin skin NOUN cblr-1737 613 14 in in ADP cblr-1737 613 15 the the DET cblr-1737 613 16 game game NOUN cblr-1737 613 17 , , PUNCT cblr-1737 613 18 n.y n.y PROPN cblr-1737 613 19 . . PROPN cblr-1737 613 20 times times PROPN cblr-1737 613 21 , , PUNCT cblr-1737 613 22 oct oct PROPN cblr-1737 613 23 . . PROPN cblr-1737 613 24 24 24 NUM cblr-1737 613 25 , , PUNCT cblr-1737 613 26 2014 2014 NUM cblr-1737 613 27 , , PUNCT cblr-1737 613 28 at at ADP cblr-1737 613 29 b1 b1 NOUN cblr-1737 613 30 , , PUNCT cblr-1737 613 31 b4 b4 PROPN cblr-1737 613 32 ( ( PUNCT cblr-1737 613 33 explaining explain VERB cblr-1737 613 34 the the DET cblr-1737 613 35 qrm qrm PROPN cblr-1737 613 36 exemption exemption NOUN cblr-1737 613 37 and and CCONJ cblr-1737 613 38 the the DET cblr-1737 613 39 perception perception NOUN cblr-1737 613 40 that that SCONJ cblr-1737 613 41 the the DET cblr-1737 613 42 “ " PUNCT cblr-1737 613 43 loophole loophole NOUN cblr-1737 613 44 has have AUX cblr-1737 613 45 eaten eat VERB cblr-1737 613 46 the the DET cblr-1737 613 47 rule rule NOUN cblr-1737 613 48 , , PUNCT cblr-1737 613 49 and and CCONJ cblr-1737 613 50 there there PRON cblr-1737 613 51 is be VERB cblr-1737 613 52 no no DET cblr-1737 613 53 residential residential ADJ cblr-1737 613 54 mortgage mortgage NOUN cblr-1737 613 55 risk risk NOUN cblr-1737 613 56 retention retention NOUN cblr-1737 613 57 ” " PUNCT cblr-1737 613 58 ) ) PUNCT cblr-1737 613 59 . . PUNCT cblr-1737 614 1 251 251 NUM cblr-1737 614 2 see see VERB cblr-1737 614 3 i i PRON cblr-1737 614 4 d. d. PROPN cblr-1737 614 5 252 252 NUM cblr-1737 614 6 christopher christopher PROPN cblr-1737 614 7 merchant merchant PROPN cblr-1737 614 8 , , PUNCT cblr-1737 614 9 frank frank PROPN cblr-1737 614 10 serravalli serravalli PROPN cblr-1737 614 11 & & CCONJ cblr-1737 614 12 daniel daniel PROPN cblr-1737 614 13 sullivan sullivan PROPN cblr-1737 614 14 , , PUNCT cblr-1737 614 15 ten ten NUM cblr-1737 614 16 key key ADJ cblr-1737 614 17 points point NOUN cblr-1737 614 18 from from ADP cblr-1737 614 19 the the DET cblr-1737 614 20 final final ADJ cblr-1737 614 21 risk risk NOUN cblr-1737 614 22 retention retention NOUN cblr-1737 614 23 rule rule NOUN cblr-1737 614 24 , , PUNCT cblr-1737 614 25 harv harv PROPN cblr-1737 614 26 . . PUNCT cblr-1737 615 1 l. l. PROPN cblr-1737 615 2 sch sch PROPN cblr-1737 615 3 . . PUNCT cblr-1737 616 1 f. f. PROPN cblr-1737 616 2 on on ADP cblr-1737 616 3 corp corp PROPN cblr-1737 616 4 . . PROPN cblr-1737 616 5 governance governance PROPN cblr-1737 616 6 & & CCONJ cblr-1737 616 7 fin fin PROPN cblr-1737 616 8 . . PUNCT cblr-1737 617 1 reg reg PROPN cblr-1737 617 2 . . PUNCT cblr-1737 618 1 ( ( PUNCT cblr-1737 618 2 nov nov PROPN cblr-1737 618 3 . . PROPN cblr-1737 618 4 2 2 NUM cblr-1737 618 5 , , PUNCT cblr-1737 618 6 2014 2014 NUM cblr-1737 618 7 , , PUNCT cblr-1737 618 8 9:00 9:00 NUM cblr-1737 618 9 am am NOUN cblr-1737 618 10 ) ) PUNCT cblr-1737 618 11 , , PUNCT cblr-1737 618 12 http://blogs.law.harvard http://blogs.law.harvard PROPN cblr-1737 618 13 . . PUNCT cblr-1737 618 14 edu edu PROPN cblr-1737 618 15 / / SYM cblr-1737 618 16 corpgov/2014/11/02 corpgov/2014/11/02 PROPN cblr-1737 618 17 / / SYM cblr-1737 618 18 ten ten NUM cblr-1737 618 19 - - PUNCT cblr-1737 618 20 key key ADJ cblr-1737 618 21 - - PUNCT cblr-1737 618 22 points point NOUN cblr-1737 618 23 - - PUNCT cblr-1737 618 24 from from ADP cblr-1737 618 25 - - PUNCT cblr-1737 618 26 the the DET cblr-1737 618 27 - - PUNCT cblr-1737 618 28 final final ADJ cblr-1737 618 29 - - PUNCT cblr-1737 618 30 risk risk NOUN cblr-1737 618 31 - - PUNCT cblr-1737 618 32 retention retention NOUN cblr-1737 618 33 - - PUNCT cblr-1737 618 34 rule/ rule/ NOUN cblr-1737 618 35 [ [ X cblr-1737 618 36 http://perma.cc/8fes-zygu http://perma.cc/8fes-zygu NOUN cblr-1737 618 37 ] ] PUNCT cblr-1737 618 38 . . PUNCT cblr-1737 619 1 253 253 NUM cblr-1737 619 2 see see VERB cblr-1737 619 3 i i PRON cblr-1737 619 4 d. d. PROPN cblr-1737 619 5 miki miki PROPN cblr-1737 619 6 – – PUNCT cblr-1737 619 7 final final ADJ cblr-1737 619 8 no no NOUN cblr-1737 619 9 . . PUNCT cblr-1737 620 1 1:252 1:252 NOUN cblr-1737 620 2 ] ] X cblr-1737 620 3 live live VERB cblr-1737 620 4 and and CCONJ cblr-1737 620 5 let let AUX cblr-1737 620 6 die die VERB cblr-1737 620 7 301 301 NUM cblr-1737 620 8 vi vi NOUN cblr-1737 620 9 . . PROPN cblr-1737 620 10 conclusion conclusion NOUN cblr-1737 620 11 the the DET cblr-1737 620 12 motives motive NOUN cblr-1737 620 13 behind behind ADP cblr-1737 620 14 the the DET cblr-1737 620 15 dodd dodd PROPN cblr-1737 620 16 - - PUNCT cblr-1737 620 17 frank frank PROPN cblr-1737 620 18 act act PROPN cblr-1737 620 19 and and CCONJ cblr-1737 620 20 the the DET cblr-1737 620 21 liquidity liquidity NOUN cblr-1737 620 22 rules––preventing rules––prevente VERB cblr-1737 620 23 the the DET cblr-1737 620 24 excessive excessive ADJ cblr-1737 620 25 risk risk NOUN cblr-1737 620 26 taking take VERB cblr-1737 620 27 that that PRON cblr-1737 620 28 led lead VERB cblr-1737 620 29 to to ADP cblr-1737 620 30 the the DET cblr-1737 620 31 financial financial ADJ cblr-1737 620 32 crisis crisis NOUN cblr-1737 620 33 and and CCONJ cblr-1737 620 34 improving improve VERB cblr-1737 620 35 the the DET cblr-1737 620 36 banking banking NOUN cblr-1737 620 37 sector sector NOUN cblr-1737 620 38 ’s ’s PART cblr-1737 620 39 ability ability NOUN cblr-1737 620 40 to to PART cblr-1737 620 41 absorb absorb VERB cblr-1737 620 42 shocks shock NOUN cblr-1737 620 43 arising arise VERB cblr-1737 620 44 from from ADP cblr-1737 620 45 financial financial ADJ cblr-1737 620 46 and and CCONJ cblr-1737 620 47 economic economic ADJ cblr-1737 620 48 stress stress NOUN cblr-1737 620 49 – – PUNCT cblr-1737 620 50 – – PUNCT cblr-1737 620 51 are be AUX cblr-1737 620 52 sound.254 sound.254 NOUN cblr-1737 620 53 however however ADV cblr-1737 620 54 , , PUNCT cblr-1737 620 55 the the DET cblr-1737 620 56 municipal municipal ADJ cblr-1737 620 57 bond bond NOUN cblr-1737 620 58 exclusion exclusion NOUN cblr-1737 620 59 from from ADP cblr-1737 620 60 hqla hqla PROPN cblr-1737 620 61 eligibility eligibility NOUN cblr-1737 620 62 , , PUNCT cblr-1737 620 63 the the DET cblr-1737 620 64 volcker volcker NOUN cblr-1737 620 65 rule rule NOUN cblr-1737 620 66 prohibition prohibition NOUN cblr-1737 620 67 on on ADP cblr-1737 620 68 tobs tob NOUN cblr-1737 620 69 , , PUNCT cblr-1737 620 70 and and CCONJ cblr-1737 620 71 the the DET cblr-1737 620 72 risk risk NOUN cblr-1737 620 73 retention retention NOUN cblr-1737 620 74 rule rule NOUN cblr-1737 620 75 as as SCONJ cblr-1737 620 76 it it PRON cblr-1737 620 77 applies apply VERB cblr-1737 620 78 to to ADP cblr-1737 620 79 tobs tobs PROPN cblr-1737 620 80 do do AUX cblr-1737 620 81 not not PART cblr-1737 620 82 provide provide VERB cblr-1737 620 83 protections protection NOUN cblr-1737 620 84 against against ADP cblr-1737 620 85 excessive excessive ADJ cblr-1737 620 86 risk risk NOUN cblr-1737 620 87 taking taking NOUN cblr-1737 620 88 or or CCONJ cblr-1737 620 89 provide provide VERB cblr-1737 620 90 for for ADP cblr-1737 620 91 a a DET cblr-1737 620 92 more more ADV cblr-1737 620 93 sound sound ADJ cblr-1737 620 94 banking banking NOUN cblr-1737 620 95 system system NOUN cblr-1737 620 96 while while SCONJ cblr-1737 620 97 raising raise VERB cblr-1737 620 98 financing financing NOUN cblr-1737 620 99 costs cost NOUN cblr-1737 620 100 for for ADP cblr-1737 620 101 municipalities municipality NOUN cblr-1737 620 102 . . PUNCT cblr-1737 621 1 particularly particularly ADV cblr-1737 621 2 compared compare VERB cblr-1737 621 3 to to ADP cblr-1737 621 4 other other ADJ cblr-1737 621 5 asset asset NOUN cblr-1737 621 6 classes class NOUN cblr-1737 621 7 that that PRON cblr-1737 621 8 are be AUX cblr-1737 621 9 more more ADV cblr-1737 621 10 lightly lightly ADV cblr-1737 621 11 regulated regulate VERB cblr-1737 621 12 or or CCONJ cblr-1737 621 13 other other ADJ cblr-1737 621 14 asset asset NOUN cblr-1737 621 15 classes class NOUN cblr-1737 621 16 with with ADP cblr-1737 621 17 which which PRON cblr-1737 621 18 municipal municipal ADJ cblr-1737 621 19 bonds bond NOUN cblr-1737 621 20 are be AUX cblr-1737 621 21 lumped lump VERB cblr-1737 621 22 together together ADV cblr-1737 621 23 , , PUNCT cblr-1737 621 24 municipal municipal ADJ cblr-1737 621 25 bonds bond NOUN cblr-1737 621 26 are be AUX cblr-1737 621 27 treated treat VERB cblr-1737 621 28 harshly harshly ADV cblr-1737 621 29 . . PUNCT cblr-1737 622 1 despite despite SCONJ cblr-1737 622 2 a a DET cblr-1737 622 3 recent recent ADJ cblr-1737 622 4 increase increase NOUN cblr-1737 622 5 in in ADP cblr-1737 622 6 municipal municipal ADJ cblr-1737 622 7 bankruptcies bankruptcy NOUN cblr-1737 622 8 , , PUNCT cblr-1737 622 9 municipal municipal ADJ cblr-1737 622 10 bonds bond NOUN cblr-1737 622 11 remain remain VERB cblr-1737 622 12 a a DET cblr-1737 622 13 relatively relatively ADV cblr-1737 622 14 safe safe ADJ cblr-1737 622 15 asset asset NOUN cblr-1737 622 16 class class NOUN cblr-1737 622 17 . . PUNCT cblr-1737 623 1 higher high ADJ cblr-1737 623 2 financing financing NOUN cblr-1737 623 3 costs cost NOUN cblr-1737 623 4 for for ADP cblr-1737 623 5 municipalities municipality NOUN cblr-1737 623 6 may may AUX cblr-1737 623 7 have have VERB cblr-1737 623 8 undesirable undesirable ADJ cblr-1737 623 9 effects effect NOUN cblr-1737 623 10 , , PUNCT cblr-1737 623 11 as as SCONJ cblr-1737 623 12 they they PRON cblr-1737 623 13 would would AUX cblr-1737 623 14 leave leave VERB cblr-1737 623 15 municipalities municipality NOUN cblr-1737 623 16 with with ADP cblr-1737 623 17 less less ADJ cblr-1737 623 18 capital capital NOUN cblr-1737 623 19 to to PART cblr-1737 623 20 maintain maintain VERB cblr-1737 623 21 assets asset NOUN cblr-1737 623 22 and and CCONJ cblr-1737 623 23 could could AUX cblr-1737 623 24 have have VERB cblr-1737 623 25 potentially potentially ADV cblr-1737 623 26 harmful harmful ADJ cblr-1737 623 27 spillover spillover NOUN cblr-1737 623 28 effects effect NOUN cblr-1737 623 29 into into ADP cblr-1737 623 30 industries industry NOUN cblr-1737 623 31 such such ADJ cblr-1737 623 32 as as ADP cblr-1737 623 33 construction.255 construction.255 NOUN cblr-1737 623 34 in in ADP cblr-1737 623 35 sum sum NOUN cblr-1737 623 36 , , PUNCT cblr-1737 623 37 the the DET cblr-1737 623 38 existing exist VERB cblr-1737 623 39 municipal municipal ADJ cblr-1737 623 40 bond bond NOUN cblr-1737 623 41 regulation regulation NOUN cblr-1737 623 42 framework framework NOUN cblr-1737 623 43 under under ADP cblr-1737 623 44 the the DET cblr-1737 623 45 dodd dodd PROPN cblr-1737 623 46 - - PUNCT cblr-1737 623 47 frank frank PROPN cblr-1737 623 48 act act NOUN cblr-1737 623 49 should should AUX cblr-1737 623 50 be be AUX cblr-1737 623 51 modified modify VERB cblr-1737 623 52 in in ADP cblr-1737 623 53 the the DET cblr-1737 623 54 following following ADJ cblr-1737 623 55 ways way NOUN cblr-1737 623 56 : : PUNCT cblr-1737 623 57 the the DET cblr-1737 623 58 most most ADV cblr-1737 623 59 liquid liquid ADJ cblr-1737 623 60 municipal municipal ADJ cblr-1737 623 61 bonds bond NOUN cblr-1737 623 62 should should AUX cblr-1737 623 63 be be AUX cblr-1737 623 64 considered consider VERB cblr-1737 623 65 assets asset NOUN cblr-1737 623 66 eligible eligible ADJ cblr-1737 623 67 for for ADP cblr-1737 623 68 hqla hqla PROPN cblr-1737 623 69 inclusion inclusion NOUN cblr-1737 623 70 , , PUNCT cblr-1737 623 71 and and CCONJ cblr-1737 623 72 tobs tobs PROPN cblr-1737 623 73 should should AUX cblr-1737 623 74 be be AUX cblr-1737 623 75 exempt exempt ADJ cblr-1737 623 76 from from ADP cblr-1737 623 77 both both CCONJ cblr-1737 623 78 the the DET cblr-1737 623 79 volcker volcker NOUN cblr-1737 623 80 rule rule NOUN cblr-1737 623 81 and and CCONJ cblr-1737 623 82 the the DET cblr-1737 623 83 risk risk NOUN cblr-1737 623 84 retention retention NOUN cblr-1737 623 85 provisions provision NOUN cblr-1737 623 86 . . PUNCT cblr-1737 624 1 254 254 NUM cblr-1737 624 2 see see VERB cblr-1737 624 3 wall wall PROPN cblr-1737 624 4 street street PROPN cblr-1737 624 5 reform reform PROPN cblr-1737 624 6 : : PUNCT cblr-1737 624 7 the the DET cblr-1737 624 8 dodd dodd PROPN cblr-1737 624 9 - - PUNCT cblr-1737 624 10 frank frank PROPN cblr-1737 624 11 act act PROPN cblr-1737 624 12 , , PUNCT cblr-1737 624 13 the the DET cblr-1737 624 14 white white PROPN cblr-1737 624 15 house house PROPN cblr-1737 624 16 , , PUNCT cblr-1737 624 17 http://www.whitehouse.gov/economy/middle-class/dodd-frank-wall-streetreform http://www.whitehouse.gov/economy/middle-class/dodd-frank-wall-streetreform NOUN cblr-1737 624 18 [ [ X cblr-1737 624 19 http://perma.cc/v49y-5vw7 http://perma.cc/v49y-5vw7 X cblr-1737 624 20 ] ] X cblr-1737 624 21 ; ; PUNCT cblr-1737 624 22 see see VERB cblr-1737 624 23 also also ADV cblr-1737 624 24 international international ADJ cblr-1737 624 25 regulatory regulatory ADJ cblr-1737 624 26 framework framework NOUN cblr-1737 624 27 for for ADP cblr-1737 624 28 banks bank NOUN cblr-1737 624 29 ( ( PUNCT cblr-1737 624 30 basel basel PROPN cblr-1737 624 31 iii iii PROPN cblr-1737 624 32 ) ) PUNCT cblr-1737 624 33 , , PUNCT cblr-1737 624 34 bank bank NOUN cblr-1737 624 35 for for ADP cblr-1737 624 36 international international ADJ cblr-1737 624 37 settlements settlement NOUN cblr-1737 624 38 , , PUNCT cblr-1737 624 39 http://www.bis.org/bcbs/basel3.htm http://www.bis.org/bcbs/basel3.htm PROPN cblr-1737 625 1 [ [ X cblr-1737 625 2 http://perma.cc/bx9n-mgpg http://perma.cc/bx9n-mgpg X cblr-1737 625 3 ] ] PUNCT cblr-1737 625 4 . . PUNCT cblr-1737 626 1 255 255 NUM cblr-1737 626 2 see see VERB cblr-1737 626 3 rennison rennison NOUN cblr-1737 626 4 , , PUNCT cblr-1737 626 5 supra supra PROPN cblr-1737 626 6 note note VERB cblr-1737 626 7 143 143 NUM cblr-1737 626 8 . . PUNCT