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Smith's Research & Gradings
May 22, 2023

Smith's Research & Gradings

Smith's Joins President Biden's National Infrastructure Advisory Council

Smith's Joins President Biden's National Infrastructure Advisory Council

Terence M. Smith, CEO, Smith's Research & Gradings has agreed to join President Biden's National Infrastructure Advisory Council. The President's National Infrastructure Advisory Council (NIAC) includes executive leaders from private sector and state/local government who advise the White House on how to reduce physical and cyber risks and improve the security and resilience of the nation's critical infrastructure sectors. The NIAC is administered on behalf of the President in accordance with the Federal Advisory Committee Act under the authority of the Secretary of the U.S. Department of Homeland Security by the U.S. Cybersecurity and Infrastructure Security Agency. "I am honored to serve on the NIAC and it is my pleasure to work with this amazing group of people," according to Mr. Smith.

The President's NIAC members' specialized cross-sector expertise offers new perspectives and solutions to complex problems, as well as real-world insight and a collective independent voice. The NIAC is established under Section 10 of Executive Order (EO) 13231, dated October 16, 2001, as amended, and continued and amended under the authority of EO 14048, dated September 30, 2021. This council operates under the provisions of the Federal Advisory Committee Act (FACA), 5, U.S.C.

When asked about his work on the NIAC, Mr. Smith explained, "The NIAC may establish subcommittees or ad hoc groups for any purpose consistent with its charter and with the approval of the Designated Federal Officer. Such subcommittees may not work independently of the chartered council and must report their recommendations and advice to the NIAC for full deliberation and discussion. Subcommittees have no authority to make decisions or to arrive at a consensus for/on behalf of NIAC and may not report or provide advice or recommendations directly to the Federal Government or any other entity other than the NIAC."

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Hawkins Reviews Financial Data Transparency Act

Hawkins Delafield & Wood, New York City's legendary municipal law firm, published a "Hawkins Advisory" that reviews the Financial Data Transparency Act of 2022 (FDTA), which was signed into law on December 23, 2022; developments in enforcement actions regarding limited offerings; and the status of certain pending rulemaking by the Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB).

Pandemic Event Risk: National Emergency Extended

The National Emergency has been extended according to a letter from President Joe Biden to The Congress of the United States.

Yankee Stadium Bonds Baa1/NR/BBB+

Fitch Ratings assigned a 'BBB+' rating to the New York City Industrial Development Agency's (NYC IDA) $923 million PILOT Revenue Refunding Bonds,Series 2020, Yankee Stadium Project. Fitch has also affirmed the 'BBB+' rating on the Series 2006 and 2009 bonds, as well as the NYCIDA's Series 2006 and 2009 Rental Revenue Bonds, issued on behalf of Yankee Stadium LLC (StadCo). The Rating Outlook is Stable. The transaction will refund $863 million Series 2006 and 2009 bonds, generating more than $200 million in present value savings.

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