U.S. Markets closed

Bank of America Muni-Bond Banker Running for U.S. House Seat

Amanda Albright

(Bloomberg) -- Washington dealt a major blow to Wall Street’s municipal-bond industry with its 2017 tax changes. Now, one banker says he wants to fight back from inside the walls of Congress.

Christopher Fink, a managing director at Bank of America Corp., the biggest underwriter of state and local government debt, said he plans to “move on” from his role to run for the U.S. House of Representatives in his district in Pelham, New York. If he wins, he said he’d help reverse the tax-law changes that crimped bond sales by pulling subsidies from a key type of debt refinancing.

Fink, a Democrat, made the announcement on Tuesday at an industry conference hosted by the Bond Buyer. “Hopefully I’ll come back a year from now and tell everybody that we’ve reinstated the advance refunding rules,” he said to laughs.

His campaign website says he’ll pull on his banking experience to help improve infrastructure and public transportation. But he’s also focused on issues with broader scope, including gun control, protecting women’s reproductive rights and pushing back against President Donald Trump’s administration.

To contact the reporter on this story: Amanda Albright in New York at aalbright4@bloomberg.net

To contact the editors responsible for this story: Elizabeth Campbell at ecampbell14@bloomberg.net, William Selway, Michael B. Marois

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.