President Barack Obama proposed a $3.78 trillion federal budget that includes a 28% cap on municipal bond interest for the top 2% of earners. SIFMA is raising concerns about the cap and a variety of other measures, including a retirement savings limit and an initiative that would require gains and losses on derivatives contracts be reported annually. "The mark-to-market proposal would impact the routine investments of ordinary investors, many of whom are not at all wealthy or sophisticated but who may have derivative exposure due to holdings in mutual fund shares, exchange-traded notes [and] exchange-traded funds, among other things," said Kenneth Bentsen Jr., acting SIFMA president. Read SIFMA's statement regarding the budget proposal.

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