A lawyer with 35 years of experience in public finance and currently Partner and part of the Tax Group at Orrick, Herrington & Sutcliffe LLP in Washington, DC. He is a published author and shares the lessons he learned as a NABL volunteer. Meet Edwin G. Oswald.

Tell us a little bit about yourself, including how you found your way to working in bond law. 

I graduated college with a degree in accounting and completed the CPA exam before entering law school.  I had some interest in finance and capital markets. I started my legal career in the tax department at Mudge Rose, which at that time had a leading tax-exempt bond practice. Municipal finance was a good fit for me and, as they say, the rest is history.       

What inspired you to join NABL more than 30 years ago?  

My initial motivation in joining NABL was to be part of an organization which provided me with an opportunity to learn more about my craft.  As a young associate, I found The Workshop and other NABL seminars very helpful. Later, the tables turned, and I became a panelist at various NABL events, which I have really enjoyed over the years.       

You have volunteered for NABL as chair of the Tax Committee in the past and served on the Board of Directors. How has volunteering been valuable for your career?

NABL is a terrific organization with many wonderful members. It was an honor to serve in various roles within the organization. Through volunteering, I gained further insight into the industry and its challenges as well as being exposed to a diversity of opinions on a wide range of public finance matters. Importantly, I also developed many good friendships along the way.          

You recently co-authored a book called “From Ronald to Donald, How the Myth of Reagan Became the Cult of Trump.” It has three chapters focused on tax policy. How does this section of the book relate to the public finance industry?

The Reagan presidency had a significant impact on the public finance industry – and none of it was good! The 1981, 1982 and 1984 tax acts were all hostile to the tax-exempt market. Reagan’s Tax Reform Act of 1986 imposed further restrictions and limitations. As noted in my book, this treatment of municipal/local finance by Reagan, a man who championed State and local government autonomy, is quite a paradox. The chapters of the book focused on tax policy are intended to educate the reader about tax policy employed in the 1980’s, that is, the enactment of “trickle-down/ supply side” economics. During Reagan’s two presidential terms, the top marginal tax rate decreased from 70% to 28%. The tax-exempt bond market was frequently a target in tax legislation enacted during this period, given that lawmakers were in search of revenue to offset the cost of tax cuts.                            

What are your most recent favorite podcasts, books, and/or TV shows? 

I am a Green Bay Packer fan, so any Packer podcast works for me. My favorite TV series is still Madmen, meanwhile, I am waiting for other TV shows to make that grade. I am currently reading “Sonny Boy” by Al Pacino.