The IRS, concerned that some Build America Bonds are being sold to investors at very high prices, is urging municipal issuers to watch trading more closely. The agency recommended that issuers use the Electronic Municpal Market Access System and more closely question underwriters about pricing. As of early May, more than $97 billion of BABs have been issued. The American Recovery and Reinvestment Act of 2009 that created BABs includes a provision that they cannot be sold at more than a de minimis amount of the premium. If the sales premiums are too high, issuers bonds might not qualify as BABs and could not receive subsidy payments. Frederic L. Ballard, Jr., a Ballard Spahr partner noted for his knowledge of the bond market, tells The Bond Buyer, "It's regrettable both from the standpoint of bond lawyers and I assume the standpoint of the service to have a problem that is interfering wit the smooth delivery of BABs, one of the great successes of the modern era in public finance legislation."