Senate Appropriations Bill Would Keep SEC Funding at 2015 Level
The Senate Appropriations Committee approved a bill Thursday that would provide $1.5 billion of funding for the Securities and Exchange Commission in fiscal year 2016, the same amount as the fiscal 2015 enacted level and $222 million less than the commission requested earlier this year.
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Pension burdens increased in fiscal 2013 for 31 of the 50 local governments with the most debt outstanding in that year, Moody's Investors Service said in a new report. more »
A coalition of state and city finance officials led by Rhode Island Treasurer Seth Magaziner wants the SEC to require greater transparency from PE firms that manage public pension funds. more »
The probability of a Puerto Rico default that would cause “substantial” losses “is approaching 100%,” Moody’s Investors Service said. more »
The Senate Finance Committee is pressing Treasury Secretary Jack Lew for positions on Puerto Rico, including whether it supports giving the troubled territory the ability to allow its public entities to file for bankruptcy protection under Chapter 9. more »
Sens. Chuck Schumer, D-N.Y., and Richard Blumenthal, D-Conn., unveiled a bill on Wednesday to allow Puerto Rican public entities to declare Chapter 9 bankruptcy. more »
State-run retirement systems faced a $968 billion shortfall in fiscal 2013, up $54 billion from the previous year, according to Pew Charitable Trusts. more »
A report from the Government Accountability Office suggested three approaches to delegating federal borrowing authority that would help to avoid the disruption in financial markets caused by impasses over the debt ceiling. more »
The House Judiciary Committee is unlikely to pass legislation that would give Puerto Rican public municipalities and utilities the ability to file for bankruptcy under Chapter 9, committee chair Bob Goodlatte, R-Va., said in a Wednesday statement. more »
Pressure is mounting for Congress to make Puerto Rico's public entities eligible for Chapter 9 bankruptcy protection in the wake of an appeals court decision that found the territory's restructuring law illegal, and calls from top presidential candidates for congressional action. more »
John Hoeven, a Republican Senator and former governor of North Dakota, is keeping states' needs in mind with his bill to create Move America Bonds. more »
Amid talks of Puerto Rico’s looming debt crisis, two senators plan to introduce companion legislation to a bill that would allow Puerto Rico to grant Chapter 9 bankruptcy powers to troubled public entities on the economically distressed island. more »
The White House reiterated that the federal government won't offer bailout support to Puerto Rico after Gov. Alejandro García Padilla said the island's debt is not payable and that a debt restructuring is necessary, more »
The Supreme Court's Thursday ruling that upheld the legality of federal subsidies under the Affordable Care Act is a win for the hospital sector that provides some stability through the remainder of the Obama presidency, analysts said. more »

Orrick, Herrington & Sutcliffe LLP attorneys take a look at the Securities and Exchange Commission settlements with 36 municipal securities underwriters pursuant to the Municipalities Continuing Disclosure Cooperation initiative.

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