Liquidity Rule More Likely to Drive Up Costs of State and Local Investments
The bank liquidity rule is more likely to drive up the costs of investments than infrastructure development for state and local governments, according to a Wells Fargo Securities research report.
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The Government Finance Officers Association has adopted best practices to help issuers hire brokers to invest their bond proceeds under the municipal advisor rule, and to improve the valuation of pension plans. more »
John Provenzano, former government relations director for Delta Air Lines in Washington D.C., was announced on Tuesday as new executive director for The National Association of State Treasurers. more »
President Obama on Friday signed a continuing resolution that allows government programs and services to be funded until Dec. 11. more »
Eight states with the greatest percentage of tax filers who claimed a deduction for sales taxes in the 2012 tax year would likely be most affected, if Congress fails to extend the deduction, according to an analysis by The Pew Charitable Trusts. more »
The Securities and Exchange Commission will probably use emergency court action to stop state and local governments from selling municipal bonds if it thinks their offerings are fraudulent, an enforcement division official told bond lawyers meeting here. more »
Personal income tax collections declined significantly in many states during the second quarter of this year, according to preliminary data in a report released by the Nelson A. Rockefeller Institute of Government on Wednesday. more »
Moments after Janney Capital Markets cited "cracks" in the foundation of state credit quality nationwide, Pennsylvania said it would have to loan money to itself to keep running. more »
The chairman of the House Appropriations Committee has introduced legislation that would continue funding government programs and services until Dec. 11, preventing a federal government shutdown before the midterm elections. more »
The National Association of State Treasurers' priorities include maintaining the tax- exempt status of municipal bonds, preventing local government investment pools from being hurt by money market mutual fund reforms, and helping to develop criteria under which munis could be considered high-quality liquid assets, said its incoming president, David Lillard, Tennessee' treasurer. more »
States had $915 billion of unfunded pension benefits, $757 billion in outstanding public debt, and $577 billion of unfunded retire health care and other non-pension benefits in fiscal 2012, according to a report on States' Fiscal Health released by The Pew Charitable Trusts on Tuesday. more »
Personal income taxes and possibly all state taxes appear to be down in the second quarter of this year based on preliminary data, the Rockefeller Institute of Government of the State University of New York said in a report released Thursday. more »
The National Association of Bond Lawyers released a paper Tuesday to help educate bond lawyers and other market participants about general obligation bonds in the wake of the Detroit and Jefferson County, Ala. bankruptcy filings. more »
The Treasury Department's new Office of State and Local Finance is adding a senior policy advisor focused on public sector pensions, the office's director, Kent Hiteshew said Monday. more »

Issuance of municipal MSA tobacco bonds by states was the subject of a highly critical article published by ProPublica. The article attempts to make a case that states erred in deciding to issue tobacco bonds. The article was widely circulated across social media. As we frequently observe, the national media focus on the muni market is appreciated, but the facts got muddied in the pursuit of a good story.

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