The Securities and Exchange Commission is arguing it can't fight a lawsuit challenging a revised rule to curb municipal securities pay-to-play activity because the fiscal 2016 appropriations act prohibits it from spending money on any rules governing political contributions.
California Treasurer John Chiang announced that municipal finance firms seeking state business will be required to certify that they will make no contributions to local bond election campaigns in the state.
Detroit, already facing headwinds with its first post-bankruptcy general obligation/distributable state aid backed sale, could suffer some spill due to the states disruption of a similar security on some of Detroit Public Schools' bonds, one municipal market participant suggested.
We are hearing so much these days about socially responsible investing, sustainable investing, impact investing, and investing based on ESG criteria meaning environment, social and governance. But what does it all mean? This workshop will help learners understand how the history of SRI has led to current practices and principles, with an emphasis on concepts and strategies related to fixed income investing.
House Speaker Paul Ryan, R-Wis., announced on Monday that Sen. Orrin Hatch, R-Utah, would serve as the chairman of the Congressional Task Force on Economic Growth for Puerto Rico. more »
"A variety of fiscal and economic challenges coupled with Puerto Rico's opaque government financing has put a real strain on the financial security of the territory," said Sen. Orrin Hatch, R-Utah, after being named to the task force.
Lackluster investment returns reported by some of the nation's largest public pension funds signal intensifying fiscal pressure on U.S. state and local governments, Moody's Investment Service said Tuesday. more »
Republicans delegates adopted a 2016 platform at their national convention in Cleveland that supports statehood for Puerto Rico, but not for the District of Columbia. The GOP also wants to abolish the Internal Revenue Service, overhaul the federal tax code, and expand the use of P3s for infrastructure projects. more »
The Treasury Department and the Internal Revenue Service released final arbitrage rules on Friday that address issues relating to advance refundings, long-term working capital financings, hedges, investments, and grants among other things. more »
A recent studys findings that the share of households holding municipal debt fell considerably over a 24-year period with a corresponding condensing of ownership in the hands of the wealthiest may lead to political questions related to muni debt, the studys authors conclude. more »
Puerto Ricos representative in Congress is asking Gov. Alejandro García Padilla to take steps to comply with a portion of the recently enacted law, PROMESA, that requires cost estimates for new commonwealth legislation to be disclosed after an oversight board is created. more »
Puerto Rico Gov. Alejandro García Padilla said on Tuesday that Puerto Ricos struggle with its recent fiscal crisis may be an example for larger states and municipalities that have financial struggles they must deal with in the future. more »
The House approved a bill by voice vote on Monday that would put an end to a current legal loophole that a lawmaker contends has led to financial losses for many Puerto Rican investors and retirees. more »
The Centers for Medicare and Medicaid Services (CMS) released a proposed rule that could help Puerto Rico retain many physicians who otherwise may have considered leaving the fiscally troubled island. more »
The House approved an appropriations bill that would reduce funds for the Internal Revenue Service, the Securities and Exchange Commission and the District of Columbia for fiscal 2017, which begins on Oct. 1. more »
Four senators urged President Obama and congressional leaders on Thursday to only nominate and appoint qualified individuals from Puerto Rico to serve on the oversight board to be created under recently passed legislation designed to help the commonwealth with its fiscal crisis. more »
The Puerto Rico Aqueduct and Sewer Authority will delay payments on loans and renegotiate loan agreement terms under U.S. state revolving fund and rural development programs, according to two forbearance agreements detailed in an event notice posted on EMMA on Wednesday. more »
Maria Doulis of the watchdog Citizens Budget Commission and Howard Cure of Evercore Wealth Management dissect New York City's $82 billion budget with Bond Buyer Northeast regional editor Paul Burton. They explore efficiencies, debt management, reserves, the economy, the capital budget and Mayor Bill de Blasio's plan to overhaul Health + Hospitals.