Congressional Research Service Lists Possible Actions for Puerto Rico
U.S. lawmakers were presented with possible options that range from backstopping Puerto Rico's debt to authorizing Chapter 9 bankruptcy to installing a financial control board.
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The National Association of Bond Lawyers has updated its bankruptcy guide for members with new information drawn from the relatively high number of municipal bankruptcy filings in the last few years. more »
The 60 Plus Association announced on Thursday that it is forming a coalition of small holders of Puerto Rico bonds that will push for the creation of a financial control board and oppose bankruptcy legislation for the territory. more »
Most cities' "bottom lines" are positive and have bounced back from the financial crisis, though many are still in negative territory and are vulnerable to becoming distressed if they aren't already, according to a new report from Merritt Research Services president and chief executive officer Richard Ciccarone. more »
Nanticoke is the first city and 10th municipality to exit Pennsylvania's Act 47 workout program for distressed communities, state officials say. more »
When Congress returns to Washington in September, members will have to address a number of important fiscal issues in a short amount of time. more »
A budget compromise this year to reduce sequester cuts seems unlikely, and agencies like the Defense Department have fewer opportunities to reduce the impact of spending cuts. more »
The U.S. Supreme Court is unlikely to take up the Commonwealth of Puerto Rico's recent request to consider a twice rejected law that would give Puerto Rican public entities debt relief similar to that under Chapter 9 bankruptcy, according to several bankruptcy experts. more »
Data relating to cities’ general funds show that cities appear to have rebounded from the credit crisis, a report from Merritt Research Services found. more »
The revival in pension obligation bond issuance creates new risks for retirement systems that do not resolve chronic structural problems, rating analysts said. more »
Lobbying efforts more than doubled in the second quarter of this year over pending legislation that would give Puerto Rico utilities and authorities access to Chapter 9 bankruptcy protection. more »
The federal subsidy payments to issuers of Build America Bonds and other direct-pay bonds will be cut by 6.8% in fiscal 2016, which begins on Oct. 1, under sequestration, the Internal Revenue Service announced. more »
Using dynamic scoring, the Joint Committee on Taxation has estimated that legislation to extend tax provisions, including several related to bonds and Puerto Rico, would result in only $86.56 billion of revenue losses, compared to its earlier estimated $96.95 billion. more »
The Senate Appropriations Committee's fiscal 2016 financial services bill would significantly underfund the Securities and Exchange Commission and undermine the Internal Revenue Service's ability to carry out basic functions, Office of Management and Budget director Shaun Donovan warned committee leaders in a letter this week. more »

A budget compromise this year to reduce sequester cuts seems unlikely, and agencies like the Defense Department have fewer opportunities to reduce the impact of spending cuts.

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