House Panel Leaders Urge Members to Vote for Puerto Rico Bill
Leaders of the House Natural Resources Committee and Rep. Pedro Pierluisi on Tuesday night urged their colleagues to approve a bill to help debt-ridden Puerto Rico, even though they may not support certain provisions or worry the measure does not go far enough.
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Market participants need to continue working toward broad disclosure of bank loans, possibly by amending the Securities and Exchange Commission’s disclosure rule to classify the loans as material events for issuers.  more »
The mayor of Harvey, Ill. has agreed to pay $10,000 and to never participate in a municipal bond offering again in order to settle charges with the Securities and Exchange Commission that he helped the city mislead bond investors by diverting proceeds from projects for which they were intended.  more »
Municipal market participants are urging the Treasury Department and Internal Revenue Service to withdraw their proposed rules on political subdivisions, claiming they are unnecessary, possibly illegal, and would disrupt the municipal bond market.  more »

Daniel Berger, Senior Market Strategist at Municipal Market Data, talks about the recent rally in municipal bonds which has brought long-term yields down to record lows. He talks about continuing demand from retail investors in light of the upcoming Summer redemption season and he discusses the allure that the American tax-exempt market has for overseas buyers. He outlines the recent spread compression in quality credits and also looks at some of the market's outliers -- Puerto Rico and Chicago.

Our legislation would preserve money market funds as a source of liquidity and capital for public the infrastructure needs of our citizens.

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