Top Panel Democrat Wants Hearing on Hedge Funds and Puerto Rico
The top Democrat on the House Natural Resources Committee is urging the committee chair to hold a hearing to “cast a spotlight” on the “gross inequity” hedge funds holding Puerto Rico debt are imposing on the commonwealth’s citizens.
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The Securities and Exchange Commission ordered 22 municipal securities underwriting firms to pay $4.12 million in civil penalties in the second round of what some lawyers said on Wednesday will be three total rounds of underwriter settlements under the commission’s Municipalities Continuing Disclosure Cooperation initiative.  more »
Retired Detroit bankruptcy Judge Steven Rhodes and three House members will participate in a two-day meeting in Florida later this month to come up with some solutions to address Puerto Rico’s fiscal and health care crises.  more »
Half of the Internal Revenue Service tax-exempt bond office’s resources in fiscal 2016 will be allocated to examinations, and priority will be given to referrals, including those from whistleblowers, according to a work plan summary.  more »

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The choice to pay or not pay debt secured by a statutory lien when bankruptcy commences is entirely in the control of the municipal debtor.

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