Jack Casey

Puerto Rico Gov. Alejandro García Padilla said on Tuesday that Puerto Rico’s 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.

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.

The Securities and Exchange Commission is battling with Miami and former budget director Michael Boudreaux over whether they can defend themselves against securities fraud charges by saying they relied on advice from auditors.

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.

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.

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.

The federal judge presiding over a Securities and Exchange Commission case charging the city of Miami and its former budget director with securities fraud concluded in a July 5 order that the bulk of the case could not be decided before trial

Three state Republican parties challenging the constitutionality of a revised Municipal Securities Rulemaking Board anti-pay-to-play rule are asking a federal circuit court to streamline the legal process by consolidating their two pending cases.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve rule changes that would create a new academic trade product with anonymous dealer identifiers that has proved somewhat controversial.

Legislation to rescue Puerto Rico from its debt crisis is moving to President Obama’s desk for a signature after the Senate approved it 68 to 30 Wednesday, just two days before the commonwealth is expected to default on a $2 billion debt payment.

The Senate is poised to pass the Puerto Rico rescue bill after clearing what many say was the final hurdle for the legislation on Wednesday morning, invoking cloture by a vote of 68 to 32.

The Senate is poised to begin debate on the House’s Puerto Rico rescue bill Wednesday morning with a possible final vote taking place later in the day.

Senate Majority Leader Mitch McConnell late Monday filed for cloture on the Puerto Rico rescue bill currently waiting for Senate consideration, setting up a procedural vote for as soon as Wednesday morning.

The Municipal Securities Rulemaking Board announced on Monday that its EMMA system now includes an economic calendar that gives visitors free access to dates and descriptions of upcoming macroeconomic developments that could impact the municipal market.

Treasury Secretary Jack Lew added to the pressure for quick passage of a Puerto Rico rescue bill in a letter to the Senate leadership on Monday, even as some public finance professionals maintain the bill is unnecessary and could be harmful for the commonwealth.

Rep. Randy Hultgren, R-Ill., plans to introduce legislation during the week of June 27 to clarify that the Securities and Exchange Commission’s Municipal Advisor Rule does not require municipal issuers to hire municipal advisors in order to issue bonds.

Dealer groups are urging the Municipal Securities Rulemaking Board to cut in half a proposed requirement that would mandate municipal securities transactions to be closed out within 20 days of settlement.

Puerto Rico and Obama administration officials said on Thursday it is imperative that a House bill designed to help the commonwealth be passed into law before the territory’s expected debt payment default on July 1.

The Senate is expected to keep Puerto Rico waiting for progress a House bill to help the island address its debt crisis, as other options for the commonwealth have continued to be eliminated.

Ohio filed the first offering document for a potential new type of municipal fund security based on tax-advantaged savings accounts that help support individuals with disabilities, the Municipal Securities Rulemaking Board announced Tuesday.