Jack Casey

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.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.

Inflation-adjusted state spending and revenues for fiscal year 2016 are estimated to reach levels not seen since before the Great Recession, according to a study from the National Association of State Budget Officers released Tuesday.

Even before the Senate takes up the House Puerto Rico bill, the names of several individuals are being floated as possible candidates for the oversight board the legislation would create.

Sen. Bob Menendez, D-N.J., said on Thursday that he plans to offer amendments to a House bill designed to help Puerto Rico to make the bill fairer to Puerto Rican residents.

Richards, Merrill & Peterson has agreed to pay a $45,000 penalty for trading below the minimum denomination and North Star Investment Services will pay $15,000 for municipal trade reporting failures under settlements with the Financial Industry Regulatory Authority.

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve a revised content outline for its permanent municipal advisor qualification exam that covers newly approved advisor rules.

The Securities Industry and Financial Markets Association is urging states to adopt policies that ensure issuers meet their disclosure requirements and provide investors with relevant information.

Senate Majority Leader Mitch McConnell, R-Ky., told reporters on Tuesday afternoon that the Senate will consider the House bill designed to help Puerto Rico before July 1.

The Government Finance Officers Association has issued an alert urging members to be ready for conversations with their counsel and quick turnarounds of settlements under the Securities and Exchange Commission's program to voluntarily self-report continuing disclosure violations.

The Securities and Exchange Commission is "very focused" on examining whether there were any securities law violations involving Puerto Rico bonds as the commonwealth's fiscal situation deteriorated over the last few years, SEC chair Mary Jo White told the Senate Banking Committee on Tuesday.