Lynn Hume

The whistleblower responsible for federal investigations and lawsuits accusing banks and broker-dealers of fraud and collusion in the remarketing of variable rate demand obligations will likely be forced to go public because of a recent ruling by Massachusetts’ highest court.

The Bond Dealers of America has formed a Fixed Income Market Structure Working Group to advise regulators, lawmakers and market participants on structural changes in the fixed income industry and marketplace.

The amount of outstanding variable rate demand bonds rose to $142.4 billion in the second quarter of this year, a gain over $142.2 billion in the first quarter and the end of a decade-long decline, Moody’s Investor Service said in a recent report.

Carlos Braceras, elected as the American Association of State Highway and Transportation Officials’ new president on Monday, said one of his goals will be to persuade Congress to include more funding and policy reforms in surface transportation reauthorization legislation.

The Municipal Securities Rulemaking Board on Monday released final and draft guidance on issues related to its G-40 advertising rules for municipal advisors.

States would be barred from starting to require the collection and remittance sales taxes from online vendors located out of state until next year under a bill introduced by two Republicans in the Senate.

The top executives of FINRA, the MSRB, and some industry groups received total compensation of more than $1 million, The Bond Buyer’s latest survey of compensation levels at 23 municipal market-related groups shows.

The Securities and Exchange Commission has sent letters to the 12 top banks and broker-dealers that remarket variable rate demand obligations, seeking information and documents on their remarketing and rate resetting practices.

SEC Chairman Jay Clayton cited Rebecca Olsen's "deep knowledge of the U.S. municipal bond market" and focus on "integrity and transparency" in naming her director.

James J. O'Neil received a 12-month suspension from the market for his role in the flipping and kickback scheme.

Legislation pending in both the Senate and House would eliminate private activity bond volume caps for water and sewer projects.

The now-defunct unregistered broker-dealer Core Performance Management, LLC, and four of its former employees settled fraud and MSRB rule violations with the SEC for engaging in municipal bond flipping and kickback scheme.

They are accused of improperly diverting newly issued municipal bonds to certain broker-dealers for a fee at the expense of retail investors.

The legislation would require local governments in Michigan to sell most bond issues competitively with seven-days public notice.

The Municipal Securities Rulemaking Board has selected two individuals representing the public and three from regulated entities from 80 applicants to become part of its 21-member board on Oct. 1.

The U.S. Department of Agriculture is making grants and low-cost loans available for the improvement or development of rural water and wastewater infrastructure projects to comply with a congressional mandate.

The Public Employee Pension Transparency Act (HR 6290) would prohibit states and localities from issuing tax-exempt bonds unless they file annual reports on their public pension systems to the U.S. Treasury Department.

The resource document the MSRB released Thursday is designed to help dealers comply with rule changes on markup disclosures to retail investors that took effect on May 14.

Rep. Bill Shuster's infrastructure discussion draft would temporarily raise federal fuels taxes for the ailing Highway Trust Fund while a newly created commission would determine how to ensure its long-term solvency.

The plan for a second tax reform bill is galvanizing municipal market groups to step up lobbying efforts to tout the importance and benefits of munis to lawmakers on Capitol Hill.