Far West

SAN FRANCISCO — A new report from the California Debt and Investment Advisory Commission found that more than one in four issuers in the state failed to file their annual financial reports on time.

WASHINGTON — Broker-dealers from midsize regional firms converged on Capitol Hill and the Securities and Exchange Commission Wednesday to vent frustration with regulatory delays and what they see as an uneven playing field for dealer financial advisors and independent FAs.

Broker-dealers are not obligated to conduct Internet searches about a particular municipal security before selling it to customers in the secondary market, the Municipal Securities Rulemaking Board said Wednesday.

State and local governments are urging Congress to allow them to collect sales taxes from online retailers, saying this will close a tax gap costing states billions of dollars per year and level the playing field for brick-and-mortar retailers.

WASHINGTON — States are facing a "big squeeze" of slow economic growth, the need for increased spending on Medicaid and other programs, the loss of federal funds and requests for help from cash-strapped local governments, two groups said in a report released Tuesday.

LOS ANGELES — Though the San Diego Association of Governments has encountered a few wrinkles during due diligence, the agency is on track in its proposed $345 million purchase of a bankrupt toll road from a private operator.

A health care issuer and borrower in Mississippi are discussing the possibility of entering into a voluntary agreement with the Internal Revenue Service to settle tax law violations that occurred after some bond-financed equipment was sold to a private group.

The Southern California Logistics Airport Authority is facing a bond default because it cannot make a $10 million debt service payment due Thursday because of the legal uncertainty surrounding California redevelopment agencies.

Veteran Rep. Barney Frank, D-Mass., an architect of the most sweeping financial reform legislation since the Depression and a muni bond investor, said he will retire from Congress next fall and use his remaining time in office to defend the new law against Republican counterattacks.

LOS ANGELES - A 16-member California committee led by three billionaires and high-profile former politicians plans to put on the November 2012 ballot two initiatives proposing tax reform that would result in $10 billion of additional annual tax revenue.