Far West

WASHINGTON - Dealers and municipal advisors are criticizing the Municipal Securities Rulemaking Board's proposal for a permanent 21-member board.

WASHINGTON - President Obama's jobs bill proposal to cap tax-exempt interest for higher-income taxpayers surprised muni bond market participants and was seen as a betrayal by some issuers who, according to one analyst, could have to pay about $10 billion more in added interest costs over the life of their muni bonds if the proposal is enacted.

WASHINGTON - Responding to a move by the Financial Industry Regulatory Authority to limit the basic broker-dealer licensing exam to customer sales, the Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission for permission to require market participants who engage in muni underwriting, trading, and other non-sales activities to take the board's muni qualifications exam, according to a proposal filed with the SEC Tuesday.

The California State University system will sell $430 million of revenue bonds on Wednesday.

WASHINGTON - Bond Dealers of America has hired Richard Y. Roberts, former Securities and Exchange Commission member and chief of staff Sen. Richard Shelby, R-Ala., to lobby for it on Dodd-Frank Act implementation and other securities-related legislative and regulatory issues.

Highway and airport construction projects should escape shutdowns now that House and Senate leaders have agreed to extend airport construction funding through January and highway funding through March.

WASHINGTON - In a surprise move, the Municipal Securities Rulemaking Board pulled five proposed municipal advisor rules that had been pending with the Securities and Exchange Commission on Monday, following complaints by dealers and other market participants that the SEC had not yet defined the term municipal advisor. The board also issued an advisory on bank loans.

SAN FRANCISCO - California lawmakers passed a slew of bills last week that could have an impact on public finance if Gov. Jerry Brown signs them.

LOS ANGELES - California legislators approved a special audit of corruption-plagued Vernon at the request of Sen. Kevin de León.

WASHINGTON - The aviation community was prepared to see House Transportation Committee chairman John Mica, R. Fla., introduce a new Federal Aviation Administration extension bill Friday, one expected to pass both houses of Congress without a battle this week. But it didn't happen.