Far West

WASHINGTON — The new slate of House Republicans picked to preside over financial services staked out an ambitious set of policy goals Thursday, saying they intend to downsize or dismantle the government mandates supported by their Democratic predecessors.

Supporters of Build America Bonds lobbied hard Wednesday to convince lawmakers and administration officials to extend the program for another year as it appeared possible that any compromise tax legislation might not contain any municipal bond-related provisions.

The Justice Department has filed a new indictment against CDR Financial Products and three current and former officials that expands on some of the original October 2009 charges against them to include so-called honest services fraud — a criminal statute that survived a Supreme Court challenge earlier this year and is often used to prosecute wrongdoing by public officials.

Two bipartisan groups are pressing federal lawmakers and the president to get cracking on a solution to the funding crisis troubling the nation's transportation sector. They warned that Congress needs to find a new revenue source instead of leaning on proposals for a national infrastructure bank or increased privatization.

The San Francisco Public Utilities Commission postponed a competitive sale Wednesday of $523 million of mostly Build America Bonds by at least a week due to the slouching market.

ALAMEDA, Calif. — California's governor-elect, Jerry Brown, said Tuesday that he will keep Ana Matosantos as director of the Department of Finance.

California's Assembly speaker has introduced a bill to disincorporate the Los Angeles County city of Vernon, which has a tiny population but more than $500 million of outstanding bond debt.

The Municipal Securities Rulemaking Board is initiating a study of the municipal market with an emphasis on pre-transaction pricing efficiency and liquidity, Securities and Exchange Commission member Elisse Walter announced Tuesday.

Bank of America Merrill Lynch agreed to pay more than $137 million, as well as to take remedial steps, in unprecedented enforcement actions announced Tuesday to settle charges from four regulators.

Rep. Spencer Bachus was formally selected by the Republican Steering Committee on Tuesday to serve as chairman of the House Financial Services Committee next year, beating back a challenge from Rep. Ed Royce, R-Calif.