Far West

WASHINGTON — The Securities and Exchange Commission on Wednesday unanimously adopted rules designed to prevent investment advisers from making political contributions to elected officials to obtain business from state and local pension funds, investment pools and college savings accounts.

Congress’ failure to pass a six-month extension of enhanced federal matching funds under the Federal Medicaid ­Assistance Program will deprive states of billions of dollars in expected revenue, lead to drastic cuts in programs and result in the loss of thousands of jobs, 13 governors warned Wednesday.

WASHINGTON — About 30 states must revisit their fiscal 2011 budgets to compensate for the loss of expected enhanced federal matching Medicaid funds that were in a jobs bill Congress failed to approve last week.

Combined state and local government tax receipts rose modestly in the first quarter as the revenue sources most sensitive to swings in the economy picked up along with economic growth.

The House yesterday unanimously approved legislation that would extend airport funding for one month and give airports the ability to collect passenger facilities charges, which they often use to repay bonds.

WASHINGTON — Federal regulators would spend months, if not years, implementing the sweeping changes to the municipal market that were outlined in the financial regulatory reform legislation finalized by House and Senate negotiators late last week.

ALAMEDA, Calif. — The public health care district in Marin County, Calif., regains control of the county’s largest hospital today, in a shift that is likely to presage a bond offering in coming years.

A wastewater plant built by a pharmaceutical company with exempt facility bonds does not violate tax laws or rules because the waste’s acidity level has to be neutralized before it can be sent to a public treatment facility, the Internal Revenue Service ruled.

Efforts to extend the Build America Bonds program and other temporary bond provisions enacted as part of last year's stimulus act took a major step backwards last week when Senate Democrats tabled the tax package including the extensions after yet another failed procedural vote.

SAN FRANCISCO — If there are any solutions to the nation's persistent shortfalls in financing transportation infrastructure, they're more likely to come from the local level, according to members of an expert panel Friday.