Far West

Seven groups representing state securities regulators, investors, and investment advisers are urging leaders of the Senate Banking Committee not to water down language in its draft financial regulatory reform legislation that would require every individual that provides investment advice to be held to a fiduciary duty under the Investment Advisers Act of 1940.

WASHINGTON — Former U.S. Transportation Secretary Mary E. Peters joined a push by House lawmakers yesterday to revamp the federal transportation funding system, which currently has “donor states” such as Texas paying more into the federal highway trust fund than they get back.

The Court of Federal Claims has rejected Wells Fargo & Co.’s attempt to claim a $115 million tax deduction stemming from 26 sale-in, lease-out transactions, 17 of which involved public transit agencies, saying that the deals lacked economic substance.

SACRAMENTO — California Gov. Arnold Schwarzenegger unveiled his initial fiscal 2011 budget proposal Friday, asking for almost $7 billion in federal funds to help close a budget hole in the $20 billion range.

SACRAMENTO — California Gov. Arnold Schwarzenegger unveiled his initial fiscal 2011 budget proposal today, which calls for “external borrowing” as part of plans to manage cash flow as the state attempts to close a hole of almost $20 billion.

WASHINGTON — Persistent declines in tax revenue continued to pummel states for another three months, making the third fiscal quarter the fourth consecutive quarter of double-digit declines, according to a Nelson A. Rockefeller Institute of Government report issued yesterday.

SAN FRANCISCO — After putting an optimistic spin on his final state of the state address Wednesday, California Gov. Arnold Schwarzenegger will address the grim specifics of the state’s budget today, unveiling his formal proposal to close a general fund gap pegged at almost $20 billion over the next 18 months.

WASHINGTON — An American Bar Association section is asking the Treasury Department for guidance on how to comply with stimulus law provisions designed to encourage banks to purchase more tax-exempt bonds from small state and local issuers.

WASHINGTON — The Senate’s top Republican taxwriter has introduced legislation that would block the stripping and selling of tax credits from three kinds of tax-credit bonds. At the same time, Treasury Department and Internal Revenue Service attorneys are working to write stripping rules sought by muni market participants who contend they are needed to jump-start the programs.

WASHINGTON — The Metropolitan Washington Airports Authority yesterday announced a financing team for $250 million to $600 million of bonds it plans to sell in the spring to help finance the Dulles International Airport Metrorail extension.