Far West

WASHINGTON — Though legislation that cleared the House Financial Services Committee yesterday would allow any municipality to participate in a derivative transaction as long as its counterparty is regulated, a high-level Treasury Department official said municipalities are still protected because those regulated parties will have to meet comprehensive business-conduct standards.

WASHINGTON — Rail advocates are urging the federal government to partner with states to develop a national high-speed rail network. The partnership should be modeled after the Interstate highway system, and Washington should share the costs of projects and create a dedicated funding source similar to the federal highway trust fund, they told members of the House Transportation rail subcommittee Wednesday afternoon.

Washington motorists appear willing to ante up to make up for budget cuts to state parks.

After months of negotiations driven by declining state tax receipts, Hawaii’s largest government employee union reached a tentative contract agreement with the administration of Gov. Linda Lingle, calling for 42 unpaid furlough days over the next two years.

Stanford University has promoted Odile Disch-Bhadkamkar to the new position of treasurer. Her previous post was senior director of finance and bondholder relations.

California Gov. Arnold Schwarzenegger signed a bill Sunday designed to make it easier for the San Francisco 49ers to build a new football stadium in Santa Clara.

Through the first quarter of fiscal 2010, California general fund revenue was more than $1 billion below projections, according to state Controller John Chiang’s monthly cash report released Friday.

SAN FRANCISCO — The recent bankruptcies of two community hospitals in California show how difficult the current economic environment is for health care providers — and how much effort is required to actually bankrupt a hospital.

WASHINGTON — Michael Decker plans to rejoin the Securities and Industry Financial Markets Association next month after leaving the Regional Bond Dealers Association, a group he helped launch and co-lead in March 2008, both groups announced yesterday.

WASHINGTON — Federal lawmakers from Texas are pushing for the Treasury Department to change tax rules that are forcing the state’s school districts to forego, or pay more for, the bond financing of infrastructure projects because they cannot access the Texas Permanent School Fund’s bond guarantee program.