Washington DC

The Federal Railroad Administration is embracing a pro-business approach regarding emerging technology and funding rail crossing improvements.

"Clearly, issuers still need access to this very important financing tool," said State of Michigan Treasurer Rachael Eubanks, who also serves as this year's president of the National Association of State Treasurers.

The administration's effort to revitalize the maritime industry includes opportunities for public-private partnerships.

Muni advocates are watching Congress move towards a second reconciliation bill that may not require any provisions that pay for funding DHS, and the possibility of a third, tax-focused bill.

"Retiring these terms eliminates unnecessary ambiguities associated with their use in MSRB rules," MSRB Board Vice Chair Wendell Gaertner said.

From Jan. 1, 2020 through mid April of this year, borrowers using conduit issuers accounted 87% of payment defaults by number in the muni market, Municipal Market Analytics' Matt Fabian said.

Moody's Ratings announced a stable rating outlook for Washington, D.C., good news for a city reeling from federal job cuts and gearing up for a mayoral race.

The authority that runs the Dulles airport plans bond sales and public private partnerships to keep the facility competitive amid Trump administration interest.

The IRS has sent a material event notice to the Hennepin Schools Building Company regarding the tax-exempt status of revenue bonds issued in 2021based on the non-filing of IRS form 990.

Separately, the surface transportation bill could see a markup on April 29.

As Congress crafts the next surface reauthorization bill, states want to retain control over the bulk of the formula highway funds.

The state does not have the bonding capacity to independently rebuild the American Legion Bridge, the feds say. The state continues to hope for a federal grant to help cover the cost.

"I find this a very encouraging appointment," Peter Chan, a partner at law firm Baker McKenzie, said of Woodcock's appointment.

A second budget reconciliation bill is moving closer to reality, creating a mixed bag of challenges and opportunities for the municipal bond market.

"We need private capital," the transportation secretary said.

"I would much rather invest in the muni, both in terms of default rates and in terms of the yield that you're getting off of those," said Travis Lower.

President Trump's budget proposal for fiscal year 2027 includes $1.5 trillion for the military, while cutting FEMA's budget, privatizing the TSA, and increasing transportation funding.

Despite Congress' already long to-do list, factions in the Senate and House are posturing for the possibility of a second reconciliation bill that offers possibilities and threats for the muni market.

Rep. Sam Graves, House Transportation and Infrastructure Committee Chairman and supporter of tax-exempt munis announced he will join several other Republican Congressmen by not seeking reelection in November.

The homeowners insurance market in the U.S. "faces mounting strain from severe climate risk," Benjamin Collier and the other authors said in their commentary.