Washington

The first segment of a new $5.7 billion rail line extension of the Washington Metrorail system to Dulles International Airport needs more work before it can handle passengers, the Metropolitan Washington Airports Authority said Monday.

Public pension plans should not be funded with instruments that bear risk or delay cash funding such as pension obligation bonds, a panel commissioned by the Society of Actuaries warned in a report released Monday

The Securities and Exchange Commission has approved a new rule that will require underwriters of 529 college savings plans to submit more in-depth financial information to the Municipal Securities Rulemaking Board twice a year.

The National Federation of Municipal Analysts will ramp up its education efforts on disclosure this year by publishing guidance on general obligation bonds and new issue disclosure, NFMA chair Susan Dushock said.

Dealer groups are unsure whether the Municipal Securities Rulemaking Board's proposed best execution rule is tailored enough for the municipal market, but are pleased it would exempt sophisticated professionals.

Seven firms have been ordered to pay a total of $68,500 in fines and $16,088 in restitution for municipal trade, disclosure, pricing and supervisory violations, according to the Financial Industry Regulatory Authority's monthly disciplinary actions released Tuesday.

The benefits of stimulus spending on transportation infrastructure during economic downturns outweigh the initial cost, the Transportation Research Board says.

The Treasury Department resumed sales of state and local government series securities on Tuesday at noon, Eastern Standard Time.

Washington voters failed to approve the majority of school bonds on the state's special election ballot, but some lawmakers are working to lower the voter approval threshold.

Sen. Ron Wyden, the new chair of the Senate Finance Committee, has recently voiced some ideas that would favor the municipal bond market, such as extending bond-related and other expiring tax provisions and reinstating Build America Bonds.

Sen. Ron Wyden, the new chair of the Senate Finance Committee, has recently voiced some ideas that would favor the municipal bond market, such as extending bond-related and other expiring tax provisions and reinstating Build America Bonds. But the Oregon Democrat's past actions, such as sponsoring legislation that would favor tax-credit over tax-exempt bonds, have posed threats to the muni market.

A gradual economic recovery helped the credits of municipal bond issuers in 2013, Fitch Ratings said Wednesday, with the agency reporting that the past year witnessed fewer downgrades and more upgrades than 2012.

Former Bank of America executive Phillip Murphy pleaded guilt Monday in a North Carolina federal court to rigging municipal bond investment bids, while convicted bid-rigger Mark Zaino's sentencing has been delayed yet again in New York.

The Securities and Exchange Commission is examining the extent to which dealers using alternative trading systems and broker's brokers are engaged in anti-competitive practices such as blocking or filtering out competitors from being able to bid on their municipal securities.

Governors presented more optimistic outlooks of their states' economies and finances in their state of the state addresses this year, and many said they would pursue new spending, Moody's Investors Service said in a report.

Metropolitan Washington Airports Authority picks four finalists for next phase of $5.7 billion light rail extension to Dulles International Airport.

The Securities and Exchange Commission's muni office will spend the coming months implementing the final municipal advisor rule and reviewing MA rule filings by the Municipal Securities Rulemaking Board, but the commission needs more resources to meet its expanded responsibilities.

The hot Texas economy is spurring operators of the state's airports and seaports to provide new infrastructure to accommodate the growing state.

Convicted bid-rigger David Rubin should pay more than $11,5 million in restitution to 99 municipal victims who have not been compensated for losses they incurred due to "kickbacks" and depressed interest rates resulting from criminal activity, according to U.S. Justice Department filings with a federal court this week.