Washington

Issuer officials expressed trepidation Saturday about upcoming Securities and Exchange Commission rulemaking and the prospects of SEC bringing more disclosure-based enforcement cases against them.

U.S. toll roads are maintaining high investment-grade ratings, despite the slow economic recovery, Fitch Ratings said Thursday, releasing its first annual review of the toll roads it rates.

The Securities and Exchange Commission has approved revisions that will tighten the Municipal Securities Rulemaking Board's rule on telemarketing so that it require dealers, among other things, to respect customers "do not call" requests indefinitely rather than for just five years.

Rep. Bill Pascrell, D-N.J., has introduced a bipartisan bill that would allow states ravaged by Hurricane Sandy to issue billions of dollars of private activity bonds outside federal and state volume caps to pay for the rebuilding of docks, commuting facilities, multi-family housing and infrastructure facilities.

A former investment banker at Goldman, Sachs, & Co. has agreed to pay a $100,000 fine and be barred from the securities industry for five years for his involvement in a pay to play scheme involving a Massachusetts gubernatorial candidate.

Rep. John Delaney, D-Md., has introduced a bipartisan bill that would create an American Infrastructure Fund to provide loans and loan guarantees to state and local governments to help finance certain infrastructure projects.

The Securities and Exchange Commission has charged South Miami, Fla. with defrauding investors by negligently making misstatements and failing to disclose actions it took that jeopardized the tax-exempt status of $12 million of bonds.

While municipal bond market participants oppose President Obama's proposal to limit the value of tax-expenditures, including the muni bond interest exclusion, to 28%, Republican proposals would be even harsher, the Center on Budget and Policy Priorities said in a recent paper.

The Treasury Department has made no decision about whether to continue or halt sales of State and Local Government Series Securities when the suspension of the debt ceiling expires on May 19, but in either case would honor any subscriptions received before that date, an official said.

The National Federation of Municipal Analysts has given Washington state its Excellence in Disclosure Award.

State and local groups overwhelmingly praised the Senate passage of the online sales tax bill late Monday night but it still remains uncertain whether it can clear the House, where Republicans view it as a new tax.

The U.S. Department of Housing and Urban development selected of a group of financial advisors, researchers, and consultants to provide technical assistance and advice to distressed municipalities.

The Columbia River Crossing project, a $3.4 billion replacement of the Interstate 5 bridge connecting Portland, Ore. and Vancouver, Wash., appears stalled unless Washington state lawmakers approve $450 million soon.

Washington's Treasurer James McIntire is unhappy with Moody's Investor Service's recent change to how it evaluates state pension liabilities and costs.

The Internal Revenue Service has told a Florida Congressman that the agency will not be providing guidance on political subdivisions that would affect community development districts in the state.

Abstract: Rep. Chris Van Hollen, D-Md., ranking minority member on the House Budget Committee, is worried there will be a replay of the 2011 debt limit debacle this year, which compromised the credit rating of the U.S. for the first time in history and halted sales of state and local government series securities for municipal bond issuers.

The Securities and Exchange Commission has filed a lawsuit against Victorville, Calif., a city official, the Southern California Logistics Airport Authority, and underwriter Kinsell, Newcomb & DeDios, charging them with defrauding investors by inflating valuations of property in connection with a 2008 bond offering.

Senate Majority Leader Harry Reid, D-Nev., announced late Thursday that an agreement has been reached on the Marketplace Fairness Act and a final vote will be scheduled for the week of May 6.

For the first time ever, state and local governments' contribution to national gross domestic product is still negative three years after a recession has passed its low point, the Tax Policy Center found in a new report.

The Financial Industry Regulatory Authority has updated its guidance for individual municipal bond investors by urging them to ask brokers questions about issuer disclosures and bond insurer ratings.