Washington

Though sequestration prevented two federal regulators from sharing their perspectives, other panelists speaking to bond lawyers in San Francisco predicted more enforcement and whistleblower activity.

The Securities and Exchange Commission is still months away from finalizing its definition of municipal advisor, but is poised to step up muni bond enforcement efforts in general, the head of the SEC's Office of Municipal Securities told bond lawyers meeting here.

The recent settlement by Illinois with the Securities and Exchange Commission on charges of shoddy pension disclosure will lead to better disclosure overall and boost the credit of the entire municipal securities market, according to a report Moody's Investors Services released Friday.

The Senate Budget Committee Democrats' budget resolution for fiscal year 2014 suggests the possibility of percentage or dollar caps on tax preferences such as tax-exempt muni bond interest, pushes traditional tax-credit bonds for transportation, and proposes a $10 billion infrastructure bank to provide loans and loan guarantees for projects.

The Supreme Court's 2010 Citizens United ruling should alleviate concerns by the Municipal Securities Rulemaking Board that additional regulation of bond ballot campaign contributions could violate free speech protections guaranteed by the First Amendment, according to the National Association of Independent Public Finance Advisors.

House Republicans unveiled their fiscal 2014 budget Tuesday that would overhaul the tax code without raising new revenue, slash federally-funded high-speed rail, repeal President Obama's healthcare law, and cut domestic programs.

Mary Jo White, President Obama's nominee for chairman of the Securities and Exchange Commission, told lawmakers Tuesday that her work representing high-profile clients as a criminal defense attorney will not create undue conflicts of interest or affect her ability effectively run the SEC.

A dozen Senate Democrats and an Independent lawmaker have re-introduced a bill that would impose a minimum 30% tax on high income tax payers who earn more than $1 million as a way to help reduce the ballooning federal deficit.

Three Standard and Poor's analysts speaking in the wake of federal sequestration cuts said that public power utilities, water and sewer entities, and the transportation sector should all remain fairly stable for the next year despite a number of pressures.

The IRS' TEB office released a new check list form that will be required for a voluntary closing agreement program submission request.

The Transportation Infrastructure Finance and Innovation Act has been touted by many as a crucial funding source for major projects, but most states have never used the program and say it has little value for them.

Illinois has settled securities fraud charges with the Securities and Exchange Commission for misleading investors about its approach to funding its pension obligations.

Two northern Virginian House Democrats have introduced legislation that would authorize the study of an expansion of the Washington Metrorail deeper into the commonwealth.

The House approved legislation on Wednesday to fund the government after current authorization expires March 27, over the objections of transportation advocates upset that it would cut millions in highway and transit spending.

The Internal Revenue Service has closed audits of bonds issued by North Las Vegas in 2006 and a Texas board in 2002 without any change to the tax-exempt status of the bonds. However, the IRS found arbitrage yield calculation errors with the city's bonds said if they are not fixed, penalties or a finding of taxable interest could ensue.

Three Senate Democrats wrote to House Speaker John Boehner, urging him to restore transportation funding cut in pending House legislation.

A California Republican appears to be preparing to reintroduce legislation that would prohibit states from issuing tax-exempt, tax-credit and direct-pay bonds unless they subject their pension plans to federal government oversight and regulation.

The Municipal Securities Rulemaking Board is holding a meeting on March 22 for market participants to discuss changes affecting public pension obligations and other post-retirement benefits, including plan redesigns, differing accounting and valuation methods and legal issues.

The Internal Revenue Service's tax-exempt bond office will process Build America Bond and other direct-pay bond payments manually for a two to three weeks to factor in 8.7% sequestration cuts, but are working to ensure this does not delay the payment process.