Washington

Political division in the leadership of the Securities and Exchange Commission could slow the agency's ability to advance a host of municipal market-related measures in 2013, say some market participants.

The transportation sector will spend next year looking for opportunities to achieve limited legislative goals, while hoping to stay out of the way of lawmakers who may have to slash funds in ongoing efforts to deal with the debt crisis.

President Obama is urging lawmakers to put together a package to avoid the fiscal cliff with the next 10 days.

Steve A. Chamberlin has been tapped to serve as acting director of the Internal Revenue Service's tax-exempt bond office, officials said.

State and local governments will be able issue a total of $33.170 billion of private-activity bonds under a national volume cap next year: 1.1% or $349.01 million more than in 2012.

Moody's Investors Service upgraded District of Columbia senior ballpark revenue bonds to A2 from A3 and subordinate bonds to A3.

The SEC approved rule changes that would allow underwriters to fulfill some new-issue reporting requirements by filing information with the Depository Trust & Clearing Corp.'s New Issue Information Dissemination Service, or NIIDS.

U.S. attorneys asked a federal judge Monday to order former executives of a General Electric Co. affiliate to pay $6.9 million in restitution to municipal bond issuers for rigging bids on municipal bond reinvestment contracts.

The mere threat of including a 28% cap on the value of municipal tax exemption in a fiscal cliff deal has already caused munis to be more expensive for issuers and, if adopted, will fundamentally change the market, analysts and government groups warned Thursday.

Federal and transit agency officials made their case for federal aid to rebuild in the aftermath of Superstorm Sandy, telling a Senate panel they will need it to help pay debt service on new muni debt.

The 100 largest public-employee retirement systems had $2.8 trillion in holdings and investments in the third quarter of 2012, a 2.6% increase from the same quarter last year and the highest level since the second quarter of 2008, according to a Census Bureau report.

House Speaker John Boehner's "Plan B" backup proposal to prevent some tax rate increases would make permanent two muni bond provisions that were originally enacted under the 2001 and 2003 Bush-era tax cuts.

Airports, ports, and unregulated power companies are at risk due to the impending fiscal cliff, while toll roads and public power utilities are insulated from the worst danger, according to a Moody's Investors Service report released Wednesday.

An Internal Revenue Service official has told Rep. Dennis Kucinich that Treasury Department officials cannot talk with him about the Build America Bonds used to finance the coal-fired Prairie State Energy Campus power plant in Illinois, which has experienced cost overruns and operational problems.

The State Bond Commission considers a plan Thursday by Louisiana Stadium and Exposition District for a $430 million refunding in 2013.

In yet another fiery exchange over efforts to avert the fiscal cliff, a top White House administration official said Wednesday President Obama will veto House Speaker John Boehner's backup plan.

The Internal Revenue Service has notified New Orleans officials that it has closed an audit of more than $70 million of public improvement bonds issued by the city in 2007 with no change to their tax-exempt status.

White House officials rejected House Republicans' Plan B fallback proposal to extend tax rate cuts for those making under $1 million, warning it does not go far enough and will not pass muster in the Senate.

The Financial Industry Regulatory Authority has fined three firms $76,500 for violating rules of the Municipal Securities Rulemaking Board.

House Republicans will move forward with a "Plan B" fiscal cliff package that will not include a cap on the value of tax-exemption or other tax expenditures, expecting to vote on it as early as Thursday.