Washington

WASHINGTON — As President Obama and likely Republican presidential nominee Mitt Romney battle over tax fairness and who has the lowest income tax rate, it turns out they both pay less in taxes than the average American who earns much less.

WASHINGTON — In the absence of clearer federal tax rules on issue price, a handful of bond lawyers have taken it upon themselves to assist issuers in reviewing and understanding the Municipal Securities Rulemaking Board's EMMA pricing data for new muni bonds, sources said.

WASHINGTON — The Securities and Exchange Commission announced Thursday that Matthew C. Solomon will be the new deputy chief litigation counsel in the division of enforcement, effective in June.

WASHINGTON — A recently released Fitch Ratings report projects a sharp increase in the use of "managed" or HOT lanes on highways, but warns that such toll lanes will be more volatile than traditional toll roads because they are located next to non-toll roads.

WASHINGTON — The Municipal Securities Rulemaking Board is warning it will report to enforcement agencies dealers that redact critical information from documents submitted to the MSRB's Short-term Obligation Rate Transparency system, known as SHORT.

WASHINGTON — Municipal issuer and bond dealer groups support the Municipal Securities Rulemaking Board's proposal to bar underwriters from using the "not reoffered" or "NRO" designation for new bonds without including price or yield information, but have suggested enhancements.

SAN FRANCISCO — Washington lawmakers passed a supplemental budget, finishing a marathon session early Wednesday morning after weeks of deadlock.

The Municipal Securities Rulemaking Board on Tuesday proposed rule changes that would eliminate some duplicative reporting requirements faced by underwriters of new-issue muni securities.

The House Committee on Oversight and Government Reform has launched a probe of the California High Speed Rail Authority, asking its board members to preserve all records related to the nearly $4 billion in federal funds approved that, along with a proposed $2.7 billion bond issue, would finance the bullet train along the California coast.

The first criminal trial involving muni market executives accused of bid-rigging is scheduled to begin next week in a federal court in New York City, unless they enter into plea agreements.

CHICAGO — The Federal Aviation Administration on Thursday granted Chicago's request to preserve its ability to pursue a privatization of Midway Airport under a federal pilot program until the end of the year.

Bond attorneys are studying a recent IRS ruling that allowed Dallas-Fort Worth International Airport to issue $1 million of bonds that were not subject to the alternative minimum tax.

The Department of Transportation has received $10.2 billion in applications for the $500 million available through its latest round of TIGER funding, highlighting the pressing need for infrastructure investment, Transportation Secretary Ray LaHood announced Thursday.

Larry Bowden, an executive at Little Rock-based Stephens Inc., has taken over as chairman of Bond Dealers of America.

A FINRA hearing panel has fined David Lerner Associates $2.3 million and suspended head trader William Mason for six months with a $200,000 fine for charging excessive markups on muni bond and collateralized mortgage obligation transactions.

The IRS has launched a compliance practice research team that will seek to identify red-flags indicating questionable muni bond transactions.

The Municipal Securities Rulemaking Board is urging muni bond issuers to voluntarily post information about their bank loan financings on the EMMA system.

WASHINGTON — A coalition of state departments of transportation have banded together to urge the House Republican leadership to avoid including any language in a transportation bill that would remove "important optional financing tools" for some public-private partnerships.

Treasurer Manju Ganeriwala has helped helm Virginia's finances through two governors and a global recession, and though the commonwealth has emerged in better shape than many states, she remains concerned about pension reform and what she feels are misguided efforts at muni market regulation by federal authorities.

The Port Authority of New York and New Jersey submitted a request to federal officials that its Bayonne Bridge "Raise the Roadway" project be considered for expedited review under President Obama's executive order on permitting and federal review.