Washington

Municipal Securities Rulemaking Board officials detailed a series of initiatives designed to increase price transparency for retail investors and improve disclosure of conflicts of interest, information about bank loans, and payments made to or received by underwriters and municipal advisors.

In a direct rebuke to industry groups and a push-back against two Republican Securities and Exchange Commission members who engaged in stalling tactics, the Municipal Securities Rulemaking Board vigorously defended its proposed guidance on fair-dealing for underwriters.

Senior White House economic advisors have told state and local officials that tax-exempt bond interest is "off the table" and will not be part of the administration's proposed 28% cap on the value of exclusions, deductions and other tax preferences for wealthy taxpayers, according to those familiar with the discussions.

WASHINGTON — Though the national infrastructure bank proposed in President Obama's American Jobs Act met with a frosty reception from Republican lawmakers, there is some support among transportation industry lobbyists and academics for various bank bills pending before both chambers of Congress.

A day after Transportation Secretary Ray LaHood stunned the transportation community by saying it is "highly unlikely" Congress will pass a long-term reauthorization bill to fund highway and transit programs this year, lawmakers and industry lobbyists vowed to keep pushing for such legislation despite considerable obstacles.

Washington lawmakers are weighing a public works spending plan of more than $1 billion that would be funded by revenue bonds backed by hazardous material taxes.

WASHINGTON — An industry group has asked regulators to consider municipal bond marketing practices and several muni rules as they develop guidance on the issue price of bonds.

SAN FRANCISCO — Washington will sell $1.5 billion of bonds starting next week as it aims to borrow new money and refund a big chunk of debt to take advantage of the lowest interest rates in decades.

A federal court in New Jersey has approved a $24.9 million settlement between GE Funding Capital Market Services Inc. and the Securities and Exchange Commission over bid-rigging of municipal bond-related contracts, as well as the amounts of restitution to be distributed to each of the more than 325 state and local issuers that were defrauded.

The Treasury Department is urging Congress to put Indian tribal governments on a par with states and localities so they can issue both governmental bonds without the "essential governmental function" restriction and private-activity bonds.

WASHINGTON — Major changes are in store for the House Financial Services Committee later this year, bringing some uncertainty for municipal securities and other markets.

WASHINGTON — A divisive labor issue that had stalled negotiations on a Federal Aviation Administration reauthorization bill has been resolved, and there is now a real possibility that the long-awaited legislation could land on the president's desk before the Jan. 31 deadline.

WASHINGTON — Moody's Investor’s Service is keeping its negative outlook on U.S. toll roads because of rising fuel prices, political hesitancy to increase toll rates, and a sluggish economy.

Infrastructure projects would acquire a new source of funds under a bill that would allow investors to make tax-deductible contributions to approved projects.

While ratings will remain stable in the public power sector over the next 12 months, the sluggish economy and prospect of new regulations pose risks for the longer term, Standard & Poor's said in a report issued Thursday.

The Joint Committee on Taxation released its annual tax expenditure estimates showing $177.6 billion for public-purpose muni bonds over five years, while a governmental group urged President Obama and congressional leaders to "go big" on federal deficit reduction and rely on two reports that proposed curtailing or eliminating tax exemption for new muni bonds.

WASHINGTON — The Securities and Exchange Commission should consider seven alternative methods of compensating rating agencies, including one patterned after the Municipal Securities Rulemaking Board, the Government Accountability Office said in a report sent Wednesday to key members of Congress.

WASHINGTON — Securities and Exchange Commission chairman Mary Schapiro told lawmakers Wednesday that the agency is considering whether to exempt all muni issuers, not just states, counties and cities, from federal regulators' joint Volcker rule proposal.

Institutional investors generally trade at more favorable prices than individual muni investors in the secondary market, the Government Accountability Office said in a report sent Tuesday to key members of Congress.

Internal Revenue Service officials are taking a two-pronged approach to address concerns there may be ongoing mispricing of investments and bonds in the muni market.