Washington

WASHINGTON - The Securities and Exchange Commission voted unanimously Wednesday to propose new rules governing transactions between swap dealers and customers, including state and local governments.

The Crystal City, Tex., Public Facilities Corp. has received an adverse tax determination notice from the Internal Revenue Service for $14 million of bonds issued in 2003 for a prison.

Former New York Lieut. Gov. Richard Ravitch and former Federal Reserve chairman Paul Volcker are forming a task force to analyze states' budgets with the goal of helping governments put in place stronger, long-term budget practices.

WASHINGTON — Broker-dealers criticized a proposed Municipal Securities Rulemaking Board rule, saying it would subject them to tougher rules than those that apply to municipal advisers who practice on their own or in independent firms.

Congressional Democrats on Friday called for limits on tax deductions as a way to reduce the deficit and also pushed for the Build America Bond program to be reinstated.

A key Republican lawmaker criticized the floating net-asset value for money market funds Friday, citing the toll such a shift would have on state and local governments.

WASHINGTON — State and local governments will face higher debt-issuance costs if regulators require money market funds to move to floating net-asset values, issuer groups warned Thursday.

WASHINGTON - The Center for American Progress says any debt-limit agreement should contain expenditure cuts, including eliminating tax-exemption for private-activity bonds and making other new munis direct-pay bonds with a 25% subsidy rate.

WASHINGTON - Amid a lackluster housing market, additional downgrades of military base projects and budgetary uncertainty, adjustment was the theme Thursday at The Bond Buyer's sixth annual military housing privatization conference.

WASHINGTON - The Securities and Exchange Commission would create a five-person office of municipal securities and a 35-member office of credit ratings, both of which would report directly to the chairman as mandated by Dodd-Frank, according to letters the SEC sent lawmakers.

WASHINGTON - Taxpayers will have to contribute an average of $1,398 per household per year over the next 30 years, either through tax hikes or reduced public services, to fulfill public-sector pension obligations, according to a study released Tuesday.

Seattle will slash $10 million from its general fund budget to close budget gaps through the end of the year.

Housing groups and bond dealers are urging the Internal Revenue Service not to adopt a proposed change in the way the average area purchase price is determined associated with mortgages financed with the proceeds of single-family housing bonds.

As one dramatic chapter in Regions Financial Corp.'s history ends, another is about to begin.

The Metropolitan Washington Airports Authority announced Wednesday that it has tapped a new leader after a difficult selection process and during a time of controversy about the second phase of its Metrorail extension project.

WASHINGTON - State and local governments should develop standards to bolster public pension disclosure or federal regulators may mandate improvements for them, a Securities and Exchange Commission official warned Tuesday.

The Financial Regulatory Industry Authority fined Wells Fargo Advisors LLC $13,000 and ordered it to pay restitution of almost $8,628 to a municipal customer for violating pricing and fair-dealing rules.

The Internal Revenue Service has completed a routine audit of $250 million of Build America Bonds issued by Denver School District No. 1, with no change to the subsidy payments the issuer receives from the federal government.

WASHINGTON — Ballard Spahr LLP is promoting public finance attorney Joseph Fanone to managing partner in its Washington, D.C., office, the firm announced Monday.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.035% high rate, down from 0.050% the previous week, and the six-months incurred a 0.100% high rate, off from 0.105%.