Washington

WASHINGTON — The Securities and Exchange Commission approved proposed rules Wednesday that would bolster the transparency of credit ratings and beef up oversight of rating agencies.

Uncertainty about federal highway funding is causing some states to turn from Garvee bonds to alternative financings, such as toll-backed debt and public-private partnerships, but issuers should be aware of the risks involved, Fitch Ratings warned Wednesday.

Sen. Jeff Bingaman, D-N.M., has introduced a bill that would raise the small-issuer limit for bank-qualified bonds to $30 million from $10 million — legislation that is drawing strong support from issuer and muni market groups.

WASHINGTON — Among some issuers of municipal bonds, the Securities and Exchange Commission’s Elisse Walter is known for one speech, and one speech only.

Top Republican on the Senate Finance Committee showed support for Democratic Sen. Ron Wyden’s transportation tax-credit bond proposal Tuesday, indicating for the first time that the GOP may back the taxable bonds if they don’t add to federal spending.

The Toledo-Lucas Port Authority entered into a closing agreement with the Internal Revenue Service to preserve the tax-exempt status for $3.5 million of 2005 bonds after the IRS found they were taxable.

The United States “effectively shrugs off infrastructure” amid escalating government deficits and cash-strapped taxpayers, according to an annual report released by the Urban Land Institute and Ernst & Young on Monday.

The Financial Industry Regulatory Authority has fined Kane, McKenna Capital Inc. and Wulff, Hansen & Co. a total of $27,500 for municipal transaction disclosure and trade rule violations.

Medicare’s trust fund will run out of money in 2024 and Social Security’s will be exhausted in 2036, according to the annual reports of their boards of trustees released Friday.

Federal legislation introduced last week would prohibit states and localities from collecting taxes on certain electronic transactions, but governmental officials are worried about the revenue losses and the precedent the law would set.

Legislation has been introduced in both the House and Senate that would exempt water and sewer bonds from states’ private-activity volume caps.

CHICAGO — The new federal health care law’s emphasis on high-quality, low-cost medical care could have widespread credit implications for the sector, Moody’s Investors Service said in a report last week.

The District of Columbia sold $40 million of special obligation bonds last week on behalf of Gallaudet University, a first-ever borrowing for the school.

WASHINGTON — The Bartram Park Community Development District in Jacksonville, Fla., has received an audit notice from the Internal Revenue Service for $28.7 million of special assessment municipal bonds issued in 2005.

WASHINGTON — The U.S. Treasury will hit the statutory federal debt ceiling on Monday when its three-year and 10-year notes settle.

WASHINGTON — Prospects look dim for U.S. airports to obtain the authority to charge higher passenger facility charges, which would generate more revenue to back bond issues.

WASHINGTON — The National Federation of Municipal Analysts is considering developing a pension-disclosure white paper that could be completed by early 2012.

Senate Commerce Committee chairman Jay Rockefeller D-W.Va., introduced a bill Wednesday that would create a national infrastructure bank and fund it with $10 billion over two fiscal years.

WASHINGTON — The Internal Revenue Service’s tax-exempt bond office has received referrals of around 30 whistleblower claims of potential abuses in the municipal bond market, an official said Friday.

The National Federation of Municipal Analysts recognized four members, including one who was honored posthumously, with awards for meritorious service and career achievement.