Organization Root Tag

A Massachusetts bill would authorize special obligation bonds to finance upgrades to the state's public university, school, and college campuses.

The MSRB published the request for comment Nov. 3 to seek input on draft amendments to Rule D-15, which defines the term sophisticated municipal market professional.

A federal court decision enjoins the state from enforcing a 2021 law that penalizes investment banks and others for "boycotting" the fossil fuel industry.

Washington Gov. Bob Ferguson, who has lobbied for a wealth tax, told lawmakers their draft proposal needs work.

"This would be an unnecessary change that would be difficult to administer and comply with and which would severely limit municipal entity choice," the Bond Dealers of America said in a comment letter.

Chicago Mayor Brandon Johnson has chosen Assistant Finance Commissioner Steven Mahr as the city's acting chief financial officer, two sources confirmed.

The government plans to use surplus funds from fiscal years 2022 to 2024 to fund the payments.

Jeff Swiatek joins as CFO as the Texas toll road is looking to invest in the Austin-San Antonio corridor.

Wisconsin Republican Ron Johnson formed a Senate subcommittee to investigate the Los Angeles fires at the request of Sen. Rick Scott, R-Fla.

The Metropolitan Transportation Authority's ability to finish projects on budget will become more crucial as federal, state and economic pressures mount. 

Wells Fargo Securities will price for the Chicago Transit Authority $575 million of first and second lien sales tax receipts bonds on Thursday, Feb. 5.

"MSRB is committed to ensuring our regulatory framework keeps pace with an evolving market," MSRB Board Chair Natasha Holiday said.

Analysts were pleased that a known quantity with bona fides was the pick, but Warsh may bring about changes in the Fed that have some concerned.

"These municipal bond schemes improperly divert new issue bonds to bad actors at the expense of bona fide retail investors," FINRA's Meghan Ferguson said.

Warsh, who served on the U.S. central bank's Board of Governors from 2006 to 2011 and has previously advised Trump on economic policy, would succeed Jerome Powell when his term at the helm ends in May.

Over the past five years, January has seen a relatively stable market tone, said Jeff Timlin, managing partner and head of municipal bond investing at Sage Advisory.

"Markets are reading this as a strategic pause, not a policy shift," said Gina Bolvin, president of Bolvin Wealth Management Group.

MSRB CEO Mark Kim described GFOA's letter suggesting changes the MSRB could make as "very constructive, very valuable."

The city's Department of Water and Power, which saw spreads widen after last year's deadly wildfires, upsized a revenue bond deal amid strong investor interest.

Metro is considering a public-private partnership to deliver what is its largest project to date.