GFOA

The Financial Accounting Foundation stirred controversy among public finance groups earlier this month when it indicated the next GASB chairman will not have government service as part of his background.

The Municipal Securities Rulemaking Board on Monday detailed plans to reduce its board size and alter its composition.

The Securities and Exchange Commission wll work with the market to change secondary disclosure habits without a mandate, issuers and analysts said.

Nicole Byrd, a senior investment professional at Nationwide Mutual Insurance, will be the National Federation of Municipal Analysts chair for the next year.

The announcement Monday involved last March’s ruling by the First Circuit Court of Appeals on the Puerto Rico Highways and Transportation Authority’s special revenue bonds.

As surface transportation funding is set to expire later in 2020, a new reauthorization could help push muni bond initiatives next year.

Another round of tax legislation is not expected to emerge until the very end of the year after the presidential election or in 2021 after a new Congress is sworn in.

Issuers, bond lawyers, and analysts have all raised complaints about the proposed addition to EMMA.

The proposal would impact the private placement business and may require amendments of MSRB rules.

Some market participants worry about the viability of a key muni advocacy talking point if enough midsize issuers begin to embrace the taxable market.

“The channel doesn’t matter in terms of responsibility for the information,” said SEC Chairman Jay Clayton.

Clayton described the Secured Overnight Financing Rate known as SOFR, as “a good risk free benchmark.”

As the House of Representatives votes to approve next steps in President Donald Trump's impeachment inquiry, the muni market considers the possible impact.

Municipal market participants got some comfort about their fraud liability if they act in good faith on interim financial disclosures.

Issuers will be looking to see what Securities and Exchange Commission Chair Jay Clayton says about disclosure.

Years after the Securities and Exchange Commission enacted a rule to require floating net asset values, finance officers are fighting the legislative malaise to try to undo it.

The exposure draft, Replacement of Interbank Offered Rates, proposes removal of all inter-bank offered rates as an appropriate benchmark interest rate effective for reporting periods beginning after Dec. 15, 2020.

Unless Congress acts, there will be $1 billion in automatic cuts to transit grants and $7.6 billion in highway aid reductions.

The Council of Development Finance Agencies recommends that conduit issuers cover their costs by imposing fees.

Issuers and non-dealer muni advisors support the existing prohibition, while dealers asked the MSRB to provide some flexibility.