GFOA

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.

Market participants want someone with a deep industry knowledge as the MSRB is set to begin its search for a new president.

GFOA is putting together a working group to address concerns about continuing disclosure in the municipal market, a topic increasingly discussed among stakeholders.

State and local governments and trade groups have until Sept. 13 to submit comments on the 48-page exposure draft GASB released June 13.

The rule will take effect 30 days after publication in the Federal Register, which usually takes about three business days.

GFOA had a previous president from the higher education sector, but Stone is the first from the K through 12 sphere.

Steven Gibson became president last year and is the deputy city manager in Rock Hill, South Carolina.

Municipal Securities Rulemaking Board Chair Gary Hall said the MSRB will examine governance rules such as the time period between when individuals leave their industry jobs and when they are allowed to become public board members.

GFOA members also will elect five new members-at-large.

The positive side is the bipartisan legislation for reinstatement introduced by 10 House lawmakers last week has a high possibility of being included in any infrastructure legislation that passes that chamber.

Issuers are concerned that the Municipal Securities Rulemaking Board reopening discussion of Rule G-23 could bring back "shady" practices.

GFOA members said they were taken aback and in some cases upset about the tone of the National Federation of Municipal Analysts' letter to regulators.