Washington

The Internal Revenue Service is requesting documents from the Erie City Water Authority regarding a $36,320,000 issuance of Water Revenue Bonds Series D of 2019.

The Senate will likely revise the House bill, which left tax-exempt bonds untouched after months of speculation.

As private credit tops $1 trillion, Fed researchers warn bank exposure to the sector could spark systemic risk if defaults spike.

The fine for violating MSRB rules was imposed as part of a wider FINRA disciplinary action that saw brokerage firm Calton & Associates fined a total of $75,000.

As the budget reconciliation lurches through Congress towards a vote, the cap on state and local taxes remains a key bargaining chip while data shows state tax revenue declining and an uncertain future for the pass-through-entity workarounds adopted by more than 30 states.

Paul Atkins said he doesn't like regulation by enforcement, a message that broker-dealer groups have spent the last several years longing to hear.

Congress needs to lift limitations on tax-exempt private activity bonds, say transportation advocates.

"We have got to keep the money coming in to transit," said Sen. Elizabeth Warren D- Mass.

The Federal Open Market Committee will meet on June 17-18. While no rate cuts are expected at this point, things can change quickly. Lauren Saidel-Baker, economist at ITR Economics, provides her take on the meeting the new Summary of Economic Projections and Fed Chair Jerome Powell's press conference.

The U.S. loses its third triple-A rating as Congress works to pass a massive tax cuts and spending bill.