Washington

Securities lawyers and the trade group for municipal advisors agree unregistered muni advisors shouldn't still be ignorant of the law.

Irene Carroll and her company, Funding the Gap LLC, settled with the SEC Friday for not registering as municipal advisors. The SEC said Caroll knew she provided similar services as an MA.

Allyson Belsome, program manager of the IRS Office of Tax-Exempt Bonds spoke to members of the National Association of Bond Lawyers.

The Municipal Securities Rulemaking Board's David Hodapp said an MA's fiduciary duty to an issuer trumps fair dealing obligations to investors.

While the Fed has written off negative interest rates as a last resort, without stimulus, consideration may be nearer.

Democratic presidential nominee Joe Biden’s search for a Treasury secretary is widely seen as focusing on Lael Brainard of the Federal Reserve, a choice that would keep both Wall Street and progressives in line.

Federal Reserve Bank of St. Louis President James Bullard, in the most upbeat comments by a central banker since the start of the COVID-19 outbreak, said the U.S. economy may surge at a 35% annualized rate in the third quarter and the nation may be close to a complete recovery by year-end.

Johanna Som de Cerff of the IRS Office of the Associate Chief Counsel spoke during an online presentation to the National Association of Bond Lawyers.

From June to July, not many municipal advisors relied on the SEC's temporary exemption and some sources say they don't expect it to be heavily used.

Pledging the payroll mobility tax would get the authority a lower Municipal Liquidity Facility interest rate, board member Lawrence Schwartz said.