Washington

The plan for a second tax reform bill is galvanizing municipal market groups to step up lobbying efforts to tout the importance and benefits of munis to lawmakers on Capitol Hill.

House Judiciary Chairman Bob Goodlatte, R-Va., blasted the Supreme Court’s 5-4 decision in South Dakota v. Wayfair, Inc. as having “the potential to unleash chaos for consumers and remote sellers, particularly small business sellers.”

Sen. John Kennedy, R-La., suggested he and Sen. Elizabeth Warren, D-Mass., may introduce a bill that would require MSRB to elect public members who represent consumers and are not just retired industry executives.

During the new issue pricing period is when institutions place their orders. Independent advisors and their clients are wise to follow the money.

The 1.2-percentage point reduction will amount to $12,000 in saving on a $1 million tax settlement.

The Municipal Securities Rulemaking Board named Gary Hall as its next chair and Edward Sisk to become vice chair. It also temporarily cut fees to reduce excess reserves by $2.6 million.

School districts, higher education institutions and healthcare providers could feel the pinch, according to Eric Kim of Fitch Ratings.

The audit could be part of an ongoing initiative by the IRS to examine refunding bonds, said a lawyer.

MSRB is seeking comments on a revised set of potential draft amendments to its rules on primary offering practices and related disclosures that it says would benefit the market for relatively limited costs to participants.

The Federal Open Market Committee needs to be cautious on monetary policy or the yield curve could invert, Federal Reserve Bank of St. Louis President James Bullard said.