Washington

President Obama signed the Puerto Rico relief bill Thursday, paving the way for the appointment of an oversight board and the first steps in what legislators and observers agree will be a long process of bolstering the commonwealth’s fiscal health.

The Senate is poised to pass the Puerto Rico rescue bill after clearing what many say was the final hurdle for the legislation on Wednesday morning, invoking cloture by a vote of 68 to 32.

Senate Majority Leader Mitch McConnell late Monday filed for cloture on the Puerto Rico rescue bill currently waiting for Senate consideration, setting up a procedural vote for as soon as Wednesday morning.

The Municipal Securities Rulemaking Board announced on Monday that its EMMA system now includes an economic calendar that gives visitors free access to dates and descriptions of upcoming macroeconomic developments that could impact the municipal market.

Treasury Secretary Jack Lew added to the pressure for quick passage of a Puerto Rico rescue bill in a letter to the Senate leadership on Monday, even as some public finance professionals maintain the bill is unnecessary and could be harmful for the commonwealth.

Rep. Randy Hultgren, R-Ill., plans to introduce legislation during the week of June 27 to clarify that the Securities and Exchange Commission’s Municipal Advisor Rule does not require municipal issuers to hire municipal advisors in order to issue bonds.

Dealer groups are urging the Municipal Securities Rulemaking Board to cut in half a proposed requirement that would mandate municipal securities transactions to be closed out within 20 days of settlement.

The small south Florida city of Opa-locka, recently designated by the state to be in a financial emergency, is under investigation by the Securities and Exchange Commission, according to the Miami Herald.

Ohio filed the first offering document for a potential new type of municipal fund security based on tax-advantaged savings accounts that help support individuals with disabilities, the Municipal Securities Rulemaking Board announced Tuesday.

The Securities and Exchange Commission has settled with a former Chicago charter school operator over charges that he negligently approved and signed a misleading official statement for a $37.5 million bond offering to build three charter schools.