Washington

Rep. Dave Camp's draft tax reform plan, which is advertised as revenue-neutral, would actually substantially reduce revenues and increase the budget deficit after 10 years, the former counsel of a tax-writing committee said at hearing on Tuesday.

The Texas Department of Transportation is facing a federal criminal investigation of its land deals for expansion of Interstate 35E, according to reports.

The Securities Industry and Financial Markets Association has released model documents designed to help its members comply with the municipal advisor registration rule, which takes effect on July 1.

Twenty-two U.S. senators are urging Securities and Exchange Commission Chairman Mary Jo White to make sure municipal money market funds are exempted from proposed reforms, warning they will hurt state and local governments.

Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court.

Two lawyers in the Securities and Exchange Commission's Office of Municipal Securities have been promoted, the SEC announced Wednesday.

Small financial advisory firms face the most challenges adapting to the new rules and regulations governing municipal advisors, with some predicting that many of the smallest MAs will go out of business.

Securities and Exchange Commission municipal securities chief John Cross on Friday tried to allay the fears of bond lawyers, who continue to have many technical questions about the SEC's new municipal advisor rule.

FirstSouthwest vice chairman Michael Bartolotta has taken over the chairmanship of the Securities Industry and Financial Markets Association’s municipal securities division.

For yet another year, uncertainty surrounding the potential loss or cap of the municipal tax exemption concerned panelists at the National Municipal Bond Summit.