Washington

Goldman, Sachs & Co. agreed to pay $14.5 million to settle charges that a former vice president engaged in pay to play when working for the firm.

The MSRB released education guides Thursday aimed at helping municipal bond investors and issuers understand municipal market indices, yield curves and muni benchmark data.

Proposed rules aimed at increasing protection for retail investors who trade munis online would impose undue costs and administrative burdens on muni dealers, industry participants say.

The SEC Thursday charged Goldman, Sachs & Co. and one of its former investment bankers with "pay-to-play" violations involving undisclosed campaign contributions to then-Massachusetts state treasurer Timothy P. Cahill while he was a candidate for governor.

WHO: Jay Goldstone is the incoming chairman of the Municipal Securities Rulemaking Board.

Incoming MSRB chair Jay Goldstone plans to urge the board to review the effectiveness of muni rules and standardize cost-benefit analyses.

Rep. Jeb Hensarling, a Texas Republican with ties to Lone Star state muni-bond dealers and other financial firms, is most likely to become the next chairman of the House Financial Services Committee in January, according to lobbyists and market sources.

The Securities and Exchange Commission's recently issued report on the municipal securities market should serve as a "starting point for comprehensive dialogue" with Congress and market participants on improving fairness and efficiency of the market," SEC Commissioner Daniel M. Gallagher said last week.

The SEC approved rule changes that will restrict underwriters from using the phrase "not reoffered," or "NRO," in written communications.

Municipal market participants are irked that the Securities and Exchange Commission has further delayed temporary registration rules for municipal advisors, saying the lack of a final MA definition has allowed market abuses to continue unchecked for years.