Washington

Lawmakers and financial market participants sparred over the economic and business impact of the Dodd-Frank Bill and the so-called Volcker Rule, as well as fallout from potential new money market rules.

The Senate Banking Committee is looking into the allegations that banks manipulated Libor, the London Interbank Offered Rate that is used by financial institutions to set interest rates for financial products, including interest rate swaps entered into by municipal bond issuers.

An independent investment banker from Arizona is seeking a U.S. patent for a new tax credit structure being modeled as an alternative to traditional bond insurance.

A House Financial Services subcommittee will hold a hearing July 20 to discuss a bill that would eliminate the fiduciary duty imposed on municipal advisors by the Dodd-Frank Act and limit the kinds of firms that would be regulated as municipal advisors.

Bond Dealers of America released a guide Thursday designed to help the group's members comply with recently-approved guidance from the Municipal Securities Rulemaking Board regarding what underwriters must disclose to muni bond issuers.

Malcolm P. Northam, director of fixed income securities at the Financial Industry Regulatory Authority, is planning to retire from the self-regulatory agency at the end of the year but hopes to stay active in bond market.

The Municipal Securities Rulemaking Board is releasing draft rule changes that would prohibit municipal securities dealers from consenting to amendments in bond authorizing documents, except in very limited circumstances.

Municipal issuers back the Municipal Securities Rulemaking Board's proposal to require dealers to discontinue temporarily masking the exact par value of large muni bond trades on EMMA, while dealer and institutional investor groups oppose it.