WASHINGTON, Nov 5 (Reuters) – Federal securities regulators
on Tuesday fined a municipal debt issuer for the first time
ever, charging the seller of bonds used to finance an ice rink
that ultimately fell into default with misleading investors
about the project’s viability.
In the strongest signal yet that it is serious about
clamping down on misbehavior by municipal bond issuers, the U.S.
Securities and Exchange Commission extracted a $20,000 penalty
from a special facilities district in the city of Wenatchee,
Washington, about 140 miles east of Seattle.
WASHINGTON (Reuters) – Republican Senator Kelly Ayotte wants to press “pause” on rolling out the U.S. healthcare reform law as anxiety grows about troubles with the federal website for buying insurance and possibly low numbers of people signing up for coverage.
“I’m calling on the president now to say, ‘Let’s have a time-out on this.’ Mr. President, you call a time-out on this,” said Ayotte in an appearance on CNN on Sunday. “Convene a group of bipartisan leaders to address healthcare concerns in this country because this is not working.”
Oct 24 (Reuters) – Examiners at the U.S. Securities and
Exchange Commission have started reaching out to mutual funds
with exposure to Puerto Rican debt, a spokesman for the agency
said on Thursday.
“Our examiners are reaching out to firms per usual to get a
sense of their exposure and how they’re managing it,” SEC
spokesman John Nester told Reuters.
WASHINGTON, Oct 15 (Reuters) – The widening reach of charter
schools across the United States is raising red flags for credit
rating agencies about the financial support of urban public
“Charter schools are now significant competitors for
public…school districts, particularly in older core cities,
where they have achieved substantial, double-digit growth in
enrollment,” said Moody’s Investors Service in a special report
WASHINGTON, Oct 13 (Reuters) – Senate Majority Harry Reid
said Sunday that he was engaged in negotiations with Republican
Minority Leader Mitch McConnell and was “confident” they could
resolve the fiscal crisis confronting Washington.
“We’re in conversation today,” Reid said on the Senate
“I’m confident that Republicans will allow the government to
open and extend the ability of this country to pay its bills.
And I’m going to do everything that I can throughout the day to
accomplish just this.”
WASHINGTON (Reuters) – Lawmakers voiced tentative optimism Sunday that fiscal crisis talks between Senate leaders would pave the way to a deal to avert a government default and reopen the government, but Democrats and Republicans remained far apart on details.
As the clock ticked down to a Thursday deadline for raising the U.S. debt ceiling, necessary to avoid a possible government default that would roil world financial markets, both Democratic and Republican senators said the fact their leaders were meeting represented progress.
WASHINGTON, Oct 13 (Reuters) – U.S. lawmakers voiced
tentative optimism Sunday that fiscal crisis talks between
Senate leaders would pave the way to a deal to avert a
government default and reopen the government, but Democrats and
Republicans remained far apart on details.
As the clock ticked down to a Thursday deadline for raising
the U.S. debt ceiling, necessary to avoid a possible government
default that would roil world financial markets, both Democratic
and Republican senators said the fact their leaders were meeting
WASHINGTON (Reuters) – As the battle in Congress over the U.S. budget grinds on, states say they may soon have to choose between putting their own dollars into federal programs for residents or letting vitally important services such as food stamps lapse.
“States have thus far managed to avoid closing or suspending most programs and services by using carry-over funds or, in some cases, by using state spending to fill in for missing federal dollars,” the bipartisan National Governors Association said in a letter sent to congressional leaders on Thursday. “However, states are not in a position to be the bank for the federal government,”
WASHINGTON (Reuters) – The inability of the U.S. Treasury to send Build America Bond payments to state and local governments during the federal government shutdown is the latest blow to hopes these securities might grow into an alternative to tax-exempt municipal bonds.
Taxable Build America Bonds, created in the 2009 economic stimulus plan, pay issuers federal rebates equal to 35 percent of the bonds’ interest costs. The rebates were so attractive that state and local governments rushed to sell $181 billion BABs in the 20 months of the program’s existence.
WASHINGTON (Reuters) – Rising interest rates shook up the U.S. municipal bond market in the middle of the year, bringing a long run of refinancing to a halt and tempering new debt sales, Federal Reserve data showed on Wednesday.
The amount of outstanding municipal debt shrank in the second quarter to $3.721 trillion from $3.729 trillion in the first quarter and from $3.732 trillion a year earlier, the Fed said.