The financial industry is abuzz with discontent over a contentious rule proposal that has the potential to significantly impact the municipal bond market. Susan Joyce of AllianceBernstein expressed the need for a complete rewrite of the rules, highlighting the uncertainty surrounding the potential effects of the Basel III Endgame on clients and stability in the
Politics
Norton Rose Fulbright recently announced the addition of Patrick Harder, a public-private partnership and infrastructure attorney, to co-head the firm’s U.S. and North America infrastructure groups. This strategic hire aims to enhance the growth of the infrastructure practice in North America and globally. Patrick Harder brings with him over 20 years of experience from Nossaman
The recent Senate Finance Committee hearing focused on the possibility of increasing the Internal Revenue Service (IRS) budget, sparking a debate among lawmakers. IRS Commissioner Danny Werfel defended the agency’s funding and highlighted the benefits of extending IRA funding through fiscal 2034. The proposed budget increase would provide a significant boost to the IRS, enabling
San Diego Mayor Todd Gloria recently unveiled a $5.65 billion proposed budget that heavily relies on borrowing and short-term fixes to address a structural deficit. These one-time maneuvers include eliminating $30 million in scheduled reserve contributions and choosing to borrow $25 million instead of using cash for infrastructure projects. While these decisions may help close
The Pennsylvania Department of Transportation (PennDOT) has established a timeline for private sector companies to submit unsolicited proposals for transportation projects. This process is managed by PennDOT’s Office of Public-Private Partnerships and occurs twice a year, in April and October. The key objective of this initiative is to encourage innovative approaches to delivering transportation projects
The widening spreads on Build America Bonds (BABs) in recent months have been attributed to a wave of refinancings, which have raised concerns about the legal ability of issuers to call the debt. According to municipal bond strategists, the BABs index option-adjust spread has cheapened by 10bps compared to the ICE Broad Taxable Municipal Bond
Ohio Governor Mike DeWine recently delivered his State of the State address, highlighting the state’s “highest possible credit rating.” The governor emphasized the importance of focusing on the children of Ohio, as they represent the future of the state. DeWine’s speech revolved around ensuring that all Ohio children have the opportunity to reach their full
Norfolk, Virginia, shocked many in the financial world when it announced the cancellation of its plans to call some of its outstanding Build America Bonds. The initial plan included the redemption of $56 million of direct-pay taxable 2010B capital improvement BABs under an extraordinary optional redemption before the due date of April 25. However, a
Virginia Governor Glenn Youngkin recently unveiled a series of budget amendments that he referred to as a “common ground budget plan.” This plan, totaling $64 billion, was described by the governor as a testament to the state’s commitment to serving its residents without partisan divides. The budget proposal includes several key components aimed at benefiting
The Texas Transportation Commission recently made the decision to terminate a 2016 comprehensive development agreement with Blueridge Transportation Group, LLC, for a toll lane project on State Highway 288. This termination will cost the Texas Department of Transportation (TxDOT) a significant sum of $1.7 billion. The commission’s Chairman, J. Bruce Bugg, Jr., emphasized that this