The recent proposal by the Federal Deposit Insurance Corporation (FDIC) to switch out CUSIP numbers with Financial Instrument Global Identifiers has sent shockwaves through the municipal bond market. This move would entail replacing the existing system with a marker based on standards developed by Bloomberg, a decision that has raised concerns within the industry. Industry
Politics
The Louisiana Public Facilities Authority is set to price $1.33 billion in Baa3-rated toll bonds for a public-private partnership aimed at replacing the Calcasieu River Bridge. The project is being managed by JPMorgan and Wells Fargo, with Foley & Judell serving as the bond counsel. The bonds are scheduled to have maturities ranging from 2054
The process of rebuilding America’s roads and bridges under the Bipartisan Infrastructure Law is facing significant delays due to regulations and red tape. While the law aims to make critical investments in modernizing public transit, the implementation of these projects is being hampered by bureaucratic hurdles. Regulations imposed by the Build America, Buy America Act,
The city of Gary, Indiana, is embarking on a revitalization effort with the help of Notre Dame’s School of Architecture. The Housing and Community Regeneration Initiative (HCRI) is working closely with city officials to develop a 10-year action plan for revamping the downtown area. This partnership aims to create a new master plan for the
California’s fiscal 2025 budget has successfully addressed the revenue gap that arose in fiscal 2024, according to a recent report by Fitch Ratings. While this budget has helped the state move towards fiscal balance, further actions will be required to ensure sustainability in the coming years. The budget allows California to maintain its AA/stable issuer
Governor Gavin Newsom of California recently issued an executive order instructing state agencies to adopt policies to clear homeless camps on state properties. This move comes after the U.S. Supreme Court’s Grants Pass decision, which overturned a Ninth Circuit Court of Appeals ruling that limited the ability of states and cities to clear homeless encampments
The Federal Deposit Insurance Agency board is set to vote on a notice of proposed rulemaking this Tuesday, addressing the Financial Data Transparency Act (FDTA). This controversial new legislation, signed into law on Dec. 23, 2022, aims to convert municipal securities disclosures into a machine-readable format. The implications of this move have been a topic
The Louisiana State Bond Commission recently approved three bond issues totaling more than $3 billion. One of the approved bond issues includes a $1.33 billion bond to be backed by tolls on the I-10 Calcasieu River Bridge. This bridge, located in Lake Charles, is set to be replaced by the Department of Transportation and Development
Oregon Governor Tina Kotek has recently declared a state of emergency due to the alarming increase in wildfires in the region. The state has been hit hard by thousands of lightning storms, resulting in the ignition of 100 new fires within a week. These wildfires have spread rapidly, with three blazes alone consuming over 100,000
An Oklahoma judge recently issued a permanent injunction against the enforcement of a 2022 state law that banned four investment banks from underwriting municipal bonds. The law also targeted other financial firms for divestment purposes. The judge’s decision was based on the law being deemed unconstitutionally vague and violative of Oklahoma’s Constitutional requirement that pension