News

News

GFOA is always on the lookout for news items that will be useful for finance professionals, research that might help you do your job better, and legal and regulatory updates you need to know about. Check the GFOA news page for the updates and any relevant GFOA announcements.

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Marketplace Fairness Act Update: House Holds Hearing on Internet Tax Issues

April 24, 2014

On March 12, 2014, the House Judiciary Committee held a hearing on Exploring Alternative Solutions to the Internet Sales Tax Issue, during which committee members discussed core issues that they would like to address in developing House legislation that would enable state and local governments to collect taxes on online retail sales. The hearing was significant in that it was the first action that the House Judiciary Committee has taken on this issue since the Senate overwhelmingly passed the Marketplace Fairness Act (S 743) in May 2013.

SEC Seeks Further Enforcement of Municipal Securities Issuers through Self Reporting

April 24, 2014

On March 10, 2014, the SEC announced a new program aimed at compelling government bond issuers to self-report violations of federal securities laws. While the SEC is prohibited from regulating government issuers under federal law, the commission can file enforcement actions against municipal issuers for misrepresentations about the prior compliance of bond offerings with continuing disclosure obligations.

GFOA Comments to Federal Agencies: Proposed Bank Liquidity Requirements Could Have Harmful Impacts

March 18, 2014

On January 31, 2014, the GFOA provided comments to three federal agencies about proposed regulations that could harm state and local government debt issuers. The proposal is intended to make banks more resilient and capable of weathering periods of fiscal stress without direct government intervention by requiring banks to maintain a designated level of high-quality liquid assets. As drafted, however, the proposal fails to classify municipal securities as high-quality liquid assets.

Public Sector, Particularly Schools, Limiting Part-Time Employment Because of ACA

March 18, 2014

Many public-sector organizations across the country have limited or reduced part-time employment to less 30 hours a week “to avoid providing them with health insurance under the Affordable Care Act,” according to the New York Times. Although coverage requirements are to be eased for larger employers, employers’ 2015 obligations will be based on the hours employees work in 2014.

Colorado and Other States Work to Make Health-Care Prices Available to the Public

March 18, 2014

Eleven states are taking steps to make prices for health-care services available to the public, in an effort to make it possible for consumers to shop for lower-cost providers and services. Colorado is working to create an all-payer claims database containing information from every receipt for a health-care service provided in the state, according to the Washington Post.

State Pensions Reach 75% Funded Level

March 18, 2014

State pensions reached an average funded level of 75% for the fiscal year ended June 30, 2013, up three points from the previous year, according to Wilshire Consulting, which cites the funds’ exposure to equities – the S&P 500 index rose 30% in 2013. This is the highest funding level since 2008, when it was at 81%, according to Bloomberg, which noted that “the 10-year peak was 95% in 2007, while the low was 64% in 2009.” Pension assets grew to $2.12 trillion in 2013.

State Health-Care Cost Containment Commission Releases Report

March 18, 2014

The State Health Care Cost Containment Commission, organized by the University of Virginia’s Miller Center, released a report on how the nation’s governors and other state leaders can transform the current health-care system into one that is more integrated, coordinated, patient-centered, and cost-effective.The report aims to jump start state-level action on health-care cost containment as states begin new legislative sessions.

December 1 Deadline Approaches for Issuers to Participate in SEC’s MCDC Initiative

On August 1, 2014, the SEC’s Enforcement Division announced an extension of the deadline for state and local government issuers to participate in the commission’s Municipalities Continuing Disclosure Cooperation (MCDC) Initiative from September 10, 2014 to December 1, 2014.  The deadline for underwriters to participate was not extended beyond September 10, 2014 (view the SEC press re