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.

170 Documents


GFOA Provides Comments as House Judiciary Committee Considers Digital Tax Legislation

June 2, 2015

On June 2 the GFOA provided joint comments to members of the House Judiciary Committee, which is holding a hearing on the Digital Goods and Services Tax Fairness Act of 2015 (HR 1643) and the Business Activity Tax Simplification Act of 2015 (HR 2584). The GFOA, along with our colleagues at the National League of Cities, U.S. Conference of Mayors and National Association of Counties has significant concerns with each of these bills.

Characteristics Shared by Resilient Governments

June 1, 2015

GFOA President Bob Eichem Speaks about Resiliency at GFOA Annual Conference Opening Session, Monday, June 1
Can you think of someone in your life you would describe as resilient? This was the question GFOA President Bob Eichem posed to the Monday morning opening session audience at GFOA’s annual conference in Philadelphia. Chances are that the resilient people in your life have some common characteristics, like adaptability and the ability to learn from experience.  Eichem observed that financially resilient governments also share many characteristics:

The Oracle of Philadelphia

June 1, 2015

Vanguard Group Founder John Bogle Talks Public Investing at GFOA Annual Conference Keynote Address, Monday, June 1

John C. Bogle, the founder and former CEO of The Vanguard Group, Inc., participated in an interview with Joe Mysak, editor of the daily Bloomberg Brief. Taking questions from the delegates in attendance, Bogle covered a variety of public investing topics.

GFOA Leads Effort to Support Legislation to Classify Municipal Securities as High Quality Liquid Assets

May 27, 2015

On May 27 the GFOA joined with the National League of Cities, National Association of Counties, U.S. Conference of Mayors, National Governors Association, National Association of State Treasurers, the National Association of State Auditors, Comptrollers and Treasurers and others to urge members of the U.S. House of Representatives to cosponsor legislation that would classify investment-grade municipal securities as High Quality Liquid Assets (HQLA). The joint letter is available below.

SEC Still Greatly Underestimating Burden of Complying with Rule 15c2-12, SIFMA Says

April 14, 2015

The SEC’s revised estimates of the compliance burden imposed by its main disclosure rule still contain “gross inaccuracies,” according to a March 27 letter the Securities Industry and Financial Markets Association sent to the SEC. The letter was a response to updated SEC estimates about the amount of time required for market participants to comply with Rule 15c2-12.

Treasury Closes SLGS Window

March 17, 2015

On March 13, 2015, the U.S. Treasury Department announced that it will suspend sales of state and local government series securities until further notice. The suspension is aimed at helping the Treasury manage debt subject to the federal debt ceiling, which the Treasury Department announced would happen on Sunday, March15.

Supreme Court Justice Kennedy Weighs In on Online Sales Tax Legislation

March 11, 2015

On March 3, 2015, Supreme Court Justice Anthony Kennedy invited a legal challenge over whether states can require out-of-state and online retailers to collect sales taxes. Justice Kennedy’s opinion was issued as part of the Supreme Court’s unanimous ruling in Direct Marketing Association v. Brohl. Kennedy’s comments reveal the court’s awareness of the need for federal intervention that would enable states to collect e-commerce taxes.

Moody’s to Post Ratings on EMMA in 2015

March 2, 2015

The Municipal Securities Rulemaking Board announced an agreement with Moody’s that will see the credit rating agency post rating updates automatically on the MSRB’s Electronic Municipal Market Access system starting later this year. This is an exciting announcement, as Moody’s is the last of the four major credit rating agencies to agree to post its ratings on EMMA since the official repository for information on municipal bonds came online in 2009.

GFOA Issues Survey on SEC MCDC Initiative

February 20, 2015

This week the GFOA is circulating a member survey to inquire about your experiences with the SEC’s Municipalities Continuing Disclosure Cooperation initiative. The MCDC initiative was launched by the SEC last March and invited issuers and underwriters to self-report instances of material misstatements in bond offering documents regarding the issuer’s prior compliance with its continuing disclosure obligations.

Ask Me Why I Care

February 4, 2015

The purpose of the Ask Me Why I Care: Public Service Stories project is to show young people, in this time of virulently anti-government environment sentiment, that government jobs will allow them tackle the most daunting issues in our society and to make a difference in people’s lives.

GFOA Executive Board Approves 10 Best Practices / Advisories

January 28, 2015

The GFOA’s Executive Board approved six new best practices and one new advisory at its January 2015 meeting. The board also approved updates to one other existing best practice and two existing advisories. These documents provide recommendations to government finance officers in the areas of budgeting, accounting, retirement benefits administration, debt issuance, and investment management.

Congress Begins Work on Comprehensive Tax Reform

January 21, 2015

Last week Senate Finance Committee Chairman Orrin Hatch (R-UT) kicked off his committee’s work on organizing the Senate’s tax reform plan by announcing five bipartisan working groups to explore the existing federal tax code and identify areas that are ripe for reform. The working groups are: Individual Income Tax; Business Income Tax; Savings and Investment; International Tax; and Community Development and Infrastructure.