FDTA seen as making financial reporting more complicated

The Financial Data Transparency Act will likely make financial reporting more difficult for issuers, as regulators and governing bodies are now tasked with the challenge of providing data standards that can apply across cities, counties, hospitals, school districts and universities, said panelists at the Government Finance Officers Association’s 5th Annual Minimuni Conference.

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California Gov. Gavin Newsom this week signed bills aimed at altering the state's mental health policies in a package that includes a $6.3 billion state bond measure. Supporters herald the legislation, most of which Newsom signed Thursday in a Los Angeles ceremony, as a long overdue response to a worsening crisis of homelessness.

Nominations are due Friday, October 20, for The Bond Buyer’s 2023 Deal of the Year awards.?

Wall Street's profits declined 4.3% to $13 billion in the first half of the year compared to the same period in 2022, according to a report issued Thursday by New York State Comptroller Thomas DiNapoli. "Further declines could weaken New York's tax revenue from the securities industry and have repercussions for our state and city budgets," the comptroller said.

Click to see the first half’s top issuers, underwriters, and financial advisors.

Muni Pride, the first LGBTQ+ organization for the municipal bond industry, is hosting its first event in Chicago this month as it continues efforts to grow nationally.

Check out our most recent Rising Stars and the second class of Muni Hall of Famers.

Municipals were mixed Thursday, outperforming Treasuries, which saw larger losses following a higher-than-anticipated inflation report, while more outflows from muni mutual funds were reported. Treasuries sold off after the consumer price index report showed inflation rising, paring back gains after several flight-to-safety sessions amid the warfare in Israel.

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Issuers focused on boosting ESG scores through mitigation efforts must face the hard fact that climate risk may trump their preparedness. "There could be a point where the materiality of this risk is greater than the ability to prepare or the ability to manage it," said Nora Wittstruck, senior director, ESG sector leader, S&P Global Ratings. "It becomes material to credit quality and could result in a change to the rating or a change in your outlook."?

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