From The Huffington Post | A months-long investigation into abusive mortgage practices by the Federal Reserve found no wrongful foreclosures, members of the Fed’s Consumer Advisory Council said Thursday.
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Cullerton looks at taxing retirement income
Illinois Senate President John Cullerton today suggested the state should start taxing the retirement income of senior citizens who are able to afford it.
The state does not currently tax pensions or retirement funds such as 401(k) plans, but Cullerton told a City Club of Chicago luncheon that should take place as part of an overall look at what he said was Illinois’ “outdated” tax system.
Washington prepares for government shutdown
Washington has started getting ready for a possible government shutdown.
Federal agencies are working on plans for shutting down and deciding how many workers they need to perform essential operations. Get the full story »
High yield may up demand for $3.7B Illinois bond
The cash-strapped state of Illinois will likely offer juicy yields to entice buyers of a $3.7 billion taxable pension bond expected to be sold Wednesday in the municipal-bond market.
According to a term sheet, initial price talk for the longest maturity in the offering, dated 2019, is about 2.40 percentage points above comparable Treasurys, for a yield of about 5.85%. That is about 1.79 percentage point more than comparably rated nine-year debt from cigarette maker Philip Morris International Inc., which traded at 0.61 percentage point above Treasurys on Tuesday. It is also 0.05 percentage point tighter than the initial price target on the deal for that maturity. Get the full story »
Obama to offer infrastructure finance for Brazil
President Barack Obama plans to offer new financing for joint infrastructure projects between U.S. and Brazilian companies when he visits Brazil next month, part of efforts to strengthen ties between the Western Hemisphere’s two biggest economies, sources say. Get the full story »
Illinois to sell pension bonds Tuesday, Wednesday
From Bond Buyer | Illinois plans to sell $3.7 billion of taxable general obligation bonds Tuesday and Wednesday, the state said Friday morning.
State AG’s office raises nearly $1B in state revenue
Illinois Attorney General Lisa Madigan’s office says it raised nearly $1 billion in state revenue last year through a variety of litigation and the collection of estate-tax revenues.
Fed’s Evans: Current bond buys may suffice
The U.S. economy still needs the Federal Reserve’s super-easy monetary policy, a top official said on Thursday, but the recovery may be strong enough June that the central bank will not need to extend its current $600 billion bond-buying program. Get the full story »
O’Hare expansion lawsuit to move to trial
By Jon Hilkevitch | United and American airlines’ lawsuit against Chicago over the expansion of O’Hare International Airport will move toward trial after negotiations have so far failed to break an impasse, officials said Thursday.
Both sides on Thursday asked Judge Richard Billik of Cook County Circuit Court to lift a one-week delay on hearing the lawsuit, which seeks to prevent the city from borrowing more money to keep the O’Hare project going.
The delay was intended to give negotiations a chance to resolve major differences over the financing and timing of new runways. Get the full story »
Ill. Senate bill on minimum wage gets more support
A bill that would increase Illinois’ minimum wage by 65 cents this summer is slowly gathering support from Democrat lawmakers from Chicago.
Sen. William Delgado and Sen. Rickey Hendon added their names Tuesday to a growing list of supporters of Senate Bill 1565, which was introduced earlier this month.
The bill would increase the minimum wage by 50 cents, plus the rate of inflation every year, until it is restored to its “historic level” above $10 per hour. Get the full story »
