OTHER NEWS - July 26, 1993

Required Disclosure of Contributions Urged: The Public Securities Assn. today urged the Securities Exchange Commission to introduce laws requiring public finance officials and public officials who issue municipal bonds to disclose information on political contributions they receive. The muni bond group also recommended that the SEC pass regulations requiring municipal bond issuers to submit secondary market information to the Municipal Securities Rulemaking Board’s Continuing Disclosure Information System. The recommendations come in the wake of allegations of widespread influence-peddling and possible illegal business relationships between government officials and bond underwriters, in connection with $2.9 billion in 1991-92 bond sales by the New Jersey Turnpike Authority. A probe by the U.S. attorney’s office in Manhattan may lead to criminal charges, regulators have said.