San Diego Plans to Exit Municipal Bond Group Amid SEC Scrutiny
MT Newswires Live06:58
San Diego plans to withdraw from the California Statewide Communities Development Authority amid concerns raised by the US Securities and Exchange Commission about the group's oversight, Bloomberg reported Friday.
The city intends to leave after pending deals are completed, saying continued involvement in the controversy was not in its best interests, the report said.
The authority helps issue and manage municipal bonds for local governments, nonprofits and housing projects.
The SEC has raised concerns that joint powers authorities rely on consultants whose fee arrangements may not be clearly disclosed to investors and could create conflicts of interest, Bloomberg reported.
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