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Politics : Politics for Pros- moderated

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From: Ruffian	7/9/2009 2:32:39 PM
	1 Recommendation Read Replies (1) of 793846

SEC to call for Calif. IOUs treated as securities SEC expected to call for California IOUs to be regulated as securities WASHINGTON (AP) -- The recipients of billions of dollars in IOUs being issued by California soon may have a regulated market where they could sell them. Major banks including Wells Fargo say that, starting Friday, they will no longer accept the IOUs. The banks want to pressure the state to end its budget impasse, but their action could leave many businesses and families with fewer options for getting their money. The Securities and Exchange Commission is going to recommend that the IOUs, which carry an annual interest rate of 3.75 percent, be regulated as a form of municipal debt. The SEC guidance could come as soon as Thursday, according to two people familiar with the matter who spoke on condition of anonymity because the agency hasn't yet acted.

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