Governors Oppose Bankruptcy for States

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On the ongoing debate in Congress regarding legislation to allow states to seek federal bankruptcy protection, the governors of the respective states have got this to say – “We don’t want any of it” (paraphrase mine). For example, Utah governor had this to say at a panel of the state of public finance at the National Governors Association (NGA) winter meeting, “Suggestions have been brought forward and some speculation that states are teetering on the brink of bankruptcy. I’m here to say I believe that’s a dangerous development. It has risks to our municipal markets, to those who invest in our states wondering about the economic viability of our states. This is coming from incomplete and in many times inaccurate information.”

Herbert chairs the NGA and opines that Congress’ deliberations on giving the states the option of bankruptcy will do nothing but bring jitters to the marketplace and may trigger an interest rate hike not to mention increase the cost of state government.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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