States, cities turn to federal government for rescue funds

05/26/2009 | NYTimes.com

Municipal governments are looking for federal rescue money at a time when privately held banks are trying to free themselves of obligations that come with such funds. California asked for funding from the Troubled Asset Relief Program, and other states are expected to follow suit. Meanwhile, House Financial Services Committee Chairman Barney Frank, D-Mass., is working on a bill that would guarantee floating-rate municipal bonds.

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