President Barack Obama signed legislation that will cut taxes and provide credit help for small businesses, calling it an essential step for job growth in a slow economy.

Small businesses “have borne the greatest brunt of this recession” because of lower demand from consumers and less available credit, Obama said.

U.S. financial regulators should avoid, “one-size-fits-all‚” disclosure rules for state and local municipal bond issuers in order to be of the most use to investors, according to California Treasurer Bill Lockyer.

“Disclosure standards need to recognize the differences between issuers, the types of municipal debt issued, and the relative security of the investment,” Lockyer said in remarks prepared for delivery at a U.S. Securities and Exchange Commission hearing in San Francisco.

California, whose power bonds received a credit-rating boost, plans to borrow $1.9 billion to refinance debt sold to purchase electricity for cash-strapped utilities during the state’s power crisis a decade ago.

The California Department of Water Resources was upgraded one step to AA by Fitch Ratings today, third-highest, and a level above the AA- from Standard & Poor’s.

August 31st was the last date for bills to pass out of the Legislature. Governor Schwarzenegger has until September 30 to sign or veto any bills passed this session. As of this writing, here are the employment related bills sitting on the Governor’s desk awaiting action.

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