The Municipal Securities Rulemaking Board has proposed including two more exceptions in draft rules that would limit underwriters' ability to consent to changes in muni bond authorizing documents.
MSRB Refines Bondholder Consent Proposal
NOV 21, 2012 3:25pm ET
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"One of these things does not belong" is a catchy slogan and it comes to mind when looking at the latest tax policy ideas coming from Washington when looking at the municipal bond tax exemption. The exemption is not a result of the growth of a tax code designed to induce or reduce certain behaviors. Rather, it is the foundation for the flow of capital in a $3.7 trillion dollar market required to efficiently finance the nation's infrastructure.
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