The article "SEC Officials Say Rule 2a-7 Changes Possible," published on May 2, quotes from a National Federation of Municipal Analysts commentary on the bond rating reform debate. The NFMA leveled criticism, however thinly veiled, at my office and others calling for a fair rating system that does not treat taxpayers like second-class market participants. The article did not include a response from reform proponents. Allow me.

In the April 21 issue of The Bond Buyer, guest commentator Richard Ciccarone of McDonnell Investment Management reminded us of what can happen when municipal bond ratings fail to reflect the very real risks of economic downturn. In 1935, as many as 3,252 issues were in default, and 78% of them had been rated double-A or better in 1929.

Recently, in the aftermath of the bond insurance crisis, there have been cries from members of Congress and state and local finance officers that the recent low default rate on governmental issuers of municipal bonds relative to all global borrowers begs for a wholesale upgrading of muni bond ratings. More than likely, bond ratings on state and local government obligations would substantially be lifted to triple-A and double-A levels.

KC Mathews, executive vice president and chief market strategist at Commerce Trust breaks down the FOMC meeting.

Pamela Frederick and Adam Barsky will share their views on the importance of the tax-exemption, how it benefits state and local governments, taxpayers, and U.S. retail investors -- and keeps the country competitive on a global scale.

Gary Hall, President of the Infrastructure & Public Finance Division at Siebert Williams Shank & Co., joins Bond Buyer Executive Editor Lynne Funk to talk about the importance of the muni industry in financing the country's extensive infrastructure needs -- from ports and airports to bridges and energy solutions.