Christopher Iacovella

Unfortunately, a vocal minority believes eliminating the longstanding tax exemption on local, state, and municipal bonds is one way to pay for extending tax cuts.

Volatility in fixed income prices, which has risen recently, should not be mistaken for a systemic flaw in market structure or be used as a "strawman" to fix the plumbing and functioning of these markets.

Municipal bonds, issued by state and local governments, finance infrastructure investment and should be the foundation of any modernization package.