CHICAGO – Market participants should be wary of threats to tax-exempt bonds, but the politically-charged atmosphere in Washington, D.C. raises doubts about the ability of Congress to pass comprehensive tax reform legislation, lobbyists and others said Friday.

Speaking at the Bond Dealers of America’s 2012 National Fixed Income Conference here, Ellen Marshall, principal at Washington-based government relations firm Marshall & Co., questioned whether Congress will be willing to consider the “solid policy arguments” needed to overhaul the nation’s tax laws.

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