CHICAGO — Access to the municipal bond market will be maintained only if market participants, especially state and local government officials, are willing to fight to preserve tax exemption, a new report warns.

The 18-page “special focus” report titled, “The Case for the Tax Exemption Remains Strong, Even As Threats Grow,” released Wednesday by Citi Research, argues municipal market participants need to “make it clear to Congress that curtailing access to the value of tax exemption would be a serious mistake.”

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