Here are two incontrovertible facts: the municipal bond market is a mess, and the president being sworn in today has determined that our nation needs to use public resources to fund large-scale public works projects as part of a broad-based economic recovery program.

Using some of that federal authority to remedy the current dislocations in the municipal bond market - without simultaneously creating a bloated federal bureaucracy - would go a long way toward responsibly meeting the goal of facilitating new infrastructure investment.

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