SEC Needs Congress' Help To Reform Muni Bond Market

Law360, New York (July 31, 2012, 6:55 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday outlined an ambitious plan for reforming the "opaque and illiquid" municipal bond market, but the agency wants to ensure its efforts don't offend city and state issuers — a tricky balancing act that experts say will require significant cooperation from lawmakers in Congress.

In a long-awaited and lengthy report, the SEC called on Congress to require that municipal issuers give bond buyers access to the type of information readily available to investors in other markets, requesting the authority...
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