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Bill Aims To Get Treasury To Back Municipal Bonds

Law360 (March 25, 2009, 12:00 AM EDT) -- Addressing the recent volatility that has hobbled the once ironclad municipal bond market, a Virginia congressman has proposed legislation in the U.S. House of Representatives that would require the U.S. secretary of the Treasury to establish a market for municipal securities and offer bond purchasers some guarantees.

Rep. Gerald Connolly, D-Va., on Monday introduced the Federal Municipal Bond Marketing Support and Securitization Act of 2009, which aims to address the liquidity crisis for state and local governments despite the usually solid reputation of municipal bonds....
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