Few areas of finance are as opaque as the market.
Which is astounding, when you consider how crucial this $4 trillion market is to the nation’s economic life. Sure, munis seem boring. But without them, state and local finances would collapse. Witness the mess in Jefferson County, Ala., which declared bankruptcy last fall.
And so the — with good reason — is trying to bring transparency to the muni market by increasing disclosure requirements.
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