CHICAGO -- The new president of the National Association of Bond Lawyers says the biggest challenge for the bond community in the months ahead will be to resist a secondary-market disclosure system that is not cost-effective.

"I think that we need to be very careful that whatever gets done in the disclosure area is worth it from a cost-benefit standpoint and that we don't fall into the trap of favoring more disclosure because it's good, while ignoring the costs of it," Fredric A. Weber said in a recent interview.

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