Some bond issuers are not keen on disclosure, comments pouring in to the Securities and Exchange Commission made clear last week. They don't want to make public all the information that the commission thinks they should, and, to us, their reluctance is regrettable.

Publishing all the data and information that the commission has deemed appropriate for interested investors will be costly and will chill political debate, officials from local issuers warn. Others think that disclosure should be analyzed more carefully and the costs and benefits understood more precisely. The arguments against change go on and on.

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