Regulation of the municipal bond market is being refined and strengthened, and the process is grating on nearly everyone.

Last week, the large firms that voluntarily sought to ban political contributions tried to revise their restrictions, and the Securities and Exchange Commission didn't like the first draft. Then the Public Securities Association looked at the SEC's proposed rule to require firms to disclose markups and markdowns on riskless bond sales, and it saw serious problems. After that, the Government Finance Officers Association criticized the Municipal Securities Rulemaking Board and said it shouldn't be so secretive.

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