The municipal bond market, which Securities and Exchange Commission Chairman Richard Breeden last week told Congress was basically healthy, is on track for another record year. And although it has operated "for a long time," in Mr. Breeden's words, it can still use some reforms.

I say we're looking at another record year, surpassing the $204 billion done in 1985, and this time, not fueled by speculation about tax reform but in response to lower rates and the sale of bonds already authorized for various projects but not yet sold. This prediction made, on to the reforms.

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