Sen. Terry Sanford, D-N.C., recently introduced legislation that would allow national banks to underwrite municipal revenue bonds. Sen. Sanford said the measure is needed to help improve the economy and provide greater flexibility to municipal governments.

"Raising funds for local public works projects is extremely difficult, and thus many ideas generated by local people for local improvements are considered wishful thinking," Sen. Sanford said in introducing the bill last month. "This is simply unacceptable. Our infrastructure is decaying."

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