Creation of a broad and efficient national market for municipal bonds is moving ahead on four fronts, and we applaud the effort. Within three years, the muni market will meet this goal, and that's not a bad schedule.

The Government Finance Officers Association, the Municipal Securities Rulemaking Board, the American Bankers Association, the Government Accounting Standards Board, and the Securities and Exchange Comission are all working to improve the municipal bond marketplace, and the task is highly complex and difficult. The work involves politics, finance, and technology, and it cannot be hurried.

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