The Securities Industry and Financial Markets Association (SIFMA) today issued the following statement from CEO Marc Lackritz on the SEC’s white paper on disclosure and accounting practices in the municipal“
"Americans realize vast benefits from the municipal bond market. These bonds build, repair and improve schools, streets, hospitals, airports and many other public works. Projects funded by municipal bonds have a positive effect on the surrounding communities by creating jobs, strengthening the infrastructure required to maintain a competitive business environment and improving the quality of life. For investors, municipal bonds have an impressive record of safety with a default rate of less than a 0.1% over the past 37 years. We welcome the opportunity to work with the SEC to help improve disclosure, dissemination and access, while cautioning that additional oversight, if not appropriately crafted, may be more burdensome than beneficial. We look forward to continued dialogue with the SEC, issuer groups, investors and bond lawyers on these important issues."
