In an effort to learn more about municipal securities and encourage discussion between different segments of the municipal marketplace, I hosted a stakeholder discussion on November 7, 2013 at the University of
Illinois at Chicago. By convening an expert roundtable of issuers, investors, credit analysts, and other market participants, I gained a greater understanding of some of the most pressing issues facing this
market today: issuer disclosure, new regulatory burdens and tax reform, municipal bankruptcies, price formation and best execution, and the preservation of the tax-exemption.
Our conversation centered on three broad questions, but moved freely between points within their constraints:
- Who are the municipal bond issuers and how are their products brought to market?
- What are the advantages and challenges to retail investors in the municipal market?
- How have recent events affected the municipal market and what changes can we see coming?
I present this summary, transcript, and appendices with confidence that you will find these resources
informative and a valuable reference on issues related to municipal finance. In the interest of job creation,
our country’s massive infrastructure needs, and our constituent municipalities, I urge the Committee to
consider and address some of the important ideas presented here.