I. INTRODUCTION above the last t...

I. INTRODUCTION

above the last twenty years, the municipal securities (1) market has evolv from being largely unknown and unregulated to being amongst the foremost regulatory priorities of the Securities and Exchange Commission ("SEC") (2) Municipal band investors today stand in contrast to the rather limited assemblage that invested in such durances twenty years ago--commercial banks, goods and fire casualty companies, and wealthy individuals. (3)

Today's market encompasses a far broader range of investors, and because average-income households comprise the largest part of municipal debt-holders, (4) many commentators have advocated for improved disclosure within the municipal securities market to