President Barack Obama and others proposed rules that threaten the tax exemption of the municipal securities market, but partisan quarreling in Congress might put them off for a year, tax experts say. Industry groups, however, remain concerned. "I think the big issue on Capitol Hill is whether there will be any curtailment or elimination of the tax-exemption" for municipal bonds, said Michael Decker, managing director and co-head of the municipal securities division at SIFMA.

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