SIFMA and another industry group have warned that the proposed Volcker rule would bifurcate the municipal bond market and have other unintended consequences for the market. "We’re concerned that the regulators might be taking too narrow a view with respect to the muni exemption," said Ken Bentsen, SIFMA executive vice president. The Volcker rule would result in "very much a bifurcated market with no apparent gain to safety and soundness."

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