Municipal securities power American infrastructure​

Federal tax-exemption for the vast majority of municipal bond interest is critical to the marketplace, benefitting issuers and incentivizing investment in communities. ​

Municipal bonds, or munis, are debt securities issued by states, cities, counties, and other governmental entities to fund day-to-day obligations and to finance capital projects including schools, highways, and sewer systems, as well as certain non-profits, including colleges, charter schools, and hospitals. ​

There is more than $4 trillion in municipal debt outstanding across tens of thousands of issuers. The two most common types of municipal bonds are General Obligation Bonds, which are backed by the full faith and credit of the issuer and their authority to tax residents, and Revenue Bonds, which are backed by revenues from a specific project or source.​