WASHINGTON – The findings of a recent study that fewer individual investors are holding municipal securities and that more munis are being held by the wealthiest may make it harder for market participants to convince some lawmakers that tax-exempts are not just a tool for the rich.

The findings are from the study, "Changing Patterns in Household Ownership of Municipal Debt" by Daniel Bergstresser, an associate professor of finance in the Brandeis International Business School, and Randolph Cohen, a senior lecturer at the MIT Sloan School of Management.

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