Michael Decker, managing director and co-head of municipal securities at SIFMA, sets forth his case for not federally regulating underwriters when they provide what he calls “advice” to municipal securities issuers.

Decker, in his commentary in The Bond Buyer Thursday, portrays a near-doomsday scenario in which, if underwriters provide “advice” to issuers, and are required to provide competent advice with the issuers’ best interests at heart, then the world will end — or at least negotiated underwritings will disappear from the face of the earth.

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