Congressman Devin Nunes of California has put forward a bill that will require states to move to more transparent accounting, on pain of being barred from issuing tax-exempt municipal bonds.

来自加州的众议员DEVIN . Nunes已经提出一个法案，要求各州转而采用更加透明的会计准则，违者将被禁止发行免税的地方债券。

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That is because interest on municipal bonds is generally tax-exempt. Investors accept a lower yield on a muni-bond than on a comparable Treasury bond on which they pay tax.

那是因为市政债券的利息一般是免税地，所以相较于收税的国债，投资者愿意接受收益率更低的市政债券(原译：投资者承认相较于收税的国债，市政债券的投资收益更低)。

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If this sounds far-fetched, take note that the scheme is already in place for supposedly tax-exempt municipal bonds.

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Tierney has introduced tax reform legislation that would require all tax-exempt municipal bonds to be issued where there would be a direct-pay subsidy of 28% after this year.

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The criminal information to which Hertz pled guilty charged, among other things, that Hertz engaged in fraudulent misconduct in connection with the competitive bidding process for the selection of the firms to provide instruments in which municipal issuers, in accordance with federal tax laws and regulations, temporarily invested the proceeds of tax-exempt municipal bonds.

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