The concept of a tax levied on communities with a larger percentage of black people living in them has been discussed in various studies over the last four years. The latest by Breckinridge and ICE Sustainable Finance is the most comprehensive we’ve seen to-date. It finds that indeed the municipal bond market penalizes a bond issuer with a higher percentage of black people living in them. CSG discusses the study but also overlays the process with overall liquidity issues to consider and identifies bond banks as a potential solution for liquidity problems looking ahead.