evidence: States such as Texas; the Commonwealth of Kentucky; cities, including Dallas, Chicago, and Los Angeles; transit systems such as New York's MTA; airports like DFW, and Chicago O'Hare; [...] As we look to the future, we believe that some States and municipalities will come out of the crisis stronger, but this may not be true for those municipalities that had pre-existing structural deficits in their budgets. Some States and municipalities may find that their particular economy may be fundamentally altered for some time, including those dependent on long commutes to downtown office districts, as well as leisure and business travel destinations. [...] Mr. Nadler, where do you see the municipal bond market moving in the future, post-pandemic? How has the market changed? And can you speak to whether or not we actually needed the bailouts of the State and local governments, if we had just encouraged municipalities to utilize the MLF, maybe they would have just been as well off?