The Impact of the Proposed Menthol Ban on Municipal Tobacco Bonds In the 1920s, a person named Lloyd “Spud” Hughes came up with a novel idea of adding menthol flavoring to cigarettes in order to give the illusion of a “cooler” smoke. This would spur the development of the menthol cigarette in the United States. Over the years, it would become the mainstay for a large portion of the smoking population. The era on menthol cigarettes, however, could be coming to an end. Last Friday the Wall Street Journal reported that the US Food and Drug Administration (FDA) was pursuing