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Bill To Regulate Muni Bond Advisers Draws Support

Law360 (May 22, 2009, 12:00 AM EDT) -- A House proposal to expand the U.S. Securities and Exchange Commission's power to regulate municipal financial advisers attracted support from lawmakers and the agency itself at a hearing Thursday.

Lawmakers wrangled at the hearing held before the House Financial Services Committee over four draft bills pushed by the chairman, Rep. Barney Frank, D-Mass., and other Democrats, aimed at patching up the battered market for municipal securities at a time when local governments are struggling under the weight of the financial crisis.

Municipalities have been calling on...
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