A municipal advisor bill pending in Congress threatens to erode key protections afforded to taxpayers and municipalities by the Dodd-Frank Act, representatives from a public advocacy group and organizations representing independent advisors warned on Monday.

Opponents to the “Municipal Advisor Oversight Improvement Act of 2013,” introduced in mid-February by Rep. Steve Stivers, R-Ohio, told reporters during a conference call that the bill would let big banks and swap dealers escape Dodd-Frank’s fiduciary duty provision, which requires MAs put clients’ interests ahead of their own.

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