WASHINGTON - The credit crisis' adverse impact on state and local governments makes legislation to improve municipal market disclosure more important than ever so that investors can better understand the tax-exempt debt they own, Securities and Exchange Commission chairman Christopher Cox told a congressional panel yesterday.

Speaking before the House Committee on Oversight and Government Reform, Cox included muni disclosure legislation among a list of regulatory changes he would like to see enacted. He also called for the establishment of a regulator for the roughly $58 trillion credit-default swaps market, which he said could not wait until next year to be regulated.

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