WASHINGTON — Senate Banking Committee chairman Christopher Dodd yesterday introduced a massive, reworked financial regulatory reform bill that would require the head of the Securities and Exchange Commission’s municipal securities office to report directly to the SEC chairman, significantly raising the profile of the muni market.

While the municipal securities section is not a major portion of the 1,336-page draft bill, it would fundamentally change the way the market is regulated by requiring muni financial advisers, swap advisers, and investment brokers to register with the SEC and comply with rules issued by the Municipal Securities Rulemaking Board.

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