WASHINGTON — Senate Banking Committee chairman Christopher Dodd yesterday unveiled a massive draft regulatory reform bill that envisions a more independent and powerful Municipal Securities Rulemaking Board.

Provisions in the 1,136 page “discussion draft” would significantly alter the composition of the MSRB as well as give it new regulatory authority over currently unregulated market intermediaries such as financial advisers and brokers of guaranteed investment contracts, who would also be required for the first time to register with the Securities and Exchange Commission.

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