A House Financial Services Committee panel approved a bill Wednesday that would exempt municipal advisors from having a federal fiduciary duty to place muni issuers' interests first, but lawmakers said the bill's final version will leave the fiduciary requirement in place.

Rep. Robert Dold, R-Ill., who introduced the bill, had asked the members of the capital markets subcommitee to approve it, while assuring them that he and a bipartisan group of lawmakers will write further amendments that will maintain the federal fiduciary standard for "actual municipal advisors."

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