WASHINGTON — Institutional investors generally trade at more favorable prices than individual muni investors in the secondary market, the Government Accountability Office said in a report sent Tuesday to key members of Congress.

The congressional watchdog reached that conclusion in a report, entitled Municipal Securities: Overview of Market Structure, Pricing, and Regulation, that was mandated by the Dodd-Frank Act. The report was sent to Sen. Tim Johnson, D-S.D., chairman of the Senate Banking Committee, and Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services, as well as the ranking members of both panels, Sen. Richard Shelby, R-Ala., and Rep. Barney Frank, D-Mass.

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