WASHINGTON - The House Financial Services Committee has canceled a municipal securities disclosure hearing that had been set for Tuesday, joining its counterpart committee in the Senate by scheduling hearings on the financial market crisis for that day.

The cancellation of the disclosure hearing appears to be a setback for Securities and Exchange Commission chairman Christopher Cox, who, about 14 months after he proposed a slate of initiatives to boost municipal disclosure and accounting standards, was about to finally have an opportunity to testify on them before the committee. But a source said that market events simply overtook the committee, and they may reschedule the disclosure hearing. An SEC spokesman declined to comment.

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