The Investment Company Institute is urging Congress to give the Securities and Exchange Commission expanded authority over the municipal securities market so it can take steps to ensure investors have timely access to key information about muni offerings.

In written testimony submitted to the House Financial Services capital markets subcommittee for a hearing Friday, ICI noted that the SEC proposed rule changes to improve muni disclosure earlier in the week and said that while it is "encouraged by these efforts," it "strongly" agrees with SEC chairman Mary Schapiro that "more will need to be done."

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