Pressure is mounting for the Securities and Exchange Commission to complete its rulemaking defining municipal advisors, with congressional aides saying a House panel will likely hold a hearing on potentially preemptive legislation after the August recess.

A congressional aide said that while lawmakers are content to give the SEC a little more time while other high-priority issues take center stage, the House may preempt the commission if the MA definition does not drop before the start of college football season. SEC chairman Mary Jo White and the commission's muni chief John Cross have both publicly voiced the preference that Congress not pass laws related to current SEC rulemaking until after the rules are finalized.

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