WASHINGTON — Thirty-four congressmen urged Securities and Exchange Commission chairman Mary Schapiro to exempt broker-dealers and other regulated entities from its proposed municipal advisor definition, warning in a letter Monday that the failure to do so would impose unnecessary regulation and harm issuers by reducing competition.

Twenty-six Republicans signed the letter, including Robert Dold of Illinois, a freshman on the House Financial Services Committee, and Scott Garrett of New Jersey, who chairs the subcommittee on capital markets.

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