WASHINGTON - The Municipal Securities Rulemaking Board strongly urged President-elect Barack Obama, his advisers, and the new Congress Friday to consider federally regulating brokers of guaranteed investment contracts and financial advisers in the municipal market that are not currently subject to regulation.

The board said in a statement that it was taking the action because of concern that ongoing federal investigations and investment advisers and other muni market participants had created "widespread confusion over how the market is regulated."

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