WASHINGTON — A House Financial Services subcommittee will hold a hearing July 20 to discuss a bill that would eliminate the fiduciary duty imposed on municipal advisors by the Dodd-Frank Act and limit the firms that would be regulated as municipal advisors.

The bill, HR 2827, introduced by Rep. Robert Dold, R-Ill., in August 2011, would limit the term “municipal advisor” to include only advisors who are formally engaged in work by an issuer, and would exclude brokers, dealers, state-registered investment advisors, swap advisors, financial institutions and elected or appointed members of issuers’ governing bodies. It would also amend other muni-advisor provisions in the act.

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