WASHINGTON — Municipal market regulatory issues will not be studied for up to two years under changes to the base legislation Senate and House conferees are using to reconcile their competing legislative proposals to overhaul financial regulations.

The base text conferees are using as a starting point in their negotiations is a slightly amended version of the bill approved by the Senate last month that calls for three muni market studies, including a Government Accountability Office review of municipal disclosure issues. Lawmakers hope to hammer out and approve a final regulatory reform package by July 4.

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