WASHINGTON — The National Federation of Municipal Analysts is calling for municipal disclosure practices to be made more like corporate disclosures and is urging lawmakers to provide a federal regulator with the authority to directly oversee muni disclosures and market participants.

In a five-page letter sent to the ranking members of the House Financial Services and Senate Banking Committees as well as Securities and Exchange Commission chairman Mary Schapiro, the NFMA also said that if the Municipal Securities Rulemaking Board is to continue regulating the market, the composition of its 15-member board must change so that “all stakeholders, including NFMA ... have board-level representation to promote market fairness.”

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