WASHINGTON - More than a year after Securities and Exchange Commission chairman Christopher Cox proposed a series of initiatives to boost municipal disclosure and accounting standards, no one in Congress or the municipal market appears to be interested in championing them.

One initiative that does not require congressional involvement is moving forward - a central repository called Electronic Municipal Market Access. But a study released last week by DPC Data Inc. showed that many municipal issuers are not adhering to their secondary market disclosure requirements and suggested that moving to EMMA would not improve compliance because there are no meaningful consequences for the failure to comply.

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