WASHINGTON - The sweeping financial regulatory reform plan that the Obama administration unveiled yesterday calls for expanding the authority of the Securities and Exchange Commission to promote transparency in disclosures to investors, which some market participants said appears to be in line with the SEC's plans to bolster its oversight of municipal securities.

The release of the 85-page, five-part white paper - the broadest set of reforms for the financial services industry since the Great Depression - comes as SEC officials have said they may propose legislative and regulatory initiatives for the municipal market as early as next month.

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