WASHINGTON — Securities and Exchange Commission member Elisse Walter wants Congress to do away with the exemptions for municipal debt in the federal securities laws, but probably would not want the SEC to collect bond documents from issuers prior to issuance, according to bond attorneys familiar with the matter.

The sources said it is unlikely, and probably politically untenable, that the SEC would try to repeal the so-called Tower Amendment, which prohibits the commission from collecting documents from muni issuers prior to their bond sales.

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