WASHINGTON - The Securities and Exchange Commission may propose legislative and regulatory initiatives this summer to repeal the so-called Tower Amendment and give the SEC greater control over municipal disclosure and accounting standards, a commission official said yesterday.

Mary Simpkins, senior special counsel in the SEC's office of municipal securities, said that the commission may seek the repeal of Tower to obtain three goals: greater control of municipal accounting standards, the regulation of market intermediaries, and possibly changes to the composition of the Municipal Securities Rulemaking Board that would make it a more "independent" self-regulator.

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