Almost three years after the Dodd-Frank Act directed the Securities and Exchange Commission to create an independent Office of Municipal Securities that reported directly to the chairman, the office is about to dwindle to two people.

Dave Sanchez, a lawyer who has worked in SEC muni office since September 2010, is slated to leave on Friday, three days after the commission's roundtable on municipal and other fixed income securities. He is leaving his post to become general counsel at investment banker De La Rosa & Co. in Los Angeles, where he will begin his new job on May 6.

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