WASHINGTON — The Securities and Exchange Commission voted unanimously Wednesday to approve a proposed rule that would exempt municipal securities from credit-risk retention requirements imposed in the wake of the financial crisis.

The proposal, part of a joint rulemaking with federal banking and housing regulators, implements a provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires securitizers of asset-backed securities to retain a minimum economic interest in a material portion of the credit risk being securitized. According to the SEC, the exemption is appropriate in light of the special treatment Congress gives munis.

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