WASHINGTON — The Securities and Exchange Commission's long-awaited report on the municipal market asks Congress to give it authority to set disclosure standards for muni issuers and to provide the tools to enforce those standards.

As expected, the SEC is not seeking repeal of the Tower Amendment or wholesale removal of the exemptions for munis in the federal securities laws. The Tower Amendment prohibits the SEC and Municipal Securities Rulemaking Board from requiring muni issuers to file documents with them before offering munis. The MSRB is banned from requiring issuers to file any documents with it.

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