WASHINGTON - Sen. Charles Schumer, D-N.Y., yesterday added his voice to those pushing the Securities and Exchange Commission to allow state and local governments and nonprofit organizations to buy back their auction-rate securities without running afoul of the securities laws and triggering SEC enforcement action.

In a one-page letter sent to Erik Sirri, director of the SEC's division of trading and markets, Schumer noted that the SEC has received letters urging it to allow issuers to take this action on a temporary and limited basis to prevent their auctions from failing and resulting in higher interest costs.

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