WASHINGTON — Rep. Steve Stivers, R.-Ohio, introduced a bill Friday that would define municipal advisors as those engaged with a municipal issuer to provide financial advice for compensation, with exceptions from the definition and its fiduciary duty for members of governmental boards, underwriters, bankers, swap dealers and those that provide related advice.

The bill, called the “Municipal Advisor Oversight Improvement Act,” was co-sponsored by Rep. Gwen Moore, D-Wis.

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