WASHINGTON - Tennessee Comptroller Justin Wilson on Friday proposed sweeping changes to municipal finance guidelines in an attempt to restrict small, unsophisticated issuers in the state from entering into complex derivatives and other transactions they may not understand.

The proposed guidelines, which the State Funding Board released for a 30-day public comment period, may become the most stringent in the country if implemented. They would effectively prohibit all interest rate swaps tied to bond deals smaller than $50 million or forward bond-purchase agreements for deals less than $25 million.

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