WASHINGTON - A proposed blueprint for modernizing regulation of the financial services industry released yesterday by the Treasury Department would boost the power of the Federal Reserve, change the structure of the Securities and Exchange Commission, and expand the oversight of self-regulatory organizations such as the Financial Industry Regulatory Authority.

But the 218-page proposal would probably have little direct impact on the municipal market because it does not call for any changes to the Municipal Securities Rulemaking Board, the primary regulation setter for the municipal market.

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