WASHINGTON — The Municipal Securities Rulemaking Board is urging Congress to “develop a regulatory structure that governs municipal market participants that provide certain key services” to state and local issuers and has asked that it be given authority to regulate independent financial advisers and investment brokers.

In a wide-ranging letter to key lawmakers, a copy of which was released by the board this morning, the MSRB is also calling for the creation of a federal muni czar or inter-agency group that would coordinate muni finance issues, improved federal, state, and self regulatory agency coordination of muni enforcement activities, and a consideration of federal or federal/state regulatory oversight of bond insurers.

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