Christopher "Kit" Taylor, executive director of the Municipal Securities Rulemaking Board for nearly 30 years, acknowledged that the self-regulatory board enabled losses in municipalities across the nation because it failed to be tougher on regulations. The board recently proposed to Congress that it be given greater oversight power in the municipal-bond market. In testimony before the Senate Banking Committee, SIFMA President and CEO Timothy Ryan said the organization supports giving the board enhanced regulatory authority.

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