Sen. Mark Warner, D-Va., has proposed a bill that would exempt all commercial banks from having to register with the Securities and Exchange Commission as municipal advisors. The banks would be subject to regulation by the Municipal Securities Rulemaking Board and fiduciary standards laid out by the Dodd-Frank Act. SIFMA supports a separate bill, introduced by Rep. Steve Stivers, R-Ohio, which takes a different approach to the issue, but Michael Decker, the group's co-head of municipal securities, says the Warner bill makes an important statement. "It demonstrates the extent of opposition to the SEC's proposed rule," Decker said.

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