WASHINGTON -- Bond underwriting firms appear to be trimming the amount of money they give to conferences sponsored by state and local organizations to make sure they are not running afoul of the MSRB's ban on political contributions, a PSA official said Friday.

"We have heard from a lot of issuers their contributions [from underwriters for the cost of operating conferences] are down," said Laura Fitzpatrick, the Public Securities Association's director of intergovernmental relations. Fitzpatrick was speaking at a meeting of the National Association of Independent Public Finance Advisors.

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