CHICAGO -- Another year has passed without significant new federal regulation of municipal securities, but Washington can still be expected to react swiftly if major problems crop up, a prominent securities lawyer warned bond attorneys yesterday.

"I think it's strictly providence that has kept us from seeing any new significant legislative or regulatory efforts," said Edward Pittman of Brown & Wood. Formerly counsel to the Securities and Exchange Commission's Richard Roberts, Mr. Pittman joined the New York law firm this spring after seven years at the SEC.

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