WASHINGTON -- The Securities and Exchange Commission should consider setting reasonable limits on the ability of tax-exempt money market funds to invest in some synthetic variable-rate demand notes, SEC member Richard Roberts was expected to say late yesterday at a treasurers' conference.

But in his first speech on the subject of tax-exempt derivative products, Mr. Roberts was also expected to say that many of the issues surrounding another popular derivative, interest rate swaps, should be left up to the market and issuers rather than federal regulators.

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