WASHINGTON -- Last week's national elections produced a major shakeup within the rank and file membership of the congressional committees that regulate securities markets just as the panels are preparing to deal with heavy legislative agendas in 1993.

Although there was no immediate upheaval among the committee and subcommittee chairmen, the turnover in the membership of the panels is the "biggest change in decades," said an aide to the House Energy and Commerce Committee, which oversees regulatory issues in the municipal bond and government securities arenas.

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