WASHINGTON -- Securities and Exchange Commission Chairman Arthur Levitt said Friday he sees two initial drawbacks to the political contributions rule approved late Thursday by the Municipal Securities Rulemaking Board.

Levitt said he hopes the MSRB will require securities executives who work outside of municipal departments and who give contributions to issuers to disclose those contributions. He noted that such a provision appears in the voluntary ban on political contributions adopted by 17 Wall Street firms Oct. 18, and said he would like it incorporated into the MSRB's rule.

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