MINNEAPOLIS -- Issuers of municipal bonds lashed out at a key Securities and Exchange Commission official Monday, charging that the agency's new initiatives on disclosure and political contributions are excessive and an unfair indictment of most market participants.

"We're honest people. But you are saying that you think we're dishonest," Joseph R. Caputo, comptroller of Suffolk County, N.Y., told David Sirignano, senior legal adviser for corporation finance at the SEC and a principal drafter of the SEC's new legal interpretation on disclosure that was issued March 9.

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