SANTA FE, N.M. -- Participation by minorities and women in the municipal securities industry will be restrained by a regulation on political contributions enacted last April, Western state treasurers were told this week.

Rule G-37, promulgated by the Municipal Securities Rulemaking Board, "was specifically designed to roll back the gains that women and minorities have made in the field of municipal finance," Oregon Treasurer Jim Hill said here on Monday at the opening session of the Western State Treasurers Association's annual meeting.

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