WASHINGTON -- The Municipal Securities Rulemaking Board voted last week to propose an amendment to its "pay-to-play" political contributions rule that would narrow significantly the number of registered representatives covered by the measure, MSRB chairman David Clapp said yesterday.

The board also adopted new procedures aimed at increasing its "outreach" to market participants, including possibly publishing board agendas just prior to meetings and holding regular regional meetings with dealers and other players, Clapp said. But the board made no decision about whether to change its nearly 20-year closed-door meeting policy and open at least some of its quarterly deliberations to public view, said Clapp, who was presiding over his last quarterly board meeting before his term ends in October.

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