WASHINGTON -- Five groups representing municipal bond issuers groups said yesterday that regulators should take a "measured and targeted approach" if they call for new legislation or rules to protect municipal investors.

The plea was made in a four-page letter to the Municipal Securities Rulemaking Board, the Securities and Exchange Commission, and the National Association of Securities Dealers by executive directors of the Government Finance Officers Association, the National League of Cities, the National Association of Counties, the U.S. Conference of Mayors, and the American Public Power Association.

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