ATLANTA - In a strongly worded letter sent last week to Securities and Exchange Commission Chairman Arthur Levitt Jr., North Carolina's longlime Treasurer Harlan Boyles denounced proposed federal regulations governing municipal market disclosure and campaign contributions as an infringement on issuers' rights.

Boyles' letter follows spirited objections earlier this month from a number of issuer groups - including the National Association of State Treasurers, the National League of Cities, and the Florida Association of Counties - to a proposed rule by the Municipal Securities Rulemaking Board that would severely limit bond dealers' political contributions to local officials. Before the MSRB proposal can be applied, it must first be approved by the SEC. Many issuer groups have also objected to a proposal being discussed at the Securities and Exchange Commission that would bar dealers from recommending outstanding bonds unless an issuer makes available ongoing information about its financial condition.

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