WASHINGTON -- The Securities and Exchange Commission has become a party to the Orange County, Calif., bankruptcy proceedings so it can weigh in on issues affecting the municipal bond market, such as how the bankruptcy laws affect repurchase agreements, the SEC's top lawyer said yesterday.

"We want to be in a position where, if we decide that we should present our views to the court, we know we'll have the right to do that," Simon Lorne, the SEC's general counsel said in an interview.

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