WASHINGTON - A group of Wall Street executives representing 17 firms agreed yesterday to voluntarily bar their municipal bond departments from making contribution to state and local officials who are responsible for awarding lucrative negotiated bond underwriting deals.

The voluntary ban was announced at the headquarters of the Securities and Exchanged Commission by chairman Arthur Levitt after he met informally with executions from the Wall Street firms that underwrite the lion's share of the nation's municipal bond offerings.

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