Rep. Steve Stivers, R-Ohio, introduced legislation that would narrow the definition of municipal advisors by the Securities and Exchange Commission. The bill is identical to one that the House passed last year but failed to gain traction in the Senate. The legislation would allow market participants to avoid "improper, duplicative, and onerous regulations under securities, banking, commodities, and other laws," according to a statement released by Stivers' office. SIFMA applauded the effort. "We urge Congress to quickly take up this legislation and pass it without delay." Read SIFMA's statement about the bill.