21.   The commission will also examine the effects of eliminating popular tax deductions and the current tax preference for municipal securities during the next two months, Kemp said.

22.   The commission will also examine the effects of eliminating popular tax deductions and the current tax-exempt status for municipal securities during the next two months, Kemp said.

23.   The collateral bar prohibits Blinder from associating with municipal securities dealers, investment advisers, investment companies and broker-dealers.

24.   The memo added that the SEC lacks the authority to regulate the sale of municipal securities.

25.   The probe is part of a nationwide investigation of the municipal securities industry being conducted by the SEC.

26.   The state of Washington is coping with an image problem in the municipal securities market.

27.   The securities were marketed as though they were tax-exempt municipal securities when they were really securitized leases with no state backing, authorities said.

28.   This would include either making false and misleading statements to buyers of municipal securities or failing to disclose important financial information.

29.   Under the settlement, Snider and Katzman are barred from association with any broker, dealer, municipal securities dealer, investment adviser or investment company for five years.

30.   While support for a flat income tax has lost ground in Washington, it still concerns investors in municipal securities.