The U.S. Securities and Exchange Commission will seek comment on a rule that would require swap dealers advising pension funds, endowments and municipalities to place the interests of such investors above their own.

SEC commissioners voted 5-0 today to propose a rule that would impose the fiduciary duty as part of business-conduct practices for swap dealers advising so-called special entities. Dealers would also have to “reasonably believe” the investors have an independent representative capable of evaluating risks, according to an SEC fact sheet released in Washington.

The Dodd-Frank Act called on regulators including the SEC, which oversees security-based swaps, to crack down on abuses in sales to states, cities and school districts after swaps pushed Jefferson County, Alabama, to the brink of bankruptcy. The Commodity Futures Trading Commission, which oversees swaps tied to interest rates, has already proposed a similar rule.