A bill to amend the Investment Advisers Act of 1940 to provide for regulation of persons rating municipal bonds.

Summary

Provides for the regulation of persons rating municipal bonds. Makes unlawful the use of the mails or any instrumentality of interstate commerce in connection with municipal bond rating agencies. Requires such agencies to register with the Interstate Commerce Commission. Directs the Commission to prescribe rules and regulations containing: (1) standards for accurate municipal bond ratings; and (2) requirements to assure procedures for determining such ratings that are fair to issuers and guarantors of municipal bonds. Prohibits publication or communication of municipal bond ratings unless made in accordance with ICC rules and regulations. Provides an opportunity for an administrative hearing for any person aggrieved or adversely affected by an action of a municipal bond rating agency.

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Timeline

1. 14 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

2. 14 January 1975

   Introduced

   Referred to House Committee on Interstate and Foreign Commerce.

   Source: IntroReferral

3. 14 January 1975

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 14 January 1975

  Open at official source

Sponsors

• Rep. Murphy, John M. [D-NY-17] · D · Sponsor
• · hsif00 · Standing

Related records

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