Congress Must Act To Improve Muni Bond Transparency: GAO

Law360, New York (July 19, 2012, 3:36 PM EDT) -- Investors want more transparency in the $3.7 trillion municipal bond market, but to force issuers to provide more thorough disclosures, regulators would need Congress to make several statutory changes, according to a government report released Thursday.

In a survey conducted by the U.S. Government Accountability Office, the U.S. Securities and Exchange Commission and the Municipal Securities Rulemaking Board said that in order for them to directly regulate the municipal market, Congres would need to give them affirmative authority to oversee issuers or strip municipalities of the...
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