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Usuten Stuleta imate

(onmittee on Binking, Naving and thiban Arfenis. Sudeen

uuttee on Securitie MUNICIPAL SECURITIES FULL DISCLOSURE ACT OF 1976

HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON
BANKING, HOUSING AND URBAN AFFAIRS

UNITED STATES SENATE

NINETY-FOURTH CONGRESS

SECOND SESSION

ON

S. 2969

TO AMEND THE SECURITIES EXCHANGE ACT OF 1934 TO RE
QUIRE THE PREPARATION OF ANNUAL REPORTS AND DISTRI-
BUTION STATEMENTS BY ISSUERS OF MUNICIPAL SECURITIES,

AND FOR OTHER PURPOSES

S. 2574

TO AMEND THE SECURITIES ACT OF 1933 TO PROVIDE FOR THE
REGISTRATION OF SECURITIES ISSUED BY STATE AND LOCAL

GOVERNMENTS

FEBRUARY 24, 25, AND 28, 1976

Printed for the use of the
Committee on Banking, Housing and Urban Affairs

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1976

69-141 O

COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

WILLIAM PROXMIRE, Wisconsin, Chairman JOAN SPARKMAN, Alabama

JOHN TOWER, Texas HARRISON A. WILLIAMS, JR., New Jersey EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire BOB PACKWOOD, Oregon ALAN CRANSTON, California

JESSE HELMS, North Carolina
ADLAI E. STEVENSON, Illinois

JAKE GARN, Utah
JOSEPH R. BIDEN, JR., Delaware
ROBERT MORGAN, North Carolina

KENNETH A. MCLEAN, Staf Director
ANTHONY T. CLOFF, Minority Staf Director
STEPHEN J. PARADISE, A88istant Counsel

K7266

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman THOMAS J. MCINTYRE, New Hampshire EDWARD W. BROOKE, Massachusetts ALAN CRANSTON, California

JOHN TOWER, Texas ADLAI E. STEVENSON, Illinois

JESSE HELMS, North Carolina
ROBERT MORGAN, North Carolina

HOWARD A. MENELL, A88istant Counsel
CLIFFORD J. ALEXANDER, A88istant Counsel

(II)

CONTENTS

jij je 76

S. 2969

S. 2574.

Page

5
3

42

109

123

TUESDAY, FEBRUARY 24

Thomas F. Eagleton, U.S. Senator from the State of Missouri..

Roderick M. Hills, Chairman, Securities and Exchange Commission.

Edwin H. Yeo, III, Under Secretary of the Treasury for Monetary Affairs;

accompanied by Robert Gerard, Deputy Assistant Secretary for Finan-

cial Resources Policy -

Harvey Kapnick, chairman and chief executive, Arthur Andersen & Co.;

accompanied by Mario V. Marabelli, and Charles A. Bowsher...

WEDNESDAY, FEBRUARY 25

Brenton W. Harries, president, Standard & Poor's Corp.; and Jackson

Phillips, executive vice president, Moody's Investor Services, Inc..

Richard F. Kezer, president, Dealer Bank Association; accompanied by

Henry T. Rathbun, Wilmer, Cutler, & Pickering -

Wallace 0. Sellers, Merrill, Lynch, Pierce, Fenner, & Smith, Inc., chair-

man, Public Finance Council; David Ġ. Taylor, Continental Illinois

National Bank & Trust Co. of Chicago, vice chairman, Public Finance

Council; Gedale B. Horowitz, Salomon Bros., co-chairman, Municipal

Federal Legislation Committee, Public Finance Council; and Arthur

Fleischer, Jr., Fried, Frank, Harris, Shriver, & Jacobson; for the Public

Finance Council of the Securities Industry Association.-

THURSDAY, FEBRUARY 26

Richard Carver, Mayor, Peoria, Ill.; on behalf of the National League of

Cities and the U.S. Conference of Mayors-

Jim Flaherty, chairman, Allegheny County Board of Commissioners for the

National Association of Counties, accompanied by Aliceann Fritschler,

deputy director for federal affairs.

Gilman C. Gunn, III, senior municipal bond analyst for the Chubb Corp.,

accompanied by Robert G. Nordling, vice president-

S. Grady Fullerton, Harris County Auditor, Harris County, Tex.; member

of executive board and former president, Municipal Finance Officers Asso-

ciation, William J. Reynolds, director of finance, Greenwich, Conn.;

vice chairman Government Debt Administration Committee, Municipal

Finance Officers Association, accompanied by John Peterson.

Donald Robinson, Hawkins, Delafield & Wood, New York City --.

Richard B. Smith, Davis, Polk, & Wardwell, New York City -

Donald R. Hodgman, O'Melveny and Meyers, Los Angeles, Calif.

Ronald W. Forbes, associate professor of finance, State University of

New York.

Robert W. Doty, professor of law, Creighton Law School.

Evelyn Y. Davis, editor, “Highlights and Lowlights”.

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