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

jij / je 76

S. 2969.

S. 2574.

CONTENTS

LIST OF WITNESSES

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

man, Public Finance Council; David G. 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..

155

166

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.

203

209

231

236

241

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

New York.

251

307

328

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

Evelyn Y. Davis, editor, "Highlights and Lowlights".