# 114-hr-6488: Municipal Securities Disclosure Act of 2016

114-hr-6488, Municipal Securities Disclosure Act of 2016, is a 114th Congress bill sponsored by Rep. Moore, Gwen [D-WI-4] (D-WI); status Referred to the House Committee on Financial Services. (as of 2025-11-18).

- Canonical: https://policyrisk.com/legislation/114-hr-6488
- As of: 2025-11-18
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 114-hr-6488
- Congress: 114
- Title: Municipal Securities Disclosure Act of 2016
- Status: Referred to the House Committee on Financial Services.
- Introduced: 2016-12-08
- Sponsor: Rep. Moore, Gwen [D-WI-4] (D-WI)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: no
- Last recorded action: 2025-11-18

## Summary

Municipal Securities Disclosure Act of 2016 This bill amends the Securities Act of 1933 to require registration with the Securities and Exchange Commission (SEC) of certain industrial development bonds that finance private projects through municipal securities. (Currently, the Securities Act exempts these private activity municipal bonds from SEC registration.) The bill amends the Securities Exchange Act of 1934 to require state and local government issuers of municipal securities, or obligated persons or borrowers with respect to these securities, to prepare annual periodic reports and disseminate financial disclosures that the SEC determines appropriate in the public interest and for the protection of investors. (Currently, SEC antifraud rules do not regulate municipal securities issuers directly but the rules prohibit securities dealers from underwriting the buying or selling of municipal securities unless they obtain the state or local government issuer's agreement to provide ongoing disclosures to the Municipal Securities Rulemaking Board. The bill makes state or local government issuers directly responsible for providing the municipal securities disclosures by placing them under the SEC's jurisdiction.) The SEC may prescribe the accounting methods to be followed in the preparation of the financial statements or require the use of accounting methods established by a standard-setting body. An issuer or borrower of outstanding municipal securities exceeding $10 million must adopt internal controls that identify the officials responsible for preparing the required disclosures and provide checks and balances for adequate supervision. The SEC may allow these requirements to be satisfied through a statewide system of disclosure controls and disclosure education.

## Related bills

- 114-hr-6523: Safe Transfer Act
- 114-hr-6501: Prescription Drug and Medical Device Price Review Board Act of 2016
- 114-hr-6498: Presidential Tax Disclosure Act of 2016
- 114-hr-6487: Taxpayer Protections and Market Access for Mortgage Finance Act of 2016
- 114-hr-6481: Urban Agriculture Production Act of 2016
- 114-hr-6460: Buy America for Drinking Water Extension Act of 2016

## Sources
- [114-hr-6488 on Congress.gov](https://www.congress.gov/bill/114th-congress/house-bill/6488)

## Related
- [114-hr-6523: Safe Transfer Act](https://policyrisk.com/legislation/114-hr-6523)
- [114-hr-6501: Prescription Drug and Medical Device Price Review Board Act of 2016](https://policyrisk.com/legislation/114-hr-6501)
- [114-hr-6498: Presidential Tax Disclosure Act of 2016](https://policyrisk.com/legislation/114-hr-6498)
- [114-hr-6487: Taxpayer Protections and Market Access for Mortgage Finance Act of 2016](https://policyrisk.com/legislation/114-hr-6487)
- [114-hr-6481: Urban Agriculture Production Act of 2016](https://policyrisk.com/legislation/114-hr-6481)
- [114-hr-6460: Buy America for Drinking Water Extension Act of 2016](https://policyrisk.com/legislation/114-hr-6460)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/114-hr-6488 (as of 2025-11-18).