H.R. 6488: Municipal Securities Disclosure Act of 2016

114th Congress · introduced 2016-12-08 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

Where it came from: introduced 2016-12-08 · official record
Who proposed it: Rep. Moore, Gwen [D-WI-4] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Municipal Securities Disclosure Act of 2016

Plain 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.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Municipal Securities Disclosure Act of 2016

Source: Congressional Research Service summary (Introduced in House)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Moore, Gwen [D-WI-4] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Rep. Moore, Gwen [D-WI-4] reported raising $1.3 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (7)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Bond: A way to borrow money. A government sells bonds to raise money now and promises to pay it back with interest over time. Bonds repaid from taxes often need voter approval.
Jurisdiction: The area or the matters a government or court has authority over.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr6488.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr6488 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114