Section 976

Section 939E of the Dodd-Frank Wall Street Reform and Consumer Protection Act was not codified. It reads as follows:

SEC. 976. GOVERNMENT ACCOUNTABILITY OFFICE STUDY OF INCREASED
DISCLOSURE TO INVESTORS.
(a) Study.--The Comptroller General of the United States shall conduct a study and review of the disclosure required to be made by issuers of municipal securities.
(b) Subjects for Evaluation.--In conducting the study under subsection (a), the Comptroller General of the United States shall--

(1) broadly describe--

(A) the size of the municipal securities markets and the issuers and investors; and
(B) the disclosures provided by issuers to investors;

(2) compare the amount, frequency, and quality of disclosures that issuers of municipal securities are required by law to provide for the benefit of municipal securities holders, including the amount of and frequency of disclosures actually provided by issuers of municipal securities, with the amount of
and frequency of disclosures that issuers of corporate securities provide for the benefit of corporate securities holders, taking into account the differences between issuers of municipal securities and issuers of corporate securities;
(3) evaluate the costs and benefits to various types of issuers of municipal securities of requiring issuers of municipal bonds to provide additional financial disclosures for the benefit of investors;
(4) evaluate the potential benefit to investors from additional financial disclosures by issuers of municipal bonds; and
(5) make recommendations relating to disclosure requirements for municipal issuers, including the advisability of the repeal or retention of section 15B(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o-4(d)) (commonly known as the "Tower Amendment'').

(c) Report.--Not later than 24 months after the date of enactment of this Act, the Comptroller General of the United States shall submit a report to Congress on the results of the study conducted under subsection (a), including recommendations for how to improve disclosure by issuers of municipal securities.