A bill to amend the Investment Advisors Act of 1940 to provide for regulation of persons rating municipal bonds.

[AI summary unavailable — showing source text] Provides for the regulation of persons rating municipal bonds. Makes unlawful the use of the mails or any instrumentality of interstate commerce in connection with municipal bond rating agencies. Requires such agencies to register with the Interstate Commerce Commission. Directs the Commission to prescribe rules and regulations containing: (1) standards for accurate municipal bond ratings; and (2) requirements to assure procedures for determining such ratings that are fair to issuers and guarantors of municipal bonds. Prohibits publication or communication of municipal bond ratings unless made in accordance with ICC rules and regulations. Provides an opportunity for an administrative hearing for any person aggrieved or adversely affected by an action of a municipal bond rating agency.…