Federal Municipal Bond Guarantee Administration Act - Title I: Federal Municipal Bond Guarantee Administration - Creates a Federal Municipal Bond Guarantee Administration to guarantee municipal bonds. Sets forth procedures that a municipality must follow to obtain such a guarantee.
Establishes within the Treasury a Municipal Bond Guarantee Fund for use in guaranteeing bonds under this Act. Allows moneys in such Fund to be invested in obligations of, or guaranteed by, the United States.
Title II: Amendment to Internal Revenue Code of 1954 - Amends the Internal Revenue Code of 1954 to designate as taxable income interest on specified government obligations.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Ways and Means.
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