State and Local Government Accounting and Financial Reporting Standards Act of 1979 - Amends the Securities and Exchange Act of 1934 to authorize the establishment of an Institute for State and Local Government Accounting and Financial Reporting Standards as a nonprofit, nongovernmental instrumentality. Requires that the Institute consist of 11 members representing Federal, State, and local governments, the public accounting and financial analysts professions, and the public.
Declares that the function of the Institute shall be to promulgate accounting and financial reporting standards applicable to State and local governments.
Establishes a State and Local Government Accounting and Financial Reporting Standards Council composed of the Secretary of the Treasury, the Comptroller General, and the Chairman of the Securities and Exchange Commission to review the bylaws of the Institute and appoint its members.
Requires the Institute and Council to submit annual reports to the Congress. Authorizes appropriations to implement the provisions of this Act.
Introduced in Senate
Referred to Senate Committee on Banking, Housing and Urban Affairs.
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