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DINGELL RELEASES FIRST ANNUAL SEC PROGRESS REPORT ON BOND MARKET TRANSPARENCY November 18, 1999
WASHINGTON -- Representative John D. Dingell (D-MI), Ranking Democrat on the House Committee on Commerce, today released a November 16, 1999 report on Securities and Exchange Commission (SEC) and industry initiatives to improve bond market transparency. By letter dated September 29, 1998, Rep. Dingell requested annual progress reports each year through 2003. On May 18, 1999, the House passed H.R. 1400, the Bond Price Competition Improvement Act, to improve collection and dissemination of information concerning bond prices and to improve price competition in bond markets for the protection of investors. "Today’s bond markets play too crucial a role in our economy to operate in the dark, as they currently do. I hope that, with the goading of Congress and the strong leadership of the chairman of the SEC, that the industry and the NASD in partnership will respond with more concrete results by this time next year. I also trust that next year’s progress report will be more fulsome than the two pages submitted this year." Copies of the 2-page report and transmittal letter accompany this news release.
(Contact: Dennis Fitzgibbons 202/ 225-3641)
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