By the time the Ocean Dumping Act took effect, there werecompanieswaitingto convertmunicipal "bio-solids" into an "effectivesoilconditionerandnaturalfertilizer".
It has also been creating additional disclosure and governance rules for the municipal market under the Dodd-Frank Act, which granted it additional authority over the industry.
Powershares Build America Bond Porfolio ETF ( BAB) normally invests at least 80% of its total assets in taxable municipal securities eligible to participate in the Build America Bond program created under the American Recovery and Reinvestment Act of 2009 or other legislation providing for the issuance of taxable municipal securities on which the issuer receives federal support of the interest paid.
But the municipal securities market is thinly traded and largely exempt from the controls of both the Securities Act of 1933 and the Securities Exchange Act of 1934.