; (3) any voluntary or mandatory disclosure standards observed by issuers of municipal securities in the course of making such disclosures; (4) the degree to which investors consider such disclosures in connection with making an investment decision; and (5) such other information as the Securities and Exchange Commission determines appropriate. (c) Report Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes— (1) the results of the study required under this section; (2) a detailed discussion of the financial risks to investors from investments in municipal securities; (3) whether such risks are adequately disclosed to investors; and (4) recommended regulatory or legislative steps to address any concerns identified in the study. 4. Study on solicitation of municipal securities business (a) In general The Securities and Exchange Commission shall— (1) conduct a study on the effectiveness of each covered rule in preventing the payment of funds to elected officials or candidates for elected office in exchange for the receipt of government business in connection with the offer or sale of municipal securities; and (2) solicit public comment with respect to such study. (b) Contents The study required under subsection (a) shall consider and analyze— (1) the effectiveness of each covered rule, including whether each covered rule accomplishes the intended effect of such covered rule and has any unintended adverse effects; (2) the frequency and scope of enforcement actions undertaken pursuant to each covered rule; (3) the degree to which— (A) persons subject to each covered rule— (i) have in effect policies and procedures intended to ensure compliance with each such covered rule