Which of the following federal laws relate to investment of bond proceeds?

The choice focused on arbitrage calculations and yield restrictions is correct because these regulations are specifically established to govern how bond proceeds can be invested. Under federal law, particularly the Internal Revenue Code, there are restrictions placed on the yield of investments made with bond proceeds to prevent entities from profiting through arbitrage, which is the practice of taking advantage of varying interest rates to generate a profit. These restrictions ensure that the funds from tax-exempt bonds are not invested in a way that would generate excess earnings, consequently allowing for the tax-exempt status of those bonds to remain intact.

While the other choices involve regulations that pertain to the broader context of bonds and securities, they do not address the specific investment of bond proceeds with the same focus. For example, regulations from bond rating agencies are more about the standards and practices of rating bonds, and the Federal Reserve Act provides a framework for monetary policy rather than for the investment of bond proceeds. Similarly, Securities and Exchange Commission rules generally govern securities markets and trading rather than the specific investment restrictions applicable to bond proceeds. Therefore, the focus on arbitrage calculations and yield restrictions directly addresses the key components governing the investment of bond proceeds, making it the most relevant choice in this context.