Voluntary Municipal Reorganization Act - Establishes an Emergency Municipal Fiscal Reform Board to: (1) guarantee or make commitments to guarantee payment of principal and interest to holders of obligations to be issued by a State on behalf of an assisted municipality in order to prevent a default; or (2) in the event of a default or other inability of an issuer to meet its obligations, to provide emergency guarantees of payment of principal and interest to holders of obligations of that issuer. Establishes standards and conditions for guarantees to prevent default, including: (1) assurances that the State and municipality are not able to obtain credit in the private market; (2) the formulation of a financial plan which will bring the municipality's operating expenses into balance with its recurring revenues; (3) State authority to control the fiscal affairs of the assisted municipality; (4) assurances by the State that it will repay any losses the United States Government may sustain; (5) the assisted municipality agrees to make available all its accounts, books, records, documents, or other information which the Board may request bearing on its financial situation prior to, and during, the entire period in which the Federal guarantee is outstanding; (6) the State agrees to pay to the Board a guarantee fee; (7) the State agrees to provide a grant to the assisted municipality as outlined in the Act; and (8) the State presents voluntary agreements acceptable to the Board by the holders of obligations issued by the municipality. Sets forth standards and conditions for guarantees of obligations of issuers in default. Establishes in the Treasury an emergency municipal debt guarantee fund to be administered by the Board. Provides that the fund shall be used for the payment of the expenses of the Board and to fulfill the Board's obligations under this Act. Directs any Federal Reserve bank to act as fiscal agent for the Board if requested.