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HR8548Rep. Kamlager-Dove, Sydney [D-CA-37] (D-CA)
introduced
S3935119th CongressWALLET
Municipal Securities Rulemaking Board Reform Act of 2026
Sponsored By: Senator Sen. Kennedy, John [R-LA]
Introduced
Summary
Would reconstitute the Municipal Securities Rulemaking Board by redesigning its governance, member make-up, and rulemaking powers. It would also set new data standards, fee rules, and clearer duties for municipal market professionals.
Show full summary
- Broker-dealers, banks, and municipal advisors would face stricter qualifications, testing, recordkeeping, arbitration, and underwriting-sale limits. The bill sets a baseline Board of 15 members and requires a majority of regulated representatives with minimum seats for broker-dealers and banks.
- Municipal advisors would be subject to explicit fiduciary duties, continuing education, and professional standards while the bill aims to avoid unduly burdensome requirements on small advisors.
- Municipal entities and public investors would get clearer quotation and publication rules, defined record-retention standards, and limits on charging municipal entities for certain data or submissions. The MSRB could still charge commercially reasonable data fees with SEC approval, and the SEC could issue rules to implement these changes.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 0 benefits, 0 costs, 4 mixed.
New MSRB data fees and standards
If enacted, the MSRB would be allowed to build information systems for municipal market data and charge reasonable fees to use them. Municipal entities and obligated persons would not be charged to submit documents, and anyone would not be charged to get documents directly from the MSRB website. Brokers, dealers, and municipal advisors would have to pay MSRB fees, including possible late or failure-to-submit charges. The SEC would be required to make data standards for information sent to the MSRB and consult market participants when doing so.
Limits on MSRB rule reach
If enacted, MSRB rules would have to aim at preventing fraud, promoting fair trading, and protecting investors and municipal entities. The MSRB would be barred from allowing unfair discrimination, fixing minimum profits, or setting commission or fee schedules for brokers, dealers, or municipal advisors. The MSRB would also be required to define when a bank department is a separately identifiable municipal-securities unit and to define who is "associated with" a firm for coverage and enforcement. These changes would clarify who is covered but also limit some regulatory tools.
New MSRB business rules and exams
If enacted, the MSRB would set operational and conduct rules for municipal securities firms and municipal advisors. The rules would include qualifications, training, competency standards, testing, periodic examinations, recordkeeping, fair quotation formats, arbitration processes, and limits on certain underwriting sales to related accounts. The MSRB would also set municipal advisor standards, including fiduciary duties and continuing education, while seeking to avoid undue burdens on small advisors. Firms would likely face more compliance, testing, and recordkeeping obligations under these rules.
SEC-appointed MSRB board changes
If enacted, the SEC would appoint an MSRB of 15 members unless it sets another odd number, and must name the Chair and initial members within 180 days after enactment. A majority of members would be regulated representatives, with minimum counts for non-bank broker-dealer seats, at least one bank seat, and at least two municipal advisor seats. Public representatives could not have worked in the industry in the prior five years, and the SEC may appoint up to three interim members to serve until the initial Board is seated. The SEC would also set maximum member pay and require regular coordination meetings.
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Sponsors & CoSponsors
Sponsor
Sen. Kennedy, John [R-LA]
LA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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