# 119-s-3935: Municipal Securities Rulemaking Board Reform Act of 2026

119-s-3935, Municipal Securities Rulemaking Board Reform Act of 2026, is a 119th Congress bill sponsored by Sen. Kennedy, John [R-LA] (R-LA); status introduced; PRIA reads it as touching household money (as of 2026-04-21).

- Canonical: https://policyrisk.com/legislation/119-s-3935
- As of: 2026-04-21
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-s-3935
- Congress: 119
- Title: Municipal Securities Rulemaking Board Reform Act of 2026
- Status: introduced
- Introduced: 2026-02-26
- Sponsor: Sen. Kennedy, John [R-LA] (R-LA)
- Cosponsors: 0
- Policy area: Finance and Financial Sector
- Touches household money: yes
- Last recorded action: 2026-04-21

## 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. - 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.

## Provisions PRIA read

- New MSRB data fees and standards: mixed, medium. 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. Br…
- Limits on MSRB rule reach: mixed, medium. 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 advi…
- New MSRB business rules and exams: mixed, medium. 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 cer…
- SEC-appointed MSRB board changes: mixed, medium. 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 s…

## Related bills

- 119-s-688: Fighting Foreign Illegal Seafood Harvests Act of 2025
- 119-s-4952: Protecting American Taxpayers Act
- 119-s-4378: Protecting American Taxpayers Act
- 119-s-1748: Kids Online Safety Act
- 119-s-4065: STAND with Taiwan Act of 2026
- 119-s-3492: Essential Caregivers Act of 2025

## Sources
- [119-s-3935 on Congress.gov](https://www.congress.gov/bill/119th-congress/senate-bill/3935)

## Related
- [119-s-688: Fighting Foreign Illegal Seafood Harvests Act of 2025](https://policyrisk.com/legislation/119-s-688)
- [119-s-4952: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4952)
- [119-s-4378: Protecting American Taxpayers Act](https://policyrisk.com/legislation/119-s-4378)
- [119-s-1748: Kids Online Safety Act](https://policyrisk.com/legislation/119-s-1748)
- [119-s-4065: STAND with Taiwan Act of 2026](https://policyrisk.com/legislation/119-s-4065)
- [119-s-3492: Essential Caregivers Act of 2025](https://policyrisk.com/legislation/119-s-3492)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-s-3935 (as of 2026-04-21).