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US SB3935
Bill
AI Summary
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Municipal Securities Rulemaking Board (MSRB) membership restructured to 15 members (or other odd number set by SEC), with a majority being "regulated representatives" from brokers, dealers, municipal securities dealers, or municipal advisors
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SEC gains authority to appoint all Board members, including the Chairperson, with initial appointments due within 180 days of enactment; members serve 3-year terms and are removable at will by the Commission
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Regulated representative seats must include at least 2 broker-dealer representatives, at least 1 bank representative, and at least 2 municipal advisor representatives; public representatives must include at least 1 investor representative, 1 municipal entity representative, and 1 general public member
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SEC required to issue a rule setting maximum compensation for MSRB members; MSRB must submit proposed rule changes to SEC within 60 days of initial member appointments
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SEC may appoint up to 3 interim Board members before full appointments to ensure operational continuity, with interim terms not exceeding 180 days
Legislative Description
A bill to amend the Securities Exchange Act of 1934 to clarify the composition of the membership of the Municipal Securities Rulemaking Board, and for other purposes.
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2/26/2026