safeguarding the main source of U.S. infrastructure funding

what we do

The MSRB prevents fraud and manipulation in the municipal securities market, maintaining the trust of millions of investors who count on this source of reliable, long-term income.

These investments provide low-cost capital for communities to finance infrastructure and economic development projects like schools, hospitals, libraries and roads.

In the interest of market transparency, we make information about the municipal bonds that finance these projects publicly available through our Electronic Municipal Market Access (EMMA®) website.

Facilitate Infrastructure Financing

Millions of Americans help finance local infrastructure through muni bonds.

Disseminate the Data

Bond disclosures offer a treasure trove of information about state and local governments.

Educate Market Participants

The MSRB offers a multimedia library and online courses with information about the muni market.

Regulate the Market

Congress created the MSRB to protect investors and state and local governments.

municipal market by the numbers




held by


state and local government bond issuers