PRESS RELEASE

Release Date:    July 19, 2007

Contact:             Lynnette Kelly Hotchkiss, Executive Director
                          (703) 797-6600
                          lhotchkiss@msrb.org

Statement by John Lawlor, Chairman of the Municipal Securities Rulemaking Board (MSRB), Regarding SEC Chairman Christopher Cox’s July 18, 2007 Speech Entitled "Integrity in the Municipal Market"

Alexandria, VA –We read with interest Chairman Christopher Cox’s statement. We will continue to review his speech and his proposals regarding legislation. We hope to meet soon with the SEC to understand the details of the potential legislative changes broadly outlined by the Chairman.

We welcome the plans Chairman Cox announced for additional SEC review of the municipal market, including Rule G-37 and the Nationally Recognized Municipal Securities Information Repositories (NRMSIRs), and expect to consider the results carefully in fulfilling the MSRB’s rulemaking responsibilities.

Finally, the MSRB looks forward to continuing to work with the SEC, the Congress, municipal issuers, and all market participants in reviewing ideas for improvements in the municipal market.