Letter from the Board Chair and the CEO (January 2026)
Dear Stakeholders,
The municipal securities market empowers communities across America to invest in the infrastructure Americans rely upon daily—from clean water, roads and bridges, to schools, hospitals, and so much more. We could not be prouder to serve such a critical market and fulfill our congressional mandate to protect investors, issuers and the public interest.
Advancing fairness and efficiency in the $4 trillion municipal market requires more than MSRB’s efforts alone. It’s through ongoing engagement and a dynamic feedback loop with our stakeholders that we strengthen both the market and the communities it serves. Stakeholder feedback helped shape MSRB’s budget for FY 2026 and led us to develop a new multi-year rate card that makes fees more predictable and transparent for those we regulate. It has also helped us shape the modernization of the Electronic Municipal Market Access (EMMA®) website, which will launch in 2026, along with other important market transparency and rulemaking efforts that you’ll read about in this report.
In October, we celebrated MSRB’s 50th anniversary alongside current and former Board members, fellow regulators, and many industry leaders. It was a special evening recognizing the Board and staff that got us to this moment, the importance of market regulation and the impact of the municipal market, which advances economic growth and development and builds stronger and more resilient communities across America.
As we look ahead to the next 50 years, our mission is just as important today as it was when Congress established us in 1975. We recognize the achievements and industry relationships that have gotten us to where we are now and appreciate the talents and collaboration of all corners of the municipal securities market. From every person and place that is part of this market, this much remains clear: We are stronger when we work together—one bond at a time.
Sincerely,
Natasha A. Holiday, Board Chair
Mark Kim, CEO
