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MSRB Update: Summer 2021

MSRB Offers NYC Students a Virtual Window into Public Finance Careers in DC

On July 27, the MSRB hosted a virtual panel discussion on regulatory and policy careers in public finance for New York City high school students participating in the Municipal Forum of New York’s Urban Leadership Fellows Program. The MSRB arranged for the students to hear from U.S. Representatives Gregory Meeks (D) of New York’s 5th Congressional District (pictured below) and Byron Donalds (R) of Florida’s 19th Congressional District, as well as Rebecca Olsen, Director of the Securities and Exchange Commission’s Office of Municipal Securities. The Congressmen challenged the students to dream, work hard and take every opportunity to learn.

MSRB CEO Mark Kim moderated a panel of MSRB leaders, including Chief Regulatory Officer Gail Marshall, Chief Technology Officer Adam Cusson and Chief Data Officer Brian Anthony, who described their varied career paths that led them to the municipal market’s primary regulatory agency.

The MSRB has been a proud partner of the Urban Leadership Fellows program for nine years. As Mark said, “Creating opportunities for young people from all backgrounds to explore careers in public finance helps build a stronger municipal securities market that in turn creates more opportunities for public investment in our neighborhoods, towns and cities."

Learn more.

Latest News from the Board: MSRB Elects New Officers, Adopts Long-Term Strategic Plan and Announced Four New Board Members

MSRB held its quarterly Board of Directors meeting in Washington, DC, on July 21-22, 2021, where it elected new officers and adopted a new organizational vision, long-term strategic direction and supporting budget for Fiscal Year 2022 that will advance its mission in the upcoming fiscal year and beyond.

The Board elected Patrick Brett, Managing Director and Head of Municipal Debt Capital Markets at Citi in New York, to serve as FY 2022 Chair of the Board. Meredith L. Hathorn, Managing Partner, Foley & Judell, L.L.P. in Baton Rouge, LA, will serve as Vice Chair. Officer terms are one year.

The Board also considered and advanced several market regulation initiatives, received updates on multi-year technology and data activities, and authorized staff to prepare a request for information on Environmental, Social and Governance (ESG) considerations in the municipal market.

Read the press release to learn more.

The Board selected four new Board members to serve four-year terms beginning October 1, 2021. New public members joining the MSRB Board in Fiscal Year 2022 are: Jennie Huang Bennett, Chief Financial Officer for the City of Chicago, and Katano Kasaine, Assistant General Manager and Chief Financial Officer at the Metropolitan Water District of Southern California. Joining the Board as regulated members are: Warren “Bo” Daniels, Atlanta-based Managing Director and Head of Public Finance of Loop Capital Markets, a minority-owned dealer firm based in Chicago, IL, and Liz Sweeney, President and founder of Nutshell Associates, LLC, a Maryland-based municipal advisory firm.

See the press release.

Check out MSRB Research

As the municipal market’s official repository of market data, the MSRB conducts research to support understanding of market trends. Recent research reports include:

Overview of the Taxable Municipal Bond Market

MSRB Research paper studies the evolution of the taxable municipal bond market over the last decade and compares a typical year to two years when taxable municipal bond issuance was particularly high—2010 and 2020.

Transaction Costs During the COVID-19 Crisis

MSRB research paper analyzes the evolution of transaction costs in the municipal and corporate bond markets during the COVID-19 liquidity crisis and the subsequent recovery.

Fact Sheet on Inter-Dealer Municipal Trading

MSRB statistical analysis on the use of alternative trading systems (ATSs) by municipal securities dealers.

Non-Transaction Based Compensation Trade Report

MSRB report on non-transaction-based compensation trades by municipal securities dealers.

Access other research and market data publications from the MSRB.

Rules and Guidance Roundup

Visit the Rules and Guidance page of to stay up-to-date with the latest requests for comment, proposed rule changes, rule approval notices and market advisories.

Compliance Resources

Visit the online Compliance Center for resources and information to help regulated entities understand and comply with MSRB rules.

Recent Press Releases

Read the MSRB’s latest press releases on