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Contact: Jennifer A. Galloway, Chief Communications Officer
             (703) 797-6600
             jgalloway@msrb.org 

MSRB ISSUES STATEMENT ON SEC CHAIRMANSHIP

Alexandria, VA — The Municipal Securities Rulemaking Board (MSRB) said today it appreciates the contributions of outgoing Securities and Exchange Commission (SEC) Chair Mary Schapiro to the municipal market and looks forward to working closely with SEC Commissioner Elisse Walter, who has been appointed by President Obama to lead the agency. 

“Chairman Schapiro played a significant role in advancing the importance of regulatory oversight of the municipal market,” said MSRB Chair Jay Goldstone. “She initiated public hearings to understand issues facing the market, created a specialized enforcement unit to ensure compliance with federal laws and oversaw a comprehensive report to guide improvements in investor protection. Municipal securities investors and municipal entities are better served as a result.”

Goldstone said the appointment of Commissioner Walter to succeed Chairman Schapiro will promote continued dialogue on the regulation of the municipal market since Commissioner Walter led the SEC’s review of the municipal securities market and has long been an advocate for improved disclosure. “Commissioner Walter has shown a deep interest in the municipal market,” Goldstone said. “Her experience will be a tremendous asset as we engage the SEC and its staff on areas of mutual concern.”

The Municipal Securities Rulemaking Board (MSRB) was established by Congress in 1975 with the mission to protect investors, issuers and the public interest and to promote efficiency, competition and capital formation. MSRB is a private, self-regulatory organization governed by an independent board of directors with market knowledge and expertise. MSRB does not receive federal appropriations and is funded primarily through fees paid by regulated entities. MSRB is overseen by Congress and the Securities and Exchange Commission.

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